Global Voice Biometrics

Global Voice Biometrics Market Research Report: Forecast (2022-27)

By Type (Active Voice Biometrics, Passive Voice Biometrics) By Product (Automatic Speech Recognition Software, Speech-to-text Systems) By Application (Forensic Voice Analysis, Access Security, Authent Read more

  • ICT & Electronics
  • May 2022
  • 178
  • IT66021

Market Definition

Voice Biometrics is a technology wherein a person's voice is used as a means for authentication by uniquely identify its biological characteristic & offer access to critical data. This technology is now becoming an excellent alternative to keeping passwords, owing to its next-to-impossible replication.

Industries like Banking, Financial Services, & Insurance (BFSI), Government, Healthcare, Retail & E-commerce, IT & telecommunications, etc., the prominent end-users of voice biometrics, use this technology to strengthen their security infrastructure for the users.

There are several applications of voice biometrics today, which range right from forensic voice analysis, access security, authentication & fraud detection, customer verification, payments, transaction, processing, and speech-enabled password reset, among others.

Market Insights

The Global Voice Biometrics Market is projected to grow at a CAGR of around 21.56% during the forecast period, i.e., 2022-27. The market is driven by the rapidly increasing cases of fraud & cyberattacks across different industries worldwide, which, in turn, is instigating the governments of different countries to deploy robust detection & prevention systems across the sectors to eliminate such threats.

Report Coverage Details
Study Period Historical Data: 2017-20
Base Year: 2021
Forecast Period: 2022-27
CAGR 21.56%
Regions Covered North America: US, Canada, Mexico
Europe: The UK, France, Germany, Italy, Spain, Rest of Europe
Asia-Pacific: China, India, Japan, South Korea, Singapore, Rest of Asia Pacific
South America: Brazil, Argentina, Rest of South America
Middle East & Africa: UAE, Saudi Arabia, South Africa, Turkey Rest of Middle East and Africa
Key Companies Profiled

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, Others

Unit Denominations USD Million/Billion

 

As a result, the demand for voice biometrics is escalating swiftly and augmenting the overall market growth. Since these solutions help the industries to strengthen their security infrastructure and safeguard user data, their procurement is elevating rapidly throughout the globe and generating growth opportunities for the leading players to offer these solutions extensively.

Besides, increasing encouragement by the governments of different countries toward the digitalization of various sectors is another prominent aspect behind the growing popularity of voice biometrics, especially for critical applications like payments, authentication, etc. Furthermore, the swift traction of voice biometrics is also because it offers smart identification of a user based on their voiceprint, unlike traditional text passwords or pins, and acts as an excellent alternative to typed passwords.

Impact of Covid-19 on the Global Voice Biometrics Market

The Covid-19 pandemic in 2020 introduced several challenges for different industries worldwide, yet the Global Voice Biometrics Market witnessed a steady growth. While governments imposed stringent movement restrictions & lockdowns to curb the spread of this dreadful disease, a majority of the industries had to shut down & make a paradigm shift to working from home.

It portrayed a massive digital transformation of several organizations & industries, offering services through various online channels amidst the crisis, which, in turn, introduced several cyber threats & attacks. With this, several industries like banking, healthcare, and government, among others, instigated the demand for various security measures like voice biometrics to strengthen their security infrastructure and eliminate the possibilities of such threats. Hence, it led to a swift upswing in the overall growth of the Global Voice Biometrics Market amidst the pandemic and projected a positive growth prospect in the coming years

Global Voice Biometrics Market Research Report: Forecast (2022-27)

Market Segmentation

Based on the Industry:

  • Banking, Financial Services, & Insurance (BFSI)
  • Government
  • Healthcare
  • Retail & E-commerce
  • IT & Telecommunication
  • Others (Education, etc.)

Of them all, the BFSI sector is projected to dominate the Global Voice Biometrics Market with the largest share during 2022-27. It attributes principally to the rapid digital transformation in the BFSI sector due to constant technological developments and massive government support across different countries.

This digital transformation, in turn, is generating substantial customer data on online platforms and offering access through smart devices like mobiles, tablets, etc. As a result, security concerns are escalating swiftly & instigating the industry to procure solutions like voice biometrics to enhance the security and provide access only to authenticated users.

Besides, with an escalating number of cyber threats & attacks in making & financial institutions, the need for robust security infrastructure is increasing and, in turn, instigating the leading players to develop & offer new features in voice biometrics solutions for the industry.

Moreover, these solutions are ideal for authentication purposes and are excellent alternatives to passwords & pins for various financial transactions. Therefore, voice biometrics is swiftly gaining popularity across the BFSI sector and thus augmenting the overall market growth.

Based on the Deployment:

  • Cloud
  • On-Premise

Here, Cloud-based voice biometrics solutions acquired the largest market share in the previous few years, and the same trend is expected during 2022-27. It owes to their parallel processing capabilities that allow multiple people to work by accessing the same data from different devices & locations without difficulties after voice authentication.

Besides, since cloud deployment for voice biometrics is faster, more efficient, and simple than conventional ones, its demand is escalating swiftly across different end-user industries and, in turn, driving the global market.

Regional Landscape

Geographically, the Global Voice Biometrics Market expands across:

  • North America
  • South America
  • Europe
  • Middle East & Africa
  • Asia-Pacific

Amongst all regions globally, North America is expected to dominate the Voice Biometrics Market with the largest share during 2022-27. The region is an early adopter of advanced technologies deployed across different industrial verticals for voice authentication in various devices. Besides, its vast BFSI industry holds immense growth potential for the leading players in the market to develop & introduce new features in voice biometrics solutions over the coming years.

Several organizations operating in the BFSI sector are making voice biometrics mandatory for user access to the database, thereby contributing to the regional market growth. Furthermore, North America is one of the prominent locations where cyber threats & attacks prevail. As a result, governments of many countries in the region are investing massively in voice biometrics solutions to strengthen the security infrastructure of banks, financial institutes, etc., & eliminate the possibilities of such attacks, which projects promising prospects for the overall market growth through 2027.

On the other hand, Asia-Pacific is expected to demonstrate the fastest market growth during 2022-27. It owes principally to the rapid expansion & development of the IT & telecommunication industry and digitalization across different countries in the region. Besides, growing awareness about the easy availability & various benefits of such solutions is also projecting a growing adoption of voice biometrics solutions, especially across the healthcare, government, and BFSI sectors of Asian countries, in the years to come.

Recent Developments in the Global Voice Biometrics Market

  • In June 2021, Aculab Inc. announced the deployment of its Voice Biometrics technology 'VoiSentry' for those with physical & speech impairments issues. The technology computes Voice Biometrics based on the general characteristics of the sound rather than specific words, which helps users effectively complete identification & verification checks.
  • In May 2018, Nuance Communications acquired Voicebox Technologies and introduced new voice technologies like AI-based conversational assistants in several devices & services at banks.

Market Dynamics

Key Driver: Integration of Artificial Intelligence (AI) into Voice Biometrics

Voice Biometrics solutions are being integrated with advanced technologies like AI, the Internet of Things (IoT), & Cloud Computing, among others, to provide users with hassle-free data access. Besides, the growing penetration of smart devices across different sectors like healthcare, banking, government, etc., is also infusing the demand for voice biometrics. Additionally, the adoption of Nano-technologies in voice biometrics solutions is another prominent aspect projected to drive the Global Voice Biometrics Market during 2022-27.

Possible Restraint: Technologically Advanced Solutions Might Affect Security & Privacy 

Although voice biometrics solutions are highly efficient and offer numerous benefits, they also involve a few loopholes. For instance: they can be vulnerable to any basic application enabled with voice technology and allow fraudsters & hackers to breach the system & steal voice samples easily. It, in turn, can cause severe losses to users as hackers now have access to all the information. Hence, this aspect might hamper the growth of the Global Voice Biometrics Market over the forecast years.

Key Questions Answered in the Market Research Report:

  1. What are the overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares) of the Global Voice Biometrics Market?
  2. What are the region-wise industry size, growth drivers, and challenges?
  3. What are the key innovations, opportunities, current & future trends, and regulations in the Global Voice Biometrics Market?
  4. Who are the key competitors, their key strengths & weaknesses, and how do they perform in the Global Voice Biometrics Market based on the competitive benchmarking matrix?
  5. What are the key results derived from surveys conducted during the Global Voice Biometrics Market study?

Frequently Asked Questions

A. The Global Voice Biometrics Market is projected to grow at around 21.56% during 2022-27.

A. The increasing integration of AI, the IoT, & Cloud Computing into voice biometrics solutions for hassle-free user access & robust security is a prominent aspect driving the Global Voice Biometrics Market. On the other hand, possibilities of security & privacy vulnerabilities might restrain the fledged market expansion in the years to come.

A. Banking, Financial Services, & Insurance (BFSI) is anticipated to emerge as an area of remunerative opportunities for the leading players in the Global Voice Biometrics Market over the forecast years.

  1. Introduction
    1. Research Process
    2. Assumption
    3. Market Segmentation
    4. Market Definition
  2. Executive Summary
  3. Impact of Covid-19 on Global Voice Biometrics Market
  4. Global Voice Biometrics Market Trends & Insights
  5. Global Voice Biometrics Market Dynamics
    1. Growth Drivers
    2. Challenges
  6. Global Voice Biometrics Market Hotspot & Opportunities
  7. Global Voice Biometrics Market Outlook, 2017–2027F
    1. Market Size and Analysis
      1. By Revenues (USD Billion)
    2. Market Share and Analysis
      1. By Type
        1. Active Voice Biometrics
        2. Passive Voice Biometrics
      2. By Product
        1. Automatic Speech Recognition Software
        2. Speech-to-text Systems
      3. By Application
        1. Forensic Voice Analysis
        2. Access Security
        3. Authentication & Fraud Detection
        4. Customer Verification
        5. Payments
        6. Transaction Processing
        7. Speech-enabled Password Reset
        8. Others (Vocal Passphrase, etc.)
      4. By Deployment
        1. Cloud
        2. On-Premise
      5. By Enterprise Size
        1. Large Enterprises
        2. Small & Medium Enterprises
      6. By Industry
        1. Banking, Financial Services, & Insurance (BFSI)
        2. Government
        3. Healthcare
        4. Retail & E-commerce
        5. IT & Telecommunication
        6. Others (Education, etc.)
      7. By Region
        1. North America
        2. South America
        3. Europe
        4. Middle East & Africa
        5. Asia-Pacific
      8. By Company
        1. Competition Characteristics
        2. Revenue Shares
        3. Competitor Placement in MarkNtel Quadrant
  8. North America Voice Biometrics Market Outlook, 2017–2027F
    1. Market Size and Analysis
      1. By Revenues
    2. Market Share and Analysis
      1. By Type
      2. By Product
      3. By Application
      4. By Deployment
      5. By Enterprise Size
      6. By Industry
      7. By Country
        1. The US
        2. Canada
        3. Mexico
  9. South America Voice Biometrics Market Outlook, 2017–2027F
    1. Market Size and Analysis
      1. By Revenues
    2. Market Share and Analysis
      1. By Type
      2. By Product
      3. By Application
      4. By Deployment
      5. By Enterprise Size
      6. By Industry
      7. By Country
        1. Brazil
        2. Rest of South America
  10. Europe Voice Biometrics Market Outlook, 2017–2027F
    1. Market Size and Analysis
      1.  By Revenues
    2. Market Share and Analysis
      1. By Type
      2. By Product
      3. By Application
      4. By Deployment
      5. By Enterprise Size
      6. By Industry
      7. By Country
        1. Germany
        2. The UK
        3. France
        4. Italy
        5. Spain
        6. Rest of Europe
  11. Middle East & Africa Voice Biometrics Market Outlook, 2017–2027F
    1. Market Size and Analysis
      1. By Revenues
    2. Market Share and Analysis
      1. By Type
      2. By Product
      3. By Application
      4. By Deployment
      5. By Enterprise Size
      6. By Industry
      7.  By Country
        1. GCC
        2. Africa
        3. Rest of Middle East & Africa
  12. Asia-Pacific Voice Biometrics Market Outlook, 2017–2027F
    1. Market Size and Analysis
      1.  By Revenues
    2. Market Share and Analysis
      1. By Type
      2. By Product
      3. By Application
      4. By Deployment
      5. By Enterprise Size
      6. By Industry
      7. By Country
        1. China
        2. Japan
        3. India
        4. Australia
        5. South East Asia
        6. Rest of Asia Pacific
  13. Global Voice Biometrics Market Key Strategic Imperatives for Success and Growth
  14. Competitive Outlook
    1. Competition Matrix
      1. Application Portfolio
      2. Brand Specialization
      3. Target Markets
      4. Target Applications
      5. Research & Development
      6. Strategic Alliances
      7. Strategic Initiatives
    2. Company Profiles (Business Description, Application Segments, Business Segments, Financials, Strategic Alliances/ Partnerships, Future Plans)
      1. Aculab Inc.
      2. Agnitio SL
      3. BioCatch Ltd
      4. LexisNexis Risk Solutions Inc.
      5. Nuance Communications Inc.
      6. One Vault
      7. Pindrop Security Inc.
      8. Phonexia SRO
      9. Uniphore Software Systems Pvt Ltd
      10. Verint Systems Inc.
      11. Voice Biometrics Group (VBG)
      12. VoicePass Technology
      13. VoiceTrust
      14. Others
  15. Disclaimer
Voice Biometrics Market segmentation