Voice Biometrics Market is expected to reach US$ 4,823.85 million by 2028

Published Date: 20 May 2022

Report : Voice Biometrics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Solution and Services), Type (Active Voice Biometrics and Passive Voice Biometrics), Authentication Process (Automated IVR, Agent-assisted, Mobile Application, and Employee Authentication), Deployment (Cloud and On-premise), Vertical (BFSI, Retail & Commerce, Government & Defense, IT & Telecom, Healthcare & Life Sciences, Transportation & Logistics, Travel & Hospitality, Energy & Utilities, and Others), and Application (Authentication & Customer Verification, Forensic Voice Analysis & Criminal Investigation, Fraud Detection & Prevention, Risk & Emergency Management, Transaction Processing, Access Control, Workforce Management, and Others)

Increasing Adoption of Voice Biometrics in Healthcare Industry to Provide Growth Opportunities for Voice Biometrics Market during 2021–2028

 

According to our latest market study on “Voice Biometrics Market Size and Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Type, Authentication Process, Deployment, Vertical, and Application,” the market is expected to grow from US$ 1,319.23 million in 2021 to US$ 4,823.85 million by 2028; it is estimated to grow at a CAGR of 20.6% from 2022 to 2028.

 

Healthcare organizations can secure their medical staff and their patients with voice biometrics. Unlike fingerprint and facial recognition, voice biometrics can be used on any device with a microphone, such as a tablet, PC, or medical device such as an X-ray machine. Users merely need to use their voice to prove their identity to access records and other resources. Voice biometrics can also be utilized in online password reset services to ensure that quick and safe password resets save medical staff and patient’s time. Another useful application is identifying and verifying patients during consumer contacts in call centers. Call center agents can easily determine or authenticate callers using voice biometrics if they are enrolled, which helps agents deliver a service or obtain necessary information about the caller immediately, saving time, especially in an emergency. Other easy implementations include incorporating voice biometrics into digital kiosks, allowing users to be identified when using a voice-assistant kiosk to get a service.

Furthermore, several government initiatives to encourage voice biometrics in healthcare are being implemented. The risk of data breaches in the healthcare industry is increasing due to the rapid digitization of healthcare data. Due to this, governments in several nations are enacting legislation to address concerns about the security of patient data. According to the Health Insurance Portability and Accountability Act of 1996 (HIPAA), healthcare clearinghouses, health plans, and healthcare providers who transmit Electronic Protected Health Information (EPHI) as part of their business must use reasonable and appropriate levels of security to control EPHI access. In addition, healthcare institutions that break any HIPAA rules incur steep financial penalties. For instance, the Indian government used biometric patient verification in September 2019 to combat ghost admissions under Ayushman Bharat, the country's premier health insurance scheme.

 

The voice biometrics market is segmented into component, type, authentication process, deployment, vertical, application, and geography. On the basis of component, the market is segmented into solution and services. In 2021, the solution segment held a larger market share. Based on type, the market is segmented into active voice biometrics and passive voice biometrics. In 2021, the passive voice biometrics segment held largest share in market. Based on authentication process, the market is segmented into automated IVR agent-assisted, mobile applications, and employee authentication. In 2021, the agent-assisted segment held the largest market share. On the basis of deployment, the voice biometrics market is segmented into cloud and on-premise. In 2021, the cloud segment held a larger market share. Based on vertical, the voice biometrics market is segmented into BFSI, retail and commerce, government and defense, IT and telecom, healthcare & life sciences, transportation & logistics, travel & hospitality, energy & utilities, and others. In 2021, the BFSI segment held the largest market share. On the basis of application, the market is segmented into authentication & customer verification, forensic voice analysis & criminal investigation, fraud detection & prevention, risk & emergency management, transaction processing, access control, workforce management, and others. In 2021, the authentication and customer verification segment held the largest share in market. Geographically, the voice biometrics market is divided into five regions, including North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. In 2021, North America accounted for a significant share in the global voice biometrics market growth.

 

Impact of COVID-19 Pandemic on Global Voice Biometrics Market

The global lockdown due to the COVID-19 pandemic caused a modest slowdown in the voice biometrics market in 2020. Almost every industry got negatively impacted by the COVID-19 pandemic, which exacerbated the situation. The lockdown negatively influenced global production, supply networks, logistics, and the continuity of operations in different industries. Manufacturing, transportation and logistics, and retail and consumer products were the industries, which faced maximum problems. The availability of necessary items was disrupted due to a lack of staff to operate production lines, supply chains, and transportation. In early 2021, the condition was under control, while demand for voice biometrics solutions and services was rising due to the increased need for improved customer experience and the development of individualized relationships with prospects.

 

Aculab; Auraya, Inc; Aware Inc; Nuance Communications, Inc; Nice; Pindrop; Phonexia; SESTEK; Whispeak; and VERINT SYSTEMS INC are among the major companies operating in the voice biometrics market.

Voice Biometrics Market Share by Component, 2021 & 2028
Voice Biometrics Market Share by Component, 2021 & 2028

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