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This market research report analyzes the key players in the global voice recognition biometrics market such as AGNITIO, Nuance Communications, VoiceTrust, and VoiceVault. The report also presents a competitive analysis of the market by end-user (BFSI, government, telecommunications, healthcare, and others) and by geography (APAC, Europe, North America, South America, and MEA).
Technavio’s market research analysts predict the global voice recognition biometrics market to grow steadily during the forecast period and post a CAGR of more than 19% by 2021. This industry research report identifies the rise in adoption of biometric voice recognition in the healthcare sector to be one of the major factors that will have a positive impact on the growth of this market in the coming years. The recent years witnessed a rise in the usage of mobile devices such as smartphones, tablets, and personal digital assistants in the healthcare sector. This led to the development of mobile apps for various applications such as electronic prescribing, diagnosis and treatment, coding, and billing. To prevent unauthorized access to confidential data, vendors will start integrating these apps with voice biometrics, which will in turn, fuel the growth of the market in the coming years.
Technological advances in the automotive industry led to the rise in adoption of connected cars equipped with the internet and wireless services. With the intensifying competition among the vendors in the industry, automotive manufacturers will soon adopt voice recognition biometric technology as a factor to differentiate their products.
The market is characterized by the presence of several small regional vendors and large multinational biometric companies and appears to be fragmented. According to the voice recognition biometrics market anlaysis research report, the international players are increasing their market presence which makes it difficult for the regional vendors to compete with them. The coming years will witness a number of acquisitions, where established voice recognition biometrics vendors will acquire the niche vendors to expand their product portfolios and enhance their market shares. With an increase in product and service extensions, technological innovations, and M&A, the market’s competitive environment will further intensify during the predicted period.
The leading vendors in the market are -
The other prominent vendors in the market are Auraya Systems, M2SYS Technology, OneVault, VoiceIt Technologies, SayPay Technologies, Sensiple, Sensory, SpeechPro, SPITCH, VoicePIN.com, Uniphore, ValidSoft, and Voice Biometrics Group (VBG).
According to the voice recognition biometrics market forecast, the rise in instances of online fraud and data theft has induced several financial institutions to start implementing voice authentication for the real-time identification and verification of individuals. According to analysts, this segment accounted for the major shares and dominated the market during 2016.
This market research and analysis estimates that in terms of geographical regions, North America will be the major revenue contributor to the voice recognition biometrics market throughout the forecast period. The increased adoption of mobile devices in the region which induced banks to adopt voice recognition biometrics to enable end-users gain access to transactions from remote locations is a major factor driving the voice recognition biometrics market size in North America.
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Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
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