Press Release Description
Global Voice Biometrics Market to Thrive Due to Mounting Demand for Robust Fraud Detection System Across BFSI Sector
The Global Voice Biometrics Market is projected to grow at a CAGR of around 23.48% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The adoption of voice biometrics has increased across verticals such as BFSI, healthcare, telecommunication, etc., due to rising cyber security threats, improvements in voice recognition technology, surging usage of voice assistants & voice-activated devices, soaring digitalization of industries, and regulatory compliance & data privacy requirements. The demand for voice biometrics surged further as the BFSI sector's reliance on IT infrastructure rose exponentially, thus increasing online financial transactions.
As digitalization continues to advance, there has been a sharp rise in fraudulent activity in the banking sector. These actions frequently entail the theft of private information, giving fraudsters access to victims' bank accounts. A higher level of security is needed within the financial authentication system to address this pressing problem. Due to the need to intelligently identify users using their voiceprints, voice biometrics solutions have been scaled up in terms of adoption.
Several factors, including the economic growth of industrial sectors & the rising demand for better access to financial services for consumers & businesses, have contributed to the BFSI industry's significant growth over the past few years. The demand for better fraud detection services, such as voice biometrics, has increased as a result of these expansions, fueling the market growth, further states the research report, “Global Voice Biometric Market Analysis, 2023.”
Voice Biometric Market Segmentation Analysis
Use of Voice Biometric for Authentication & Customer Verification Applications to Surge
Based on the application, the Voice Biometric Market is further bifurcated into Authentication & Customer Verification, Forensic Voice Analysis & Criminal Investigation, Fraud Detection & Prevention, Risk & Emergency Management, Transaction Processing, Access Control, Workforce Management, and Others (Vocal Passphrase, Speech Therapy, etc.). The use of voice biometrics in public services, healthcare, and e-commerce, speech biometrics for authentication, and consumer verification has seen enormous expansion.
It has been primarily deployed for confirming & authenticating people's identities so they can access accounts, authorize transactions, and have secure access to services. Due to its high accuracy, voice biometrics has seen a significant rise in its application in government organizations for authentication & verification purposes. Government agencies in various countries such as Australia, New Zealand, Canada, and the US have successfully integrated their AI-based voice biometric technology for confirming the identities of people accessing government services.
Furthermore, various government bodies in nations like Spain, Brazil, Romania, Australia, etc., are actively attempting to digitize their services. For instance, in 2021, the government of Spain launched Digital Government and Digital Public Services Strategy, aiming to completely digitalize the country’s public administration by 2025.
Hence, the government's efforts to digitize services through the implementation of various initiatives would uplift the need for voice biometrics to prevent unauthorized access to government services & mitigates the risks associated with identity theft & fraud.
North America to Hold Dominant Share & Asia-Pacific is Set to Witness an Upsurge
The North American region is widely recognized for its early adoption of advanced technologies, including voice authentication, across various industries. This presented lucrative growth prospects for market players to introduce innovative features in voice biometrics solutions. A strong presence in sectors like banking, financial services, and insurance (BFSI) also offered ample boost to the integration of voice biometric services.
However, the Asia-Pacific is foreseen to witness the fastest market expansion. The key forces behind this are Asia's rising commitment to digitization & the fast growth & development of the IT & telecom sectors. Additionally, more establishments are adopting voice biometrics solutions due to greater awareness of their availability & advantages, notably in BFSI, government, and healthcare sectors.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, 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 Biometricss Group (VBG), VoicePass Technology, ID R&D, etc., are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the market?
- What key factors would propel and impede the industry across the countries?
- How has the industry been evolving in terms of geography & solution adoption?
- How has the competition been shaping across various countries?
- How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2018-28?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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