Voice Biometrics Market

Voice Biometrics Market was valued at USD 1,749 million in 2022 and is forecast to touch USD 8,695 million in 2030, and the market is expected to grow at a CAGR of 22.2% from 2023-2030.

Voice Biometrics Market Overview

Voice biometrics is specially used for voice recognition via analysis of a person’s pitch, speech, voice, and tone. It has great advantage as compared to the passwords as they can be easily tracked or hacked. The global voice biometrics market covers various type of biometrics, such as active voice biometrics and passive voice biometrics.

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Major Voice Biometrics Market Drivers

The factors driving the global Voice Biometrics market include the growing demand for fraud detection and prevention systems, particularly among the Banking, Financial Services, and Insurance (BFSI) sector and the growing need to decrease authentication and identification costs. Moreover, the rising demand for robust fraud detection and prevention system across several sectors o further surging the market growth. The fraudulent activities are increasing mainly because of rapid digitalization. With the high-profile data thefts, the fraudsters can access the banking credentials, thus increasing the requirement for the second or third level of security. Voice biometrics helps in identifying the user by his/her voice.

The growing awareness related to the benefits offered by voice biometrics such as automated calibration, active and passive authentication, panic detection, voice biometrics, and enhances Know Your Customer (KYC) management is further contributing to the market growth. For instance, Barclays authenticated the caller’s identity through the phase “My voice is my password”, thus decreasing the user verification time by 20 seconds.

Restraint in the Voice Biometrics Market

The various security and privacy challenges caused due to advanced technologies is likely to hamper the market growth.

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Verticals – Segment Analysis

Based on the verticals, the healthcare and life sciences are projected to grow at a higher CAGR during the forecast period. This is mainly due to the mandatory protection of sensitive data leading to increase in adoption of voice biometrics solutions, particularly in the healthcare and life science vertical.

Component – Segment Analysis

Based on the component, the software is expected to grow at a higher CAGR over the forecast period. The increasing adoption of software is mainly due to the growing demand for faster, easier, and convenient authentication. Moreover, the rising usage of online transactions and the growing demand for a multi-layered security approach are further contributing to the market growth.

Vertical – Segment Analysis

Based on the vertical, the banking, financial services, and Insurance (BFSI) is anticipated to grow at a faster CAGR during the forecast period. This is mainly due to the increasing number of online cyber-attacks and fraudulent activities. This has also created a requirement for a simpler and non-invasive experience for customers.

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Regional – Segment Analysis:

Based on the region, North America region is expected to dominate the market during the forecast period. The financial industry has been impacted by the proliferation in identity thefts related to the banking sector in the U.S. North American Free Trade Agreement (NAFTA) has encouraged banks to use advanced authentication services such as voice biometrics to overcome the threat of frauds in the sector. The leading players in the regional market are increasingly using voice biometrics to offer next-generation solutions. In 2019, Visa and SiriusXM entered in a partnership to introduce a new in-vehicle payment solution which is secured by biometric authentication.

Top Market Players

Various notable players operating in the market include Nuance Communications, Inc., NICE, Verint, Pindop, Lexisnexis Risk Solutions, Phonexia, VBG, Aculab, Auraya, Onevault, among others.

Key Developments:

• • In 2021, Nuance Communications, Inc., introduced Omnichannel Patient Engagement Virtual Assistant Platform to power healthcare’s “Digital Front Door”. This platform represents new integrated philosophy for improving the healthcare’s digital front door.
  • In 2020, NICE introduced ENLIGHTEN Fraud Prevention, an innovative new solution for automatic and continuous fraudster detection and exposure. By combining NICE ENLIGHTEN’s comprehensive Customer Engagement AI platform with the company’s voice biometrics capabilities, the solution can scan accurately pinpoint suspicious behavior and uncover previously unidentified fraudsters.

Segments covered in the Report:               

The global Voice Biometrics market has been segmented on the basis of Component, Type, Authentication Process, Application, Organization Size, Deployment Mode, Vertical, and regions. Based on Component, the market is segmented into Solutions and Services. Based on Type, the market is segmented into Active Voice Biometrics and Passive Voice Biometrics. Based on Authentication Process, the market is segmented into Automated VR, Agent Assisted, Mobile Applications, and Employee Authentication. Based on Application the market 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. Based on the organization size, the market is segmented into small and medium-sized enterprises, and Large Enterprises. Based on the deployment mode, the market is segmented into Cloud and On-Premises. Based on the Vertical, the market is segmented into 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, And Others.

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Market Segmentation

Global Voice Biometrics Market by Component

• • Solutions
  • Services

Global Voice Biometrics Market by Type

• • Active Voice Biometrics
  • Passive Voice Biometrics

Global Voice Biometrics Market by Authentication Process

• • Automated VR
  • Agent Assisted
  • Mobile Applications
  • Employee Authentication

Global Voice Biometrics Market 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

Global Voice Biometrics Market by Organization Size

• • Small And Medium-Sized Enterprises
  • Large Enterprises

Global Voice Biometrics Market by Deployment Mode

• • Cloud
  • On-Premises

Global Voice Biometrics Market 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

Global Voice Biometrics Market by Region

• • North America Voice Biometrics Market (Option 1: As a part of the free 25% customization)

    • By Component
    • By Type
    • By Authentication Process
    • By Application
    • By Organization Size
    • By Deployment Mode
    • By Verticals
    • US Market All-Up
    • Canada Market All-Up

  • Europe Voice Biometrics Market (Option 2: As a part of the free 25% customization)

    • By Component
    • By Type
    • By Authentication Process
    • By Application
    • By Organization Size
    • By Deployment Mode
    • By Verticals
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Voice Biometrics Market (Option 3: As a part of the free 25% customization)

    • By Component
    • By Type
    • By Authentication Process
    • By Application
    • By Organization Size
    • By Deployment Mode
    • By Verticals
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Voice Biometrics Market (Option 4: As a part of the free 25% customization)

    • By Component
    • By Type
    • By Authentication Process
    • By Application
    • By Organization Size
    • By Deployment Mode
    • By Verticals
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Voice Biometrics (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Nuance Communications, Inc.
  • NICE
  • Verint
  • Pindop
  • Lexisnexis Risk Solutions
  • Phonexia
  • VBG
  • Aculab
  • Auraya
  • Onevault