Global Voice Recognition Market Set to Grow at 13% CAGR

According to our research report “Global Biometric Forecast to 2012”, the global biometric market has been stupendously growing for the past few years due to the rising need for personal security concerns, and the introduction of new technologies that offer numerous future growth opportunities. As the technology continues to improve, the prices continue to decrease and consumers are becoming more accustomed to use it as an efficient way to prove their identity and make secure transactions. Besides, increasing adoption of biometric system across the government organizations and financial institutions is fueling growth in the biometric industry.

 

As per our findings, voice biometrics is expected to gain popularity in the coming years with realization of its importance over other technologies. Voice biometrics technology differs by using the nuances and characteristics of our voice. Every individual has a unique voice and the way they speak is also different. Nonetheless, final success of the technology will hinge on detailed change management, correct implementation, and a communications program. It is projected that, the voice recognition market will grow at a CAGR of around 13% during 2011-2013.

 

Besides, our report covers other biometric technologies, such as facial recognition, fingerprint, AFIS, and Iris. These technologies are also becoming a common solution for remote transactions and e-commerce. A rise in identity thefts and terrorist attacks are the key reasons for the growth in these technologies market. Additionally, the systematic replacement of existing passports and adoption and the issue of new e-passports represent an important market for contactless technology.

 

Our report “Global Biometric Forecast to 2012”, studies the overall biometric market in terms of region, technology, and applications. The report also examines emerging technologies and biometric verticals in terms of country level initiatives. It also discusses some of the countries undertaking major biometrics initiatives across the world. Besides, we have provided relevant forecasts, wherever required in the report. Our report analyzes the competitive landscape and provides latest development by companies along with their business overview. Our research aims at presenting clarity to the investors and vendors by thoroughly analyzing the industry.

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