Market Insights
As per recent research by MarkNtel Advisors, The Global Voice Biometrics Market size was valued at around USD 2.53 billion in 2022 and is estimated to grow at a CAGR of about 23.48% during the forecast period, i.e., 2024-30.
Global Voice Biometrics Market Driver:
Rising Demand for Robust Fraud Detection System across BFSI Sector – The banking industry has witnessed a rapid surge in fraudulent activities, such as theft of sensitive data & illegal access to customer’s bank accounts, due to the digitalization of the sector. To address this critical issue, an additional layer of security is required within the financial authentication system, leading to the upscaled adoption of voice biometrics solutions to meet the specific needs of intelligently identifying users based on their unique voiceprints.
In addition, the BFSI industry has been expanding considerably over the past few years owing to several causes, including economic expansion of industrial sectors & growing demand for better access to financial services for both consumers & businesses. This expansion has resulted in the enhanced demand for better fraud detection services like voice biometrics, which augmented the market growth during 2019-22. Furthermore, the launch of digital banks has surged across countries like Germany, Brazil, Singapore, etc., due to regulatory support & the presence of supportive fin-tech ecosystems. For instance,
- In 2023, Intesa Sanpaolo SpA partnered with core banking technology company ‘Thought Machine’ to launch a new digital bank, Isybank.
The surge in digital banks would accelerate the demand for voice biometrics as it would be required to strengthen the authentication for digital banking transactions.
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Market Segmentation and Consumer Behavior:
By Type
- Active Voice Biometrics – Market Size & Forecast 2019-2030, (USD Million)
- Passive Voice Biometrics – Market Size & Forecast 2019-2030, (USD Million)
By Deployment
- On-Premise – Market Size & Forecast 2019-2030, (USD Million)
- Cloud – Market Size & Forecast 2019-2030, (USD Million)
By Authentication Process
- Automated IVR- Market Size & Forecast 2019-2030, (USD Million)
- Agent-Assisted – Market Size & Forecast 2019-2030, (USD Million)
- Mobile Applications – Market Size & Forecast 2019-2030, (USD Million)
- Employee Authentication – Market Size & Forecast 2019-2030, (USD Million)
By Application
- Authentication and Customer Verification – Market Size & Forecast 2019-2030, (USD Million)
- Forensic Voice Analysis and Criminal Investigation – Market Size & Forecast 2019-2030, (USD Million)
- Fraud Detection and Prevention – Market Size & Forecast 2019-2030, (USD Million)
- Risk and Emergency Management – Market Size & Forecast 2019-2030, (USD Million)
- Transaction Processing – Market Size & Forecast 2019-2030, (USD Million)
- Access Control – Market Size & Forecast 2019-2030, (USD Million)
- Workforce Management – Market Size & Forecast 2019-2030, (USD Million)
- Others (Vocal Passphrase, Speech Therapy, etc.) – Market Size & Forecast 2019-2030, (USD Million)
By Vertical
- Banking, Financial Services, & Insurance (BFSI)- Market Size & Forecast 2019-2030, (USD Million)
- Government – Market Size & Forecast 2019-2030, (USD Million)
- Healthcare- Market Size & Forecast 2019-2030, (USD Million)
- Retail & E-commerce- Market Size & Forecast 2019-2030, (USD Million)
- IT & Telecommunication – Market Size & Forecast 2019-2030, (USD Million)
- Transportation & Logistics – Market Size & Forecast 2019-2030, (USD Million)
- Others (Education, Hospitality, etc.) – Market Size & Forecast 2019-2030, (USD Million)
By Enterprise Size
- Large Enterprises – Market Size & Forecast 2019-2030, (USD Million)
- Small & Medium Enterprises- Market Size & Forecast 2019-2030, (USD Million)
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Voice Biometrics Market Geographical Analysis:
By Region:
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
Key Players and Competitive Strategies in the Voice Biometrics Market
Several prominent players dominate the Voice Biometrics Market, including:
- Aculab Inc.
- Agnitio SL
- BioCatch Ltd
- LexisNexis Risk Solutions Inc.
- Nuance Communications Inc.
- One Vault
- Pindrop Security Inc.
- Phonexia SRO
- Uniphore Software Systems Pvt Ltd
- Verint Systems Inc.
- Voice Biometrics Group (VBG)
- VoicePass Technology
- ID R&D
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Questions Addressed in this Study
1.What factors are driving the Voice Biometrics Market growth?
2.How is the Voice Biometrics Market expected to grow over the next five years?
3.What are the key insights into the current trends in the Voice Biometrics Market?
4.What is the current size of the Voice Biometrics Market, and how is it projected to change in the future?
5.What is the future outlook for the Voice Biometrics Market in terms of technological advancements and market expansion?
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