Market research firm Research and Markets has released a new report on the global facial and voice recognition markets. The outlook is good, the researchers say, as the technologies’ non-intrusive qualities give them an edge over competing modalities.
The firm ranks the US as the top market for both modalities, with its increasing focus on security in a range of sectors including security and border control as well as banking and healthcare. “Stringent regulations” are also credited as a boon for these modalities, especially with respect to online transaction, and that could prove to be even more the case as mPayment continues to take off in the mainstream.
Europe is another area highlighted for growth, mostly due to the region’s increasing adoption of biometric identification documents for citizens, which is probably helped along by the EU’s emphasis on freedom of travel between member states. European organizations are also increasingly looking to biometric security in their international trade dealings and in cutting down on illegal immigration.
Research and Markets also identifies that Asia-Pacific region as the fastest-growing market, with an annual growth rate of 20.1 percent (CAGR) between 2013 and 2020. As for the modalities themselves, facial recognition takes the top spot, with a growth rate of 15.8 percent (CAGR) over the same period.
April 24, 2015 – by Alex Perala