Over the past years, the global biometrics market has become largely established owing to the technological advancements and improved mobile devices supporting the use of cases that were previously judged as impossible, or in some instances were not imagined. For example, the registration of voters in economies with low-literacy rates or finding out people of interest in a crowd would be almost impossible without biometrics. Biometrics provides the opportunity to both identify and authenticate individuals with high confidence through a normal frictionless process. Various industries are now capitalizing on this opportunity. Factors that are driving the growth of biometric system market are varied government initiatives towards the adoption of biometrics system, incorporation of biometric technology in smart phones, increasing use of biometric technology in healthcare sectors and financial institutes, and rising use of biometric systems in identification of criminals.
The rapidly growing technology includes voice recognition as it is non-invasive, non-contact, and simple to use. In circumstances where there is a requirement of distant verification, this technology is ideal for such situations like telephone-based transactions. The voice recognition technology could also be used in call center authentication in which voice could be used for authentication instead of responding to security questions asked by customer service agent. Also, the voice recognition technology can help in offering robust authentication in consumer electronics such as tablets and smart phones, for accessing the device or while doing payments. This technology is expected to be majorly used in both, finance and banking sector.
It is expected that banking and finance sector will grow at a rapid pace in the coming years. Also, financial institutions will face several security challenges such as hacking and fraud. Owing to these challenges, there is an increased need to adopt biometric technology in finance and banking sector to limit theft and fraud, and enable high security through authentication and identification of user. Presently, the voice recognition technology is being touted as the most popular technology in banking and finance sector. Incorporation of voice authentication in mobile devices is cost-effective as well as provides higher security. Thus, the trend of incorporating voice authentication in mobile banking is estimated to showcase rapid growth in the future years.
Geographically, the global biometric system market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa. The North American market is estimated to command the largest share in the global biometric systems market. Also, Asia-Pacific (APAC) region is estimated to be the rapidly growing market for biometric systems. The biometric system market in APAC is estimated to have robust growth owing to increased awareness among population, technological innovations and advancements, and reduced costs of biometric devices. Some of the major companies involved in global biometrics market include Agnitio SL, ID Control, Nuance Communications, AuthenWare Corporation, M2SYS Technology, Safran SA, Certify, Biometric Signature ID, Cyber-SIGN, CIC, Deepnet Security, Decillion Group, DynaSig Corporation, KeCrypt, Odyssey Technologies, Hitachi, Kofax, OneVault, Parascript, SOFTPRO, Scriptel, SQN Banking Systems, SpeechPro, SutiSoft, Uniphore, Voice Security Systems, VoicePass, ValidSoft, VoiceTrust, and WonderNet.