Voice Biometrics Market worth $3.9 billion by 2026, growing at a CAGR of 22.8%: Report by MarketsandMarkets™

Chicago, April 05, 2023 (GLOBE NEWSWIRE) -- The global Voice Biometrics Market size to grow from USD 1.1 billion in 2020 to USD 3.9 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 22.8% during the forecast period, according to a new report by MarketsandMarkets™. Factors such as the increasing demand for robust fraud detection and prevention systems across the Banking, Financial Services, and Insurance (BFSI) industry and the need for reducing authentication and identification costs are driving the adoption of voice biometrics solutions across the world. Fraudulent activities have increased alarmingly with the advent of digitalization across the banking industry. Through high-profile data thefts, fraudsters with access to banking credentials may gain access to customers’ bank accounts, thus creating the need for second or third-level security in the whole financial authentication system. Voice biometrics caters to such needs of banks and financial agencies by smartly identifying a user based on his/her voiceprint.

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277 - Tables
65 - Figures
279 - Pages

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Scope of the Report

Voice biometrics is a user verification technology that identifies unique voice patterns through the speaker’s real-time conversations or voiceprints captured via various physical and behavioral factors, such as tone, pronunciation, speed of speech, emphasis patterns, and accent of the speakers. Voice biometrics helps prevent unauthorized access to IT resources and other various security-sensitive areas. The technology is being used in various application areas, such as access control and authentication, fraud detection and prevention, forensic voice analysis, and criminal investigation. It can be used to authenticate high-risk sessions, including remote login, unusual transactions, and password changes, in a way that is transparent and friction-free for the end users.

The global voice biometrics market has been segmented by component. The component segment is further categorized into solutions and services. Based on the solutions segment, the market is divided into platform and software. The services segment is further divided into managed services and professional services. The services segment is anticipated to grow at a higher CAGR during the forecast period. The growth of the services segment is governed mainly by the complexity of operations and the surge in the deployment of voice biometrics solutions during the forecast period.

The global voice biometrics market is segmented on the baisis of type into into active voice biometrics and passive voice biometrics. The active voice biometrics segment is expected to at a higher CAGR during the forecast period.  The ease of handling processes and the reduction in requirement of resources are expected to drive the demand for active voice biometrics solutions across the world.

The global voice biometrics market by authentication process is segmented into automated IVR, agent-assisted, mobile applications, and employee authentication. The market size of the mobile applications segment is expected to grow at the highest CAGR during the forecast period. The growth rate of the mobile applications segment can be attributed to the increasing usage of smartphones and the secure authentication process while enhancing the overall security.

The global voice biometrics market by applications is segmented 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 (speech therapy, vocal passphrase, and personalized user experience). The market size of the transaction processing segment is expected at the highest CAGR during the forecast period. An increasing need for customer identity authentication across call centers is expected to spur the demand for voice biometrics solutions across the world.

The global voice biometrics market has been segmented based on organization size into SMEs and large enterprises. Large enterprises are the leading adopters of voice biometrics solutions with the increasing instances of cyberattacks. The market size of the SMEs segment is expected to grow at a higher CAGR of during the forecast period. Owing to the availability of cost-effective cloud solutions, voice biometrics solutions and services are expected to witness a prominent growth rate among SMEs during the forecast period.

The global voice biometrics market has been segmented based on deployment modes into cloud and on-premises. The market size of the on-premises segment is expected to grow at a higher CAGR during the forecast period, as organizations hold control of all their systems and data and bear their maintenance cost, which includes the cost for hardware, software, and other resources.

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The voice biometrics market is segmented into the various verticals, particularly verticals, such as BFSI, retail and eCommerce, government and defence, IT and telecom, healthcare and life sciences, transportation and logistics, travel and hospitality, energy and utilities, and others (manufacturing, education, and media and entertainment).  The market size of the healthcare and life sciences vertical is expected to grow at the highest CAGR during the forecast period. Mandatory protection of sensitive data to boost the adoption of voice biometrics solutions in the healthcare and life sciences vertical.

The voice biometrics market has been segmented into five regions: North America, Europe, APAC, MEA, and Latin America. Among these regions, North America is projected to hold the largest market size during the forecast period. APAC is expected to grow at the highest CAGR during the forecast period. The increasing demand for enhanced security for preventing criminal activities from enhancing the market growth in APAC.

Major vendors in the Voice Biometrics Market include Nuance (US), NICE (Israel), Verint (US), Pindrop (US), LexisNexis Risk Solutions (US), Phonexia (Czech Republic), VBG (US), Aculab (UK), Auraya (Australia), OneVault (South Africa), Aware (US), SpeechPro (US), LumenVox (US), Uniphore (India), SESTEK (Turkey), VoicePIN (Poland), QSS Technosoft (India), Voxta (India) Interactions (US), ID R&D (US), Kaizen Secure Voiz (US), HYPR (US), Element (US), Trust Stamp (US), and AnyVision (Israel).These voice biometrics vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the global voice biometrics market.

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