Voice Biometrics Market Analysis and Opportunities by 2031

The voice biometrics market size is projected to reach US$ 9.79 billion by 2031 from US$ 1.89 billion in 2023. The market is expected to register a CAGR of 22.8% during 2023–2031. Increasing demand for fraud detection and prevention systems and increasing demand for voice authentication in mobile and banking applications are likely to remain key trends and drivers in the market.

Voice Biometrics Market Analysis

The voice biometrics market analysis market is gaining traction significantly. This growth is attributed to the growing detection and prevention system and the increasing demand for voice authentication in mobile banking applications. Moreover increasing adoption of voice biometrics in the healthcare industry and the rising emergence of AI in voice biometrics in anticipated to hold various opportunities in the voice biometrics market. 

Voice Biometrics Market Overview

Voice biometrics technology validates the identity of a speaker. It’s also known as voice recognition, speaker recognition, voice printing and voice authentication. Automated speech recognition (ASR) is a key aspect of technologies such as interactive voice response, virtual assistants, in-vehicle Entertainment And Emergency Services, Mobile (E.G., Smartphones) And Computing. The technology identifies the words a speaker says so that an application can do something with them.

Voice Biometrics Market: Strategic Insights

Voice Biometrics Market Drivers And Opportunities

Increasing Demand for Fraud Detection and Prevention Systems to Favor Market

Increasing demand for fraud detection and prevention systems is driving the voice biometrics market. Fraud detection and prevention analytics rely on data mining and machine learning and are used in fraud analytics use cases such as financial fraud analytics, payment fraud analytics, and insurance fraud detection analytics. Furthermore, as hackers develop more advanced means of committing phone fraud, organizations in every industry must step up their security measures to detect and deter the threat. With voice biometrics, such as automated speech recognition, providing a compelling means by which to protect customers must be a part of the future fraud fightback. Thus, considering the above parameters, the growing demand for fraud detection and prevention systems is driving the voice biometrics market.

Use of voice biometrics in healthcare.

The healthcare industry is one of the fastest growing industries globally. It is also one of the most demanding industries as far as biometric security is used. The healthcare industry has encountered many encounters due to expanding fraud and identity theft cases. Voice biometrics is an absolute solution for the healthcare industry to overcome these challenges because it offers high accuracy and ease of use. Thus, voice biometrics in healthcare has only risen in demand in the last few years.

Voice Biometrics Market Report Segmentation Analysis

Key segments that contributed to the derivation of the voice biometrics market analysis are component, type, authentication process, deployment, vertical, and application.

• Based on component, the voice biometrics market is divided into solution and services. The solution segment is anticipated to hold a significant market share in the forecast period.  
• Based on type, the voice biometrics market is divided into active voice biometrics and passive voice biometrics. The radiation hardening by design (RHBD) segment is anticipated to hold a significant market share in the forecast period.
• By authentication process, the market is segmented into automated IVR, agent-assisted, mobile application, and employee authentication. The automated IVR segment is anticipated to hold a significant market share in the forecast period.  
• By deployment, the market is segmented into cloud and on-premise. The cloud segment is anticipated to hold a significant market share in the forecast period.  
• By vertical, the market is segmented into BFSI, retail & commerce, government & defense, IT & telecom, healthcare & life sciences, transportation & logistics, travel & hospitality, energy & utilities, and others. The BFSI segment is anticipated to hold a significant market share in the forecast period.  
• By 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. The authentication & customer verification segment is anticipated to hold a significant market share in the forecast period.  

Voice Biometrics Market Share Analysis by Geography

The geographic scope of the voice biometrics market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

North America has dominated the voice biometrics market. High technology adoption trends in various industries in the North American region have fuelled the growth of the voice biometrics market. Factors such as increased adoption of digital tools and high technological spending by government agencies are expected to drive the North America voice biometrics market growth. Moreover, a strong emphasis on research and development in the developed economies of the US and Canada is forcing the North American players to bring technologically advanced solutions into the market. In addition, the US has a large number of voice biometrics market players who have been increasingly focusing on developing innovative solutions. All these factors contribute to the region's growth of the voice biometrics market.

The regional trends and factors influencing the Voice Biometrics Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Voice Biometrics Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Voice Biometrics Market Report Scope

Voice Biometrics Market Players Density: Understanding Its Impact on Business Dynamics

The Voice Biometrics Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Voice Biometrics Market News and Recent Developments

The voice biometrics market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the voice biometrics market are listed below:

• Bank of Ireland announced an investment of more than US$ 36 million to upgrade its phone and CRM systems, including adding voice biometrics for authentication. The use of voice biometrics will improve fraud protection and reduce waiting times for customers. This investment follows an announcement of US$64 million on ATMs and branch networks and US$54 million on fraud protections. (Source: Bank of Ireland, Press Release, May 2024)
• City Union Bank Limited (CUB) introduced a new feature that allows customers to use voice biometric authentication when logging into the bank’s mobile banking app, aimed at improving security. The bank planned to extend this feature to net banking users as well, and the development process is currently underway.  (Source: City Union Bank Limited, Press Release, April 2023).

Voice Biometrics Market Report Coverage and Deliverables

The “Voice Biometrics Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Voice biometrics market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Voice biometrics market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Voice biometrics market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the voice biometrics market
• Detailed company profiles