A new study from Transparency Market Research shows the global biometrics market is thriving; in fact, it is predicted to reach $23.3 billion in revenues by 2019, with a CAGR of 20.8 percent.
Fueling this growth is the need for high-level security due to increasing concerns about terrorism and criminal activity. Biometrics is being used in multiple private and public settings ranging from contact centers to government facilities. Biometrics is also used for the purpose of ensuring mobile identity verification for enterprise employees using their own devices.
But as the study also explains, privacy concerns and high costs could potentially impede the growth of the market. While biometrics has made big strides in recent years due to increased public awareness and usage, these barriers need to be overcome before the industry can experience exponential growth.
Out of the several biometric solutions that the study mentions, such as facial and iris recognition, hand geometry and signature, there is one solution that is a cut above the rest in terms of security, cost and convenience: voice recognition. Voice recognition software is ideal for use in a variety of mobile and enterprise settings, as it cannot easily be forged and it does not require massive CAPEX or OPEX to implement the technology.
It should also be noted that customers prefer voice biometrics to other leading solutions, too. As the aforementioned study explains, 32 percent of customers prefer to use voice recognition, while 27 percent prefer fingerprints, and 20 percent like facial scans.
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