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Voice Authentication Technology Drives Global Touchless Sensing Equipment Market Growth
September 21, 2016 | Business WireEstimated reading time: 1 minute
Research and Markets has announced the addition of the "Global Touchless Sensing Equipment Market 2016-2020" report to their offering.
The global touchless sensing equipment market to grow at a CAGR of 10.22% during the period 2016-2020.
The report covers the present scenario and the growth prospects of the global touchless sensing equipment market for 2016-2020. To calculate the market size, the report considers the revenue generated from unit shipments of equipment embedded with touchless sensing technologies.
The global touchless sensing equipment market is largely driven by increasing adoption of voice recognition technology and touchless sanitary ware. Voice recognition is used in a variety of applications such as automatic speech recognition, voice biometrics, automotive voice recognition, smartphones, and other smart devices.
Rise in demand for voice authentication will be a key trend for market growth. Voice authentication is being integrated into mobile banking due to the need for a strong verification process. In regions such as Western Europe and North America, many banking customers use phone banking facilities. Hence, most of these financial institutions are using voice-based authentication solutions to accept or reject mobile transactions by a user.
For instance, Nuance Communications' voice technology is being used by financial institutions such as Barclays Wealth, ING, and Santander. In addition, voice authentication in mobile devices provides strong security and is cost-effective. Hence, the trend of integrating voice authentication in mobile banking is expected to grow stronger over the years. Also, phone-based banking institutions are partnering with voice authentication vendors and the incorporation of voice metrics is becoming a key competitive advantage.
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