According to a new report on the voice verification market, the market is in its nascent stages of development, but growth is anticipated as voice biometrics and speech recognition become more widely used.
The report, now available from Transparency Market Research also notes that drivers in this market includes the increasing popularity of voice verification in cell phone solutions, no dependency on infrastructure, easy implementation and low initial investment. However, notes the report, factors posing a challenge to the growth of this market are a lack of awareness among end-user industries and regulatory bodies as well as the confusion created between voice biometrics and speech recognition.
BiometricUpdate.com recently took a look an extended look at voice biometrics as a modality, including some early examples, as well as an exploration of potential developments and innovations. Read the full feature here.
Speaker recognition is different from some other biometric methods in that speech samples are captured dynamically or over a period of time, such as a few seconds. Analysis occurs on a model in which changes over time are often monitored. For more information on how speaker recognition and identification works as well as how it differs from speech recognition, see our explainer here.
According to a survey conducted by Nuance Communications, smartphone users have grown frustrated with current authentication methods and 90% of them are eager to use voice biometrics in place of existing methods. That statistic is hard to ignore.
The overall market for voice and face biometrics is expected to reach nearly $3 billion by the end of 2018. Currently, the United States accounts for the largest share of these markets, though according to a recently-published report, most of the anticipated growth in the market will come from emerging economies, with Asia-Pacific getting special mention in that regard.
In addition, the Biometrics Research Group has noted that mobile devices are expected to drive the bank adoption of voice biometrics, and has also pinpointed that Asia is expected to lead the growth in biometric banking applications. The group estimates the total revenues for biometrics supplied to the global banking sector will total US$900 million by the end of 2012.