Voice Biometrics Market Size & Growth Report 2021-2028

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
  • Category : Technology, Media and Telecommunications
  • Status : Published
  • No. of Pages : 238
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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:

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Voice Biometrics Market: Strategic Insights

voice-biometrics-market
Market Size Value inUS$ 1,319.23 million in 2021
Market Size Value byUS$ 4,823.85 million by 2028
Growth rateCAGR of 20.6% from 2022 to 2028.
Forecast Period2022-2028
Base Year2022
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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 Voice Biometrics 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

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.

 

The Aculab, Auraya, Inc, Aware Inc, Nuance Communications, Inc, Nice, Pindrop, Phonexia, SESTEK, Whispeak, VERINT SYSTEMS INC 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
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Component, Type, Authentication Process, Deployment, Vertical, and Application

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions


Which segment by deployment is expected to grow at the fastest CAGR during the forecast period?

By deployment, the cloud segment is expected to grow at the fastest CAGR during the forecast period. Because of the rising demand for cloud-based software, the key market players are offering on-cloud based products in the voice biometrics market. Further, the internet infrastructure has matured in developed countries and is flourishing in several developing countries, which allows end users in both developed countries as well as developing countries to access the cloud-based solutions. This factor is positively influencing the adoption of voice biometrics among various industries.
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.

At what CAGR is the individual Global Voice Biometrics Market expected to grow during the forecast period?

The market is estimated to register a CAGR of 20.6 % during the forecast period. 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 experienced growth due to increased urbanization and digitalization worldwide and currently rely on technology-driven systems. As a result, hackers targeted the important information and resources used in these areas. Further, biometrics used as credentials require the usage of unalterable, robust, and extensive algorithms to validate individuals.

Which are the five key companies in the Global Voice Biometrics Market

Nuance Communications, Inc; NICE; Pindrop Security; Phonexia; and Verint Systems Inc. are the five key players in the Global voice Biometrics Market. These companies have shown consistent growth in revenue and larger volumes of sales. Additionally, the well-established top five players are offering a comprehensive product portfolio and have a prominent presence in terms of share in the global market.

Which segment by component led the Global Voice Biometrics Market in 2020?

The Global Voice Biometrics Market based on the component is segmented into solution and services. The solutions segment led the overall market in the year 2020. It is expected to continue its dominance over the forecast period. Voice biometrics software is expected to be impacted by the need for simple, quick, and convenient user authentication. Because of changes in software trends and expansion in the informatics business, the solution component is projected to have a significant significance during the forecast period. Voice Biometrics software was created to assist businesses in becoming more data-driven, and it may be used in any industry vertical. Some primary use cases driving include fraud detection and security management, authentication and customer, and forensic voice analysis and criminal investigation.

What are the market opportunities for Global Voice Biometrics Market?

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.
Thus, increasing the adoption of voice biometrics in the healthcare industry will drive the demand for voice biometrics, thereby increasing opportunities for the market.

The List of Companies - Voice Biometrics Market

  1. Aculab
  2. Auraya, Inc.
  3. Aware Inc.
  4. Nuance Communications, Inc.
  5. NICE Ltd
  6. Pindrop
  7. Phonexia
  8. SESTEK
  9. Verint Systems, Inc.
  10. Whispeak

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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