MarkNtel Advisors – Leading Market Research Company found Global Voice Biometrics Market is expected to reach 23.48% CAGR Growth By 2030.
This report provides a comprehensive analysis of the Global Voice Biometrics Market, with a focus on market size, segmentation, key players, geographical analysis, and growth in the coming years. The expert team of analysts invested considerable time and effort in collecting and analyzing the latest market data, producing a comprehensive and current report that provides valuable insights for decision-makers, including business owners and analysts.
Comprehensive Analysis of the Voice Biometrics Market
Base Year: 2023
Forecast Years: 2024-2030
Historical Years: 2019-2022
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Scope of the Voice Biometrics Market Report:
The Global Voice Biometrics Market size was valued at around USD 2.53 billion in 2022 and is estimated to grow at a CAGR of about 23.48% during the forecast period, i.e., 2024-30. The high cyber security threats, advancements in voice recognition technology, substantial adoption of voice assistants & voice-activated devices, soaring digitalization of industries, and regulatory compliance & data privacy requirements enhanced the adoption of voice biometrics across verticals such as BFSI, healthcare, telecommunication, etc. Thus, aiding in enhancing the market share. Additionally, as the reliance on IT infrastructure has been growing exponentially in the BFSI sector due to a surge in online financial transactions, the adoption of voice biometrics heightened. For instance.
Which prominent factor is expected to drive the Voice Biometrics Market during 2024-30?
Rising Demand for Robust Fraud Detection System across BFSI Sector – The banking industry has witnessed a rapid surge in fraudulent activities, such as theft of sensitive data & illegal access to customer's bank accounts, due to the digitalization of the sector. To address this critical issue, an additional layer of security is required within the financial authentication system, leading to the upscaled adoption of voice biometrics solutions to meet the specific needs of intelligently identifying users based on their unique voiceprints.
In addition, the BFSI industry has been expanding considerably over the past few years owing to several causes, including economic expansion of industrial sectors & growing demand for better access to financial services for both consumers & businesses. This expansion has resulted in the enhanced demand for better fraud detection services like voice biometrics, which augmented the market growth during 2019-22. Furthermore, the launch of digital banks has surged across countries like Germany, Brazil, Singapore, etc., due to regulatory support & the presence of supportive fin-tech ecosystems. For instance,
- In 2023, Intesa Sanpaolo SpA partnered with core banking technology company 'Thought Machine' to launch a new digital bank, Isybank.
The surge in digital banks would accelerate the demand for voice biometrics as it would be required to strengthen the authentication for digital banking transactions.
What are the different Segment Available in the Voice Biometrics Market?
By Type
- Active Voice Biometrics - Market Size & Forecast 2019-2030, (USD Million)
- Passive Voice Biometrics - Market Size & Forecast 2019-2030, (USD Million)
By Deployment
- On-Premise - Market Size & Forecast 2019-2030, (USD Million)
- Cloud - Market Size & Forecast 2019-2030, (USD Million)
By Authentication Process
- Automated IVR- Market Size & Forecast 2019-2030, (USD Million)
- Agent-Assisted - Market Size & Forecast 2019-2030, (USD Million)
- Mobile Applications - Market Size & Forecast 2019-2030, (USD Million)
- Employee Authentication - Market Size & Forecast 2019-2030, (USD Million)
By Application
- Authentication and Customer Verification - Market Size & Forecast 2019-2030, (USD Million)
- Forensic Voice Analysis and Criminal Investigation - Market Size & Forecast 2019-2030, (USD Million)
- Fraud Detection and Prevention - Market Size & Forecast 2019-2030, (USD Million)
- Risk and Emergency Management - Market Size & Forecast 2019-2030, (USD Million)
- Transaction Processing - Market Size & Forecast 2019-2030, (USD Million)
- Access Control - Market Size & Forecast 2019-2030, (USD Million)
- Workforce Management - Market Size & Forecast 2019-2030, (USD Million)
- Others (Vocal Passphrase, Speech Therapy, etc.) - Market Size & Forecast 2019-2030, (USD Million)
By Vertical
- Banking, Financial Services, & Insurance (BFSI)- Market Size & Forecast 2019-2030, (USD Million)
- Government - Market Size & Forecast 2019-2030, (USD Million)
- Healthcare- Market Size & Forecast 2019-2030, (USD Million)
- Retail & E-commerce- Market Size & Forecast 2019-2030, (USD Million)
- IT & Telecommunication - Market Size & Forecast 2019-2030, (USD Million)
- Transportation & Logistics - Market Size & Forecast 2019-2030, (USD Million)
- Others (Education, Hospitality, etc.) - Market Size & Forecast 2019-2030, (USD Million)
By Enterprise Size
- Large Enterprises - Market Size & Forecast 2019-2030, (USD Million)
- Small & Medium Enterprises- Market Size & Forecast 2019-2030, (USD Million)
By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific.
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Leading Voice Biometrics companies operating in the Market
- Aculab Inc.
- Agnitio SL
- BioCatch Ltd
- LexisNexis Risk Solutions Inc.
- Nuance Communications Inc.
- One Vault
- Pindrop Security Inc.
- Phonexia SRO
- Uniphore Software Systems Pvt Ltd
- Verint Systems Inc.
- Voice Biometrics Group (VBG)
- VoicePass Technology
- ID R&D
- Others.
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