Growth opportunities in the voice biometrics market look promising over the next six years. This is mainly due to the rising awareness about the advantages, which include enhancement of Know Your Customer (KYC) management and active & passive verification.
Voice Biometrics Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The surging demand for fraud detection and prevention systems primarily across the Insurance (BFSI), Banking, and the Financial Services sector, along with the growing requirement of decreasing the identification and authentication cost, accounts to be the major drivers contributing to the growth of the global voice biometrics market. The augmentation in fraudulent activities is led by swift digitalization. The high-profile data thefts let the fraudsters acquire the banking credentials, thereby raising the need for the second or third level of security. Voice biometrics assists in recognizing the user by his/her voice.
The expanding consciousness towards various benefits proffered by these biometrics, including panic detection, automated calibration, strengthening the Know Your Customer (KYC) management, and active and passive authentication, is stimulating the market growth. For example, Barclays validated the caller’s identity through the phase “My voice is my password,” thus dropping the user verification time by 20 seconds. However, as per the voice biometrics market research, the safety and privacy obstacle caused by modern technology is obstructing market growth.
Component Segment Drivers
Based on the component, the software is predicted to witness a faster CAGR over the forecast period. This is mainly attributed to the expanding demand for easier, convenient, and quicker authentication. Furthermore, the growing implementation of online transactions and the escalating demand for a multi-layered security approach further contribute to voice biometrics market size.
Regional Drivers
Based on the regional coverage, North America is projected to lead the market over the forecast period. The financial industry has been influenced by the amplification in identity thefts related to the banking sector in the U.S. North American Free Trade Agreement (NAFTA), which has persuaded banks to employ advanced authentication services like voice biometrics overpower the probability of fraud. The major market players are progressively using this device to offer next-generation solutions. Visa and SiriusXM, in 2019, collaborated to launch a new in-vehicle payment solution that is secured by biometric authentication.
Voice Biometrics Market’s leading Manufacturers:
- Onevault
- Aculab
- Phonexia
- Pindop
- NICE
- Auraya
- VBG
- Lexisnexis Risk Solutions
- Verint
- Nuance Communications, Inc.
Voice Biometrics Market Segmentation:
Segmentation by Component
- Solutions
- Services
Segmentation by Type
- Active Voice Biometrics
- Passive Voice Biometrics
Segmentation by Authentication Process
- Automated VR
- Agent Assisted
- Mobile Applications
- Employee Authentication
Segmentation by Application
- Authentication And Customer Verification
- Forensic Voice Analysis And Criminal Investigation
- Fraud Detection And Prevention
- Risk And Emergency Management
- Transaction Processing
- Access Control
- Workforce Management
- Others
Segmentation by Organization Size
- Small And Medium-Sized Enterprises
- Large Enterprises
Segmentation by Deployment Mode
- Cloud
- On-Premises
Segmentation by Vertical
- Banking, Financial Services, And Insurance
- Retail and Ecommerce
- IT And Telecom
- Government and Defense
- Healthcare and Life Sciences
- Travel and Hospitality
- Transportation and Logistics
- Energy and Utilities
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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