Highlights:
- Banking, Healthcare and Automotive are key sectors with rising adoption
- Asia-Pacific to see the highest growth
- China and Japan are the key markets for voice recognition biometrics in APAC
- In Australia, NAB’s Voice ID Biometrics targets 250,000 enrolments
With increasing innovations and adoption across industries, the Voice ID biometrics market is forecast to grow by $2.6 billion in the next 4 years according to analyst firm Technavio. About 32% of the market’s growth will originate from APAC during the period.
Voice Recognition Biometrics: Major Industries, Key Drivers and Trends
Healthcare
The rise in adoption of biometric voice recognition in the healthcare sector is one of the major factors that will have a positive impact on the growth of this market in the coming years.
The rising usage of smartphones and personal digital assistants in the healthcare sector has led to apps for electronic prescriptions, diagnosis and treatment, coding and billing.
The biometric voice recognition in healthcare sector is rising
To prevent unauthorized access to confidential data, these apps could be integrated with voice biometrics leading to greater adoption of voice ID biometrics in the coming years.
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Automotive Industry
Competition in the automotive industry means manufacturers will soon adopt adopt voice recognition biometric technology as a factor to differentiate their products, notes the report.
APAC will offer several growth opportunities to market vendors during the forecast period
BFSI Sector
“Although the BFSI sector will offer immense growth opportunities, the lack of accuracy will challenge the growth of the market participants.
The increased adoption of mobile devices, which induced banks to adopt voice recognition biometrics to enable end-users gain access to transactions from remote locations, will significantly drive voice recognition biometrics market growth in this region over the forecast period.”
The BFSI sector will offer immense growth opportunities
In Australia, National Australia Bank adopted Nuance’s Voice ID Biometrics solution to help improve customer experience.
The increased adoption of mobile devices in the region, which induced banks to adopt voice recognition biometrics to enable end-users to gain access to transactions from remote locations, will significantly drive voice recognition biometrics market growth.
