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Key Parameters behind the Rising Popularity of Voice Biometrics Solutions Globally
Published Date: 23 May 2022

Voice Biometrics is using the human voice to identify & authenticate the biological characteristics of a person for accessing crucial data. These solutions are more secure & reliable alternatives to passwords, pins, or tokens that require physical inputs. In fact, voice biometrics eliminates the vulnerabilities to cyber threats & attacks significantly and helps strengthen an organization's security infrastructure.

These solutions are swiftly gaining popularity across different verticals due to their accuracy, reliability, and integration of technologies like Artificial Intelligence (AI) and the Internet of Things (IoT). Owing to such capabilities, the demand for these solutions is elevating substantially to meet heightened customer expectations for easy & fast data access across many organizations.

Moreover, the growing cases of cyber threats & attacks across different industries like Banking, Financial Services, & Insurance (BFSI), government, healthcare, etc., are also portraying a growing adoption of these solutions to secure customer data. As a result, the Global Voice Biometric Market is set to register around 21.56% CAGR during 2022-27.

Every company that generates customer data seeks a rigorous data security infrastructure with robust solutions for authentication like voice biometrics. With this, researchers & developers are constantly working on introducing new technologies & advanced solutions.

Working on Voice Biometrics for Authentication

As Voice biometrics is a technology that is used for authentication with the help of voice to identify & validate the identity of the person, it is seen as an effective & fast solution for processing voice patterns and strengthening the security system for data accessibility. Besides, it is important to understand that authentication based on voice biometrics is different from speech recognition technology.

Speech recognition is used for recognizing the words as an individual speaks, not for identifying the voice of a person. Voice Biometrics works in a way to ensure the authenticity of the voice that is enrolled in the system within 20 seconds of speech. Here, the unique biometric voice patterns of the person are analyzed, processed, & stored as a voiceprint for a secure validation & identification of an individual in a system.

The sole purpose of Voice Biometrics is to offer an accurate & reliable technology for the customers in a secure way, enabling the users to authenticate, interact, and validate their identity to access data. Such solutions function on recognizing "who is speaking" instead of describing "what is spoken". The growing popularity & deployment of voice biometrics is also because of its capabilities to compare hundreds of voice characteristics before providing access to the matched voice print.

Moreover, as these solutions also help in reducing the possibilities of fraud & identity theft, especially across industries like BFSI, healthcare, government, etc., it represents a positive face in offering security & transparency for a company or organization.

Some Prominent Perks of Voice Biometrics Solutions

While the blog has hinted toward the presence of several benefits of voice biometrics, by far, it is time we learn a little bit more about the perks in detail. So, let us read further to find out more. 

  • Robust Security Infrastructure 

As Voice Biometric solutions offer a safe & secured means to access crucial data by identifying the customers, their adoption is increasing swiftly across different industries, companies, & sectors to strengthen the security infrastructure. Moreover, these solutions do not need the customers to fill out verification forms or share a series of answers to validate themselves and bring greater ease in accessing the data. These technological solutions allow the user to offer their voice as a source of authentication in a safe way & eliminate the possibility of fraud & cybercrimes. 

  • Greater Customer Satisfaction

While customer satisfaction is one of the key motives of most organizations & industries, having a secure & robust authentication system to access critical data using voice biometrics helps the organization to move a step forward in achieving these goals. A satisfied customer base is when the company promises to offer security to their data and a robust authentication system to access the information. Moreover, reduced time in the authentication of identity, quicker resolution, no need for passwords or pins, and reduced possibilities of fraud & cybercrimes, are the other prominent features offered by voice biometrics solutions and the same parameters expected by the customers for greater satisfaction. 

  • Easy Detection of Phone Fraud 

You might have questioned the full functioning of Voice Biometric solutions, but here's is something you must know about why the deployment of these solutions is swiftly gaining traction. Voice Biometrics is principally, but not only, used for voice authentication & data access, but it is also used as a means to detect frauds. The agents behind the phone call seeking customer identification detect the telephone fraud using a real-time risk score for every call they conduct and proactively counteract any illegal activity. Hence, these solutions are widely used for strengthening the security infrastructure of a company or organization. 

Takeaway

Now that we have learned about several reasons behind the growing popularity of voice biometrics solutions across different industrial verticals worldwide, it can be said that these facts demonstrate a significant expansion of the Global Voice Biometrics Market through 2027. The numerous benefits of these solutions & their mounting deployment project lucrative opportunities for the leading players in the global market to develop & introduce new advancements & offer greater reliability for customers in the coming years.

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