This research report categorizes the voice biometrics market based on component, type, application, deployment mode, organization size, vertical, and region.
The report 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 new research 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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The voice biometrics market is expected to witness a minor slowdown in 2020 due to the global lockdown. The COVID-19 pandemic has increased the churn rate and shuddered almost every industry.
The lockdown is impacting global manufacturing, and supply chains and logistics as the continuity of operations for various sectors are badly impacted. The sectors facing the greatest drawbacks are manufacturing, transportation and logistics, and retail and consumer goods.
The availability of the essential items has been impacted due to the lack of manpower to work on production lines, supply chains, and transportation, although the essential items are exempted from the lockdown. The condition is expected to come under control by early 2021, while the demand for voice biometrics solutions and services is expected to increase, which is due to the increased demand for enhanced customer experience and build a personalized relationship with the prospects.
Several verticals are already planning to deploy a diverse array of voice biometrics solutions and services to enable digital transformation initiatives that address mission-critical processes, improve operations, and authenticate user’s identification. The reduction in operational costs, better customer experiences, fraud detection and prevention, enhanced authentication processes and operations, and improved real-time decision-making are the key business and operational priorities that are expected to drive the adoption of the voice identification market.
The services segment is expected to grow at a higher CAGR during the forecast period
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 active voice biometrics segment to grow at a higher CAGR 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 mobile applications segment to grow at a higher CAGR during the forecast period
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 transaction processing segment to grow at a higher CAGR during the forecast period
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.
Among verticals, the healthcare and life sciences segment to grow at the highest CAGR during the forecast period
The voice biometrics market is segmented into the various verticals, particularly verticals, such as BFSI, retail and eCommerce, government and defense, 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.
APAC to grow at a higher CAGR during the forecast period
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.
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Key Market Players
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.
Regional Analysis for Voice Biometrics Market
- North America: The Voice Biometrics market has been significantly fueled by North America, especially the United States. Voice biometrics are widely used for authentication and fraud prevention in the region, where the financial services industry is developed. Early adopters in the area, businesses use voice biometrics for financial transaction security, call centre authentication, and customer service. Voice biometrics usage has been promoted for compliance by legal frameworks including the Health Insurance Portability and Accountability Act (HIPAA) and the Payment Card Industry Data Security Standard (PCI DSS).
- Europe: The voice biometrics market has had consistent expansion throughout Europe, including nations like the UK, Germany, and France. For identity verification and fraud detection, European financial institutions and governmental organisations have expressed interest in speech biometrics. Organisations now have to make sure that they manage voice data in accordance with stringent data privacy standards as a result of GDPR (General Data privacy Regulation), which has had a big impact.
- Asia-Pacific: Voice biometrics technology has been rapidly embraced throughout the Asia-Pacific area, which includes nations like China, India, Japan, and South Korea. The market in this region has been driven by expanding e-commerce activity, rising mobile device usage, and a focus on improving security in financial transactions. The promotion of the use of voice biometrics for citizen verification has also been helped by government initiatives in various nations.
- Latin America: With nations like Brazil and Mexico expressing interest in speech recognition technologies for security and customer service, Latin America is a developing market for voice biometrics. To combat identity theft and fraud, the financial industry and regional governments have been early adopters.
- Middle East and Africa: Voice biometrics for identification and access control have attracted interest in the Middle East, particularly in the Gulf Cooperation Council (GCC) nations.To increase security, banks, telecoms, and governmental organisations in the area have been investing in voice biometrics. Voice biometr ics are being adopted gradually in Africa, and several nations are looking at using them to confirm identities in telecoms and financial sectors.
Factors that Drive Voice Biometrics Market
- Security Concerns: Organisations are looking for more secure authentication techniques due to growing worries about identity theft, fraud, and unauthorised access to sensitive information. A trustworthy and practical method of confirming identity is provided by voice biometrics.
- Regulatory Compliance: Organisations are required to establish strong security measures, including secure authentication techniques, in order to comply with strict data protection rules, such as the GDPR in Europe and HIPAA in the US. Voice biometrics can assist businesses in adhering to these rules.
- Rising Cybersecurity Threats: Traditional forms of authentication like passwords and PINs are now under risk due to the frequency and sophistication of cyberattacks. An additional layer of security against online dangers is offered by voice biometrics.
- User Convenience: An easy-to-use and seamless authentication process is provided by voice biometrics. Users no longer need to carry physical tokens or remember complicated passwords; they can simply say a passphrase or respond to a few voice-related questions.
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