Voice Biometrics Market: Segmented By Components (Active and Passive): By Application (Authentication and Customer Verification, Transaction Processing and Others): By Industrial Vertical (Healthcare, BFSI, IT & Telecommunications, Retail, Media & Entertainment, Manufacturing and Others) Global Analysis by Market size, share & trends for 2020-2021 and forecasts to 2031
Voice Biometrics Market to surpass USD 5686.94 million by 2031 from USD 1950.14 million in 2021 at a CAGR of 11.3% within the coming years, i.e., 2021-31.
Voice biometrics is the mechanism of using a person’s voice as a distinctively identifying biological characteristic to confirm them. It is referred to as voice recognition. Voice Biometrics allows fast, frictionless, and highly protected access for a range of use cases from the call center, mobile and online requests to chatbots, IoT devices, and physical access. Voice Biometrics is operated for voice acknowledgment and recognition through analysis of an individual’s speech, pitch, voice, and tone. In relation of security, it has a great advantage over passwords and PIN codes, as a password can be easily tracked or hacked; the voice of an individual is as characteristic, unique, and sole as a fingerprint.
Components such as the growing demand for robust fraud finding and deterrence systems across the Banking, Financial Sectors, and Insurance industry and the need for decreasing authentication, validation, and identification charges are driving the implementation of Voice Biometrics Solutions across the world. Furthermore, global growth of e-business are feature boosting the growth of the market.
Voice Biometrics Market is segmented by various Industrial Verticals, Into Healthcare, BFSI, IT & Telecommunications, Retail, Media & Entertainment, Manufacturing, and Others. The market size of Healthcare is expected to grow at the highest CAGR during the forecast period. Compulsory protection of sensitive data to boost the adoption of voice biometrics solutions in the Healthcare segment.
Voice Biometrics Market by Applications is segmented into Authentication and Customer Verification, Transaction Processing, and others. The market size of the transaction processing segment is anticipated to grow at the highest CAGR during the forecast period. The growing need for customer identity authentication across call centers is expected to upsurge the demand for Voice Biometrics solutions across the world.
Rise In Demand for robust fraud detection and prevention systems
Fraudulent and spam activities have increased at a shocking rate with the beginning of digitalization across the banking sector. Through high-profile data fraudsters and fraudsters with access to banking identifications may gain access to customers’ bank accounts, creating the essential for a second or third level of security in the whole financial authentication structure. Voice Biometrics solutions cater to such needs of banks and financial agencies by smartly and quickly identifying a user based on his voiceprint. Hence, the market for Voice Biometrics is boosting.
Need to safeguard the privacy of growing healthcare data
While dealing with spam risks, healthcare firms are generally overlooked, and breaches to hack medical information are expensive, fatal, and are becoming increasingly predominant. However, regulatory pressures and agreement guidelines require health care workers to handle patient information with the greatest security, privacy, and care properly. Voice Biometrics solutions avert the theft of medical information and keep the privacy of healthcare data through a healthy and convenient authentication experience for physicians, patients, and doctors.
Lack of accuracy in authenticating users
Although the present voice biometrics solutions deliver excellent benefits, a lack of accuracy due to several problems still occurs. These problems comprise poor-quality voice samples, background sound interferences while networking with the IVR or call system, irregularity in the speaker's voice due to illness, and as well as changes in the voice technology, such as speakers and recorders. Likewise, passphrases used by users for verification purposes can be acquired by vishing to attempt an outbreak on a voice biometric system securing access to an IVR, all of which generate reluctance among industries to implement voice biometrics as an authentication or verification system.
The arrival of the COVID-19 pandemic has now become a universal matter and has also affected the development of the Voice Biometrics market. The rise of the Global Voice Biometrics Market has hampered its growth. Many countries are strictly locked, forcing various sectors to close. Due to the closure, manufacturing activities are paralyzed and this has reduced the demand. In the second half of 2020, some countries began to lift restrictions and gradually start commercial activities in different sectors, and even if the blockade is lifted it will be a challenge for the manufacturing sector to return to normal working conditions, which will later affect the Voice biometrics Market.
Company Overview, Business Strategy, Key Product Offerings, financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Voice Biometrics Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Asia Pacific is estimated to contribute the largest share of the Voice Biometrics Market during the forecast period. Moreover, a large number of players functioning in this region also influence to drive the growth of the market in the Asia Pacific. North America also market holds a major share of the global market. The market in the region is also projected to register the highest CAGR during the forecast period.
|Market size value in 2021||USD 1950.14million|
|Revenue forecast in 2031||USD 5686.94 million|
|Growth Rate||CAGR of 11.3% from 2021 to 2031|
|Base year for estimation||2021|
|Quantitative units||Revenue in USD million and CAGR from 2021 to 2031|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Components, Application, Industrial Vertical and Region|
|Region scope||North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)|
|Key companies profiled||Nuance (US), NICE (Israel), Verint (US), Pindrop (US), LexisNexis Risk Solutions (US), Phonexia (Czech Republic), VBG (US), Aculab (UK), Auraya (Australia), OneVault (South Africa), Aware (US), SpeechPro (US), LumenVox (US), Uniphore (India), SESTEK (Turkey), VoicePIN (Poland), QSS Technosoft (India)|
The Voice Biometrics Market size was estimated at USD 1950.14 million in 2021 and is expected to reach USD 5686.94 million by 2031.
Key players: Nuance (US), NICE (Israel), Verint (US), Pindrop (US), LexisNexis Risk Solutions (US), Phonexia (Czech Republic), VBG (US), Aculab (UK), Auraya (Australia), OneVault (South Africa), Aware (US), SpeechPro (US), LumenVox (US), Uniphore (India), SESTEK (Turkey), VoicePIN (Poland), QSS Technosoft (India)and other prominent players.
Healthcare segment and Transaction Processing Segment to grow with the highest CAGR during 2021-2031 are anticipated to hold the largest Voice Biometrics Market.
Drivers: Rise In Demand for robust fraud detection and prevention systems and Need to safeguard the privacy of growing healthcare data
Voice biometrics is the mechanism of using a person’s voice as a distinctively identifying biological characteristic in order to confirm them. It referred to as voice recognition. Voice Biometrics allows fast, frictionless and highly protected access for a range of use cases from call center, mobile and online requests to chatbots, IoT devices and physical access.
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