Voice Biometrics Market Analysis North America,APAC,Europe,South America,Middle East and Africa - US,China,Japan,UK,Germany - Size and Forecast 2023-2027

Voice Biometrics Market Forecast 2023-2027

The Voice Biometrics Market size is estimated to increase by USD 2.89 billion and grow at a CAGR of 18.48% between 2022 and 2027. The growth of the market depends on several factors, including the rising prominence in the BFSI sector, the increasing adoption of technology in the healthcare sector, and the popularity of voice recognition among law enforcement. It 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.

What will be the size of the Voice Biometrics Market During the Forecast Period?

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Market Segmentation

This market report extensively covers market segmentation by type (active and passive), 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.

By Type

The active 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 variants in the global market due to its potential benefits in improving security, enhancing user experience, and enabling more accurate identity verification.

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The active 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. Additionally, the popularity of active biometrics has grown over time due to the wise usage of active variants in several industries, such as finance, healthcare, and telecommunication. For example, in the finance sector, active solutions are 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.

By End-user

The increasing security threats in the BFSI segment are fuelling the adoption, 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 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 these solutions 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.

Regional Overview

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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 market in North America is the increasing adoption of mobile devices which in turn fuells the adoption in the region as it enables end-users to gain access to transactions from remote locations.

Furthermore, there is a rise in the integration across  ATMs and banks in order to secure their transactions. Several banks and institutions in the region are also implementing these solutions to enhance their security. For instance, banks such as the Royal Bank of Canada are implementing 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.

Market Dynamics and Customer Landscape

The market is experiencing a surge driven by the escalating demand for secure authentication solutions. With the increasing prevalence of cyber attacks targeting sensitive data like bank accounts and medical records, there's a growing need for robust security measures. Voice recognition technology offers a hands-free interface for authentication, enhancing user experience while ensuring bank account protection and safeguarding electronic medical records. Additionally, advancements in authentication technology, such as text-independent voice recognition and retina and fingerprint scanners, are reshaping the landscape by providing more secure and convenient alternatives to traditional passwords and PINs. As financial firms and private services seek advanced authentication solutions to combat cyber threats, the Voice Biometrics Market is poised for significant growth.

Key Market Driver

The market is being propelled by several key drivers, among which the increasing adoption of technology in the healthcare sector stands out prominently. The healthcare industry is witnessing a surge in the utilization of mobile phones, particularly smartphones, tablets, and personal digital assistants (PDAs), leading to the development of various healthcare apps for electronic prescribing, diagnosis, treatment, coding, and billing. Additionally, there's a growing integration of these biometrics into these mobile apps to enhance security and prevent unauthorized access to patient records, thereby bolstering customer service and protecting confidential data. These advancements are significantly contributing to the market's growth trajectory during the forecast period.

Significant Market Trends

A key factor shaping the market growth is the introduction in the automotive sector.  There is a growing popularity 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, they also play a major role in navigation, infotainment, telematics, roadside assistance, video transmission, tracking stolen vehicles, and making automated calls during emergencies. Additionally, they also offer 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.

Major Market Restrain

The vulnerability of biometric systems is one of the key challenges hindering 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.

Market Customer Landscape

The 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 Market Customer Landscape

Who are the Major Voice Biometrics Market Companies?

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 and Fraud Attack Protection.

Aware Inc: The company offers voice biometrics solutions such as Nexa Voice mobile voice authentication SDK, and Knomi mobile biometric authentication framework.

LumenVox GmbH: The company offers voice biometrics, such as passive and active voice biometric authentication. Both modalities compare a caller's 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:

• Aculab Plc
• Imageware Systems Inc.
• Kaizen Voiz
• 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
• Voxta

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.

Segment Overview

The 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. 

• Type Outlook 
  • Active voice biometrics
  • Passive voice biometrics
• End-user Outlook 
  • BFSI
  • Government
  • Telecommunication
  • Healthcare
  • Others
• Geography Outlook (USD Million, 2017 - 2027)
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Chile
    • Argentina
    • Brazil
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview

The Market is witnessing significant growth driven by the rising demand for secure authentication solutions in various sectors. Biometric technologies, including voice recognition, are becoming increasingly popular for call center authentication, bank account protection, and mobile application development. With hands-free interfaces and contactless authentication methods like voice banking gaining traction, financial firms, and FinTechs are adopting advanced authentication technologies such as physiological biometrics. This market is characterized by the integration of voice recognition with digital platforms and electronic medical records, ensuring high-level security against cyber attacks while offering convenient and efficient authentication solutions.

Additionally, the market is witnessing robust growth driven by the increasing adoption of authentication technology in various sectors. With the demand for secure and convenient authentication methods rising, contactless authentication solutions such as voice recognition are gaining traction. Technologies like one-time passwords and retina and fingerprint scanners are being integrated into authentication systems to enhance security. Companies like G+D Mobile Security and FIDO are at the forefront of developing voice recognition biometrics solutions, catering to sectors ranging from the financial sector and healthcare industry to the entertainment industry and building security. Despite concerns about cost and public awareness, the market is poised for significant expansion due to its effectiveness in addressing authentication issues.

Moroever, the market is witnessing rapid growth fueled by advancements like contactless authentication and mobile infrastructure. Companies like Rogers Communications and Convegno Mobile Authentication are pioneering in this sector, offering innovative solutions. Technologies like Sense AI enable text-independent recognition, enhancing security in private services and banking. Cloud computing plays a pivotal role, facilitating voice-based authentication across various platforms and industries, including healthcare and social networking. The market caters to individuals seeking high-level security, leveraging voice, tone, and pitch for accurate identification amidst rising concerns over cyber threats.

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 2.89 billion
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 forecasting, 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.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2023 and 2027
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

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