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)
Publication Month: May 2022 | Report Code: TIPRE00004086 | No. of Pages: 238 | Category: Technology, Media and Telecommunications | Status: Published
The voice biometrics market share 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.
The rise of modern technologies such as artificial intelligence (AI), machine learning (ML), cloud computing, and data analytics and the strong demand for preserving healthcare and financial data is propelling the growth of the voice biometrics market. End-use industries such as banking, financial services and insurance (BFSI), government and public sectors, and IT & telecom are experiencing growth due to increasing urbanization and digitalization worldwide.
A person's pitch, speech, voice, and tone are analyzed and are used in voice biometrics for voice recognition. In terms of security, it outperforms passwords because a password may be readily tracked or hacked, whereas a person's voice is as different and unique as a fingerprint. A voice can be identified in two ways in voice biometrics such as text-dependent and text-independent. One of the primary factors driving the growth of the voice biometrics market is its increasing acceptance in various industries such as the entertainment industry, cloud computing, social networking, and building security.
Voice Biometrics Market: Strategic Insights
Impact of COVID-19 Pandemic on 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.
Lucrative Regions for Software Asset Management Market
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Market Insight
Increasing Adoption of Voice Biometrics in Healthcare Industry
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 patients time. Another useful application is identifying and verifying patients during consumer contacts in call centers.
Component Segment Insights
Based on component, the market is segmented into solutions and services. The technology sector is witnessing a significant rise in demand for software as solutions simplify the component time and significantly reduce the cost of deployment. Adopting voice biometrics enables the construction of comprehensive views of their data, assisting in powering existing processes and apps while also allowing for the rapid development of new use cases.
Voice Biometrics Market, by Component (% Share)
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Type Segment Insights
The voice biometrics market analysis, based on type, is segmented into active voice biometrics and passive voice biometrics. Passive speech biometrics is a method of authentication that additionally needs a user to enroll by supplying a unique voiceprint. Enrollment in passive voice biometrics, on the other hand, can take place during a normal conversation and does not necessitate the caller reciting a specific line or repeating the same word many times. Passive speech biometric technology requires a single recording of a user's voice that lasts at least 20 seconds to work properly.
Authentication Process Segment Insights
Based on authentication process, the voice biometrics market is segmented into Automated IVR, agent-assisted, mobile applications, and employee authentication. When the application detects a difficulty, the Agent-Assisted allows users to maximize automated self-service performance by seamlessly bridging an agent into an automated session.
Deployment Type Segment Insights
Based on deployment type, the voice biometrics market is bifurcated into on-cloud and on-premise. Most of the biggest analytics technology companies are currently concentrating their efforts on creating a comprehensive cloud-based suite that will allow them to evaluate and improve their digital properties. This methodology aids firms in saving time and money when it comes to onsite software implementation and management. According to a January 2021 article published by Hosting Tribunal, 50% of businesses spend more than US$ 1.2 million on cloud services each year, and 94% of companies already use one.
Vertical Segment Insights
Vertical Segment Insights
Based on vertical, the voice biometrics market is segmented into BFSI, retail and ecommerce, government and defense, IT and telecom, healthcare and life sciences, transportation and logistics, travel and hospitality, energy and utilities, and others. Banks must constantly be aware of the most appropriate authentication mechanisms to counteract online fraud. Banks have employed pins, passwords, and one-time passwords as knowledge-based authentication mechanisms.
Application Segment Insights
Based on application, the voice biometrics market is categorized into authentication and customer verification, forensic voice analysis and criminal investigation, fraud detection and prevention, risk and emergency management, transaction processing, access control, workforce management, and others. Verification is normally done only once, but after that, a person's identity must be confirmed each time they use an access control technique to access a system or resource.
are among the key players in the global voice biometrics market. The leading companies are focusing on expanding and diversifying their market presence and acquiring a new customer base, thereby tapping prevailing business opportunities. The market players focus on new product innovations and developments by integrating advanced technologies and features to compete with the competitors.
- In October 2021, Auraya released latest version of their voice biometric ArmorVox 17.9.2. It was embedded with exceptional and improved features and additional biometric scoring options to analyze and prevent any fraud activity.
- Nov-2021, Aculab have joined ForgeRock's platform of ForgeRock Trust Network for quick identification and verification of their users via unique voiceprint. Aculab will provide password less experience to the customers of ForgeRock through their AI driven voice biometric solutions.
Company Profiles:
- Aculab
- Auraya, Inc
- Aware Inc
- Nuance Communications, Inc
- Nice
- Pindrop
- Phonexia
- SESTEK
- Whispeak
- VERINT SYSTEMS INC
Frequently Asked Questions
Thus, increasing the adoption of voice biometrics in the healthcare industry will drive the demand for voice biometrics, thereby increasing opportunities for the market.
According to a January 2021 article published by Hosting Tribunal, 50% of businesses spend more than USD 1.2 million on cloud services each year, and 94% of companies already use one.
- Aculab
- Auraya, Inc.
- Aware Inc.
- Nuance Communications, Inc.
- NICE Ltd
- Pindrop
- Phonexia
- SESTEK
- Verint Systems, Inc.
- Whispeak
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global voice biometrics market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the global voice biometrics market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution.
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