Massive Data Generation & Increasing Cyberattacks Worldwide to Drive the Voice Biometrics Market

The Global Voice Biometrics Market is expecting around 21.56% CAGR during 2022-27, cites MarkNtel Advisors in their recent research report. The capabilities of voice biometrics solutions to offer greater security to critical data by providing access only to registered voices and, in turn, help various industries strengthen their security infrastructure & safeguarding the user data are driving the global market.

Besides, the surging cases of cyber threats, especially across industries like Banking, Financial Services, and Insurance (BFSI), healthcare, government, etc., due to rapid digital transformation is also augmenting the demand for robust security systems & solutions and boosting the market of voice biometrics globally. 

Moreover, as voice biometrics are viewed as a convenient & more secure alternative to keeping passwords & pins for various documents, the adoption of these solutions is swiftly gaining traction across different sectors worldwide and stimulating the overall market growth, further states the research report, “Global Voice Biometrics Market Analysis, 2022.”

Rapid Digital Transformation across the BFSI industry to Boost the Global Market through 2027

The BFSI sector is expecting the largest share in the Global Voice Biometrics Market over the forecast years owing to the growing digital transformation across the industry due to technological advancements & encouragement by governments of different countries.

It, in turn, is augmenting the demand for a robust security system as the industry generates massive user data that can be accessed from numerous devices. As a result, the demand for voice biometrics for more secure data access is escalating across the BFSI sector and driving the global market.

Moreover, increasing concerns over data security among people entwined with the growing awareness about the availability of solutions like voice biometrics are also instigating the BFSI sector to deploy these solutions & contribute significantly to the overall market growth.

Being an Early Adopter of Advanced Technologies, North America Dominates the Market

North America is rapidly making digital transformations across several prominent industrial verticals and is an early adopter of advanced technologies. It, in turn, is projecting the region as a prominent target for cyber threats & attacks and instigating governments & private organizations to deploy robust solutions like voice biometrics to strengthen the security infrastructure. 

Besides, several countries are encouraging the leading companies in the region to introduce new features in their product offerings and provide strong security & accessibility to users, especially across the BFSI, healthcare, & government sector, i.e., another prominent aspect that projects lucrative growth for the regional market in the years to come, reveals MarkNtel Advisors in their research report, "Global Voice Biometrics Market Analysis, 2022."

Competitive Landscape

The leading players in the Global Voice Biometrics Market are 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, VoiceTrust.

Key Questions Answered in the Research Report

1. What are the current & future trends in the Global Voice Biometrics Market?
2. How has the industry been evolving in terms of geography & solution adoption?
3. How has the competition been shaping across various countries, followed by their comparative factorial indexing?
4. What are the key growth drivers & challenges for the Global Voice Biometrics Market?
5. What are the customer orientation, purchase behavior, & expectations from voice biometrics solution providers across various regions?

Market Segmentation:

1. By Type (Active Voice Biometrics, Passive Voice Biometrics)
2. By Product (Automatic Speech Recognition Software, Speech-to-text Systems)
3. By Application (Forensic Voice Analysis, Access Security, Authentication & Fraud Detection, Customer Verification, Payments, Transaction Processing, Speech-enabled Password Reset, Others (Vocal Passphrase, etc.))
4. By Deployment (Cloud, On-Premise)
5. By Enterprise Size (Large Enterprises, Small & Medium Enterprises)
6. By Industry (Banking, Financial Services, & Insurance (BFSI), Government, Healthcare, Retail & E-commerce, IT & Telecommunication, Others (Education, etc.))
7. By Region (North America, South America, Europe, Middle East & Africa, Asia-Pacific)
8. By Country (The US, Canada, Mexico, Brazil, Germany, The UK, France, Italy, Spain, GCC, Africa, China, Japan, India, Australia, South-East Asia)
9. By Companies (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, VoiceTrust)