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The Voice Biometrics Market size is estimated to grow at a CAGR of 18.48% between 2022 and 2027. The market size is forecast to increase by USD 2,887.55 million. The growth of the market depends on several factors, including the rising prominence of voice biometrics in the BFSI sector, the increasing adoption of technology in the healthcare sector, and the popularity of voice recognition among law enforcement. Voice biometrics is a user verification technology used for the control and authentication of users, forensic voice analysis, fraud detection and prevention, and criminal investigation. The software detects the unique voice patterns from a speaker's real-time conversations and uses it to prevent unauthorized access to IT resources and other various security-sensitive areas.
This voice biometrics market report extensively covers market segmentation by type (active voice biometrics and passive voice biometrics), end-user (BFSI, government, telecommunication, healthcare, and others), and geography (North America, APAC, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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One of the key factors driving the voice biometrics market growth is the increasing adoption of technology in the healthcare sector. There is a growing use of mobile phones in the healthcare sector especially smartphones, tablets, and personal digital assistants (PDAs). As a result, there is a development of various apps for electronic prescribing, diagnosis and treatment, coding, and billing.
Moreover, there is an increasing integration of voice biometrics into these mobile apps to prevent unauthorized access to patient records. Additionally, the implementation of voice e-signatures with voice biometrics improves customer service by protecting confidential data. Hence, such factors are positively impacting the market which in turn will drive the market growth during the forecast period.
A key factor shaping the voice biometrics market growth is the introduction of voice biometrics in the automotive sector. There is a growing popularity for voice biometrics across the automotive industry as it is convenient and affordable. There is an increase in the adoption of connected cars equipped with the Internet and wireless services due to the advancements in technology.
Moreover, voice biometrics also plays a major role in navigation, infotainment, telematics, roadside assistance, video transmission, tracking stolen vehicles, and making automated calls during emergencies. Additionally, voice biometrics also offers a wide range of personalized in-vehicle preferences. Hence, such factors are expected to positively impact the market which in turn will drive the market growth during the forecast period.
The vulnerability of biometric systems is one of the key challenges hindering the voice biometrics market growth. The biometric systems are vulnerable to damage or attack if their design is compromised, or due to factors such as user error, hardware failure, and environmental conditions. These damages can happen at the device level or at the level of the associated equipment, user interface, or system.
Moreover, there is an increasing chance of biometric systems being vulnerable to physical attacks and damage to cables and wires. Furthermore, data is highly prone to alteration at the administrator or account level. Hence, such factors are negatively impacting the market which in turn will hinder the market growth during the forecast period.
The active voice biometrics segment is estimated to witness significant growth during the forecast period. This segment mainly comprises the use of a person's unique voice characteristics to verify and authenticate their identity. There has been an increase in the demand for active voice biometrics in the global voice biometrics market due to its potential benefits in improving security, enhancing user experience, and enabling more accurate identity verification.
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The active voice biometrics segment was the largest segment and was valued at USD 781.46 million in 2017. The main advantage of the active voice segment is that it can be integrated with biometric modalities, including facial recognition or fingerprint scanning, to create a multi-modal authentication approach that improves security. Additioanlly, the popularity of active biometrics has grown over time due to the wise usage of active voice biometrics in several industries, such as finance, healthcare, and telecommunication. For example, in the finance sector, active voice biometrics is extensively utilized for secure customer authentication during phone banking, online transactions, and mobile banking applications. As a result, it enables the prevention of unauthorized access to accounts and improves fraud prevention. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
The increasing security threats in the BFSI segment are fuelling the adoption of voice biometrics which in turn will increase the market growth during the forecasting period. There is an increase in fraudulent activities such as hacking, phishing, and other cybercrimes in the BFSI sector which is fuelling the adoption of voice biometrics in this segment. For instance, HSBC Bank and Citibank implemented voice recognition and voice authentication solutions for credit card holders. Furthermore, due to the increasing security threat, several global banks and financial institutions have integrated voice biometrics that enable customers to access online accounts through mobile applications while maintaining high-security standards. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
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North America is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the main factors that has significantly contributed to the growth of the global voice biometrics market in North America is the increasing adoption of mobile devices which in turn fuells the adoption of voice biometrics in the region as it enables end-users to gain access to transactions from remote locations.
Furthermore, there is a rise in the integration of voice biometrics across ATMs and banks in order to secure their transactions. Several banks and institutions in the region are also implementing voice biometrics to enhance their security. For instance, banks such as the Royal Bank of Canada are implementing voice biometrics to authenticate users before enabling ATM transactions. With the implementation of these systems, users need to provide PINs and a voice sample to make transactions. Hence, such factors are expected to drive market growth in North America during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global voice biometrics market witnessed significant growth due to the increase in the need to avoid touch-based fingerprint biometric systems, which fuelled the demand for voice biometrics in North America. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the wide adoption of airport identification systems to facilitate contactless and quick boarding, bag drop, and security checks. Such factors are expected to drive the market during the forecast period.
The voice biometrics market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Voice Biometrics Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Auraya Systems Pty. Ltd: The company offers voice biometrics such as ArmorVox for Automated Tuning Process, Fraud Attack Protection.
Aware Inc: The company offers voice biometrics solutions such as Nexa Voice mobile voice authentication SDK, Knomi mobile biometric authentication framework.
LumenVox GmbH: The company offers voice biometrics such as passive and active voice biometric authentication both modalities compare a callers voice to their voiceprint.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The voice biometrics market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Voice Biometrics Market Scope |
|
Report Coverage |
Details |
Page number |
170 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 18.48% |
Market growth 2023-2027 |
USD 2,887.55 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
18.18 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 35% |
Key countries |
US, China, Japan, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Aculab Plc, Auraya Systems Pty. Ltd., Aware Inc., Imageware Systems Inc., Kaizen Voiz, LumenVox GmbH, Microsoft Corp., Mitek Systems Inc., NICE Ltd., OneVault Pty. Ltd., Phonexia Sro, Pindrop Security Inc., Sensory Inc., Speech Technology Center Ltd., Optimal Technology Solutions LLC, ValidSoft Group, Verint Systems Inc., Voice Biometrics Group, VoicePIN.com Sp zoo, and Voxta |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
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