Global Voice Biometrics Market Research Report: Forecast (2024-2030)

Market Definition

Voice biometrics is a technology wherein a person's voice is used as a means for authentication by uniquely identifying its biological characteristic & offer access to critical data. It enables seamless, efficient, and highly secure access across various applications such as call centers, mobile & online platforms, chatbots, IoT devices, and physical access control.

Market Insights & Analysis: Global Voice Biometrics Market (2024-30)

The Global Voice Biometrics Market size was valued at around USD 2.53 billion in 2022 and is estimated to grow at a CAGR of about 23.48% during the forecast period, i.e., 2024-30. The high cyber security threats, advancements in voice recognition technology, substantial adoption of voice assistants & voice-activated devices, soaring digitalization of industries, and regulatory compliance & data privacy requirements enhanced the adoption of voice biometrics across verticals such as BFSI, healthcare, telecommunication, etc. Thus, aiding in enhancing the market share. Additionally, as the reliance on IT infrastructure has been growing exponentially in the BFSI sector due to a surge in online financial transactions, the adoption of voice biometrics heightened. For instance,

• In 2024, City Union Bank in India (CUB) added Kaizen voice biometrics to an all-in-one mobile app.

Furthermore, e-commerce has experienced remarkable growth across nations such as South Korea, India, Brazil, Germany, etc. As per UNCTAD, global e-commerce sales jumped to USD26.7 trillion globally in 2019, rising to 4% from 2018, with South Korea reporting the highest share at nearly 25.9% in 2020, up from 20.8% the year before.

Global Voice Biometrics Market Driver:

Rising Demand for Robust Fraud Detection System across BFSI Sector – The banking industry has witnessed a rapid surge in fraudulent activities, such as theft of sensitive data & illegal access to customer's bank accounts, due to the digitalization of the sector. To address this critical issue, an additional layer of security is required within the financial authentication system, leading to the upscaled adoption of voice biometrics solutions to meet the specific needs of intelligently identifying users based on their unique voiceprints.

In addition, the BFSI industry has been expanding considerably over the past few years owing to several causes, including economic expansion of industrial sectors & growing demand for better access to financial services for both consumers & businesses. This expansion has resulted in the enhanced demand for better fraud detection services like voice biometrics, which augmented the market growth during 2019-22. Furthermore, the launch of digital banks has surged across countries like Germany, Brazil, Singapore, etc., due to regulatory support & the presence of supportive fin-tech ecosystems. For instance,

• In 2023, Intesa Sanpaolo SpA partnered with core banking technology company 'Thought Machine' to launch a new digital bank, Isybank.

The surge in digital banks would accelerate the demand for voice biometrics as it would be required to strengthen the authentication for digital banking transactions.

Global Voice Biometrics Market Opportunity:

Digital Health Innovations in Asia-Pacific to Open New Doors for the Players – The countries in the Asia-Pacific region, such as Singapore, India, South Korea, etc., are witnessing significant growth in digital health innovations due to substantial funding & a growing ecosystem of digital health ventures. COVID-19 has further enhanced digitalization in the healthcare sector, which has led to increased usage of applications such as telehealth, remote patient monitoring, etc. Therefore, to cater to this opportunity, many companies, such as RxDefine, Amazon, etc., launched telehealth applications in 2022. Similarly, companies like Milestone, Cadence, etc., unveiled their remote patient monitoring applications in 2022. The surge of telehealth & remote patient monitoring has created substantial demand for patient authentication processes, and this is creating new opportunities for market players to extend their voice biometric solutions to healthcare service providers.

Global Voice Biometrics Market Challenge:

Proximity of False Negatives & False Positives in Voice Biometric Systems Hampering the Potentiality – Voice Biometric has a high prevalence of false negatives, i.e., denying access to authorized users, and false positives, incorrectly granting access to unauthorized users. These errors undermine user trust, impact system reliability, and raise legal & regulatory concerns. It also affects the reputation of voice biometric companies & creates a negative perception of the technology in the market. Owing to this, the technology may be seen as unreliable or inaccurate, which may deter potential customers from adopting voice biometrics, hence impacting the Voice Biometrics Market growth.

Global Voice Biometrics Market Trend:

Use of Digit-based Voice Authentication for Enhancing Identity Assurance to be a New Market Trend – The adoption of digit-based voice authentication solutions that combine voice biometrics with cryptographically generated numeric digits to enhance identity assurance in remote access applications is surging. Owing to this, many companies that provide biometric solutions are now launching digit-based voice authentication solutions. For instance:

• In 2023, UK-based voice biometrics provider ValidSoft, launched a new digit-based voice authentication solution to deliver trusted identity assurance in enterprise remote access applications, such as ZTNA, PAM, and IAM.

The industry's continued dedication to advancing security measures & utilizing multi-factor authentication techniques to combat fraud & ensure thorough identity verification is demonstrated by the adoption of digit-based voice authentication. The trend is anticipated to drive the market during the forecast period as organizations are increasingly leveraging this technology to mitigate risks associated with credential theft, social engineering hacks, and deep fake threats.

Global Voice Biometrics Market (2024-30): Segmentation Analysis

The Global Voice Biometrics Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2024–2030 at the global, regional and national levels. Based on the analysis, the market has been further classified as:

Based on Application:

• Authentication & Customer Verification
• Forensic Voice Analysis & Criminal Investigation
• Fraud Detection & Prevention
• Risk & Emergency Management
• Transaction Processing
• Access Control
• Workforce Management
• Others (Vocal Passphrase, Speech Therapy, etc.)

The adoption of voice biometrics for Authentication & Customer Verification has registered substantial growth due to its significant adoption in public services, healthcare, and e-commerce. It has been mainly used for authenticating & verifying the identity of individuals for various purposes, such as accessing accounts, authorizing transactions, and gaining secure access to services. Moreover, the usage of voice biometrics in government organizations for authentication & verification has rapidly increased, as it has been used as a highly accurate method. It has also allowed government agencies to ensure the security of sensitive information & protect citizens from identity theft & fraud, owing to which different government agencies in countries have adopted voice biometrics for authentication & verification application.

In addition, different government entities in countries like Spain, Brazil, Romania, Australia, etc., are significantly working to digitalize their services, subsequently increasing the usage of voice biometrics by the public sector for the authentication process. For instance, in 2023, as per Auraya, its AI-based voice biometric technology has been successfully implemented by various governments in Australia, New Zealand, Canada, and the US to verify the identities of individuals accessing government services. Hence, as more governments across different countries would integrate voice biometrics for authentication & verification purposes, the segment would experience substantial growth in the coming years as well, eventually creating an outlook for the Voice Biometric Market in the forecast years.

 Based on Vertical:

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

The Healthcare segment experienced an increasing demand for voice biometrics solutions & is predicted to grasp a substantial market share due to the mandatory protection of sensitive data related to the consumer’s health. Countries like the US, Canada, India, Japan, etc., are enhancing their healthcare expenditure to improve the integration of digital security in the healthcare sector. In 2021, according to the Center for Medicare and Medicaid Services in the US, national health spending is projected to grow at an average annual rate of around 5.1% from 2021-2030. This expenditure encompasses investments in IT & computing services as well & is aimed at improving the storage & protection of patient data.

Consequently, with the rising investments & the need to safeguard confidential patient information, healthcare organizations have been adopting voice biometrics as an effective security measure. This trend is projected to continue in upcoming years, as the governments have announced their plans for improved investments in the forecast years.

Global Voice Biometrics Market (2024-30): Regional Projection

Geographically, the Global Voice Biometrics Market expands across:

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

North American region is renowned for being an early adopter of cutting-edge technologies, like voice authentication, in numerous industries. Owing to this, the region presented significant growth opportunities for market players to introduce cutting-edge features in voice biometrics solutions. This was further supported by the strong presence of industries like banking, financial services, and insurance (BFSI) in the region.

Many organizations operating in the BFSI sector have made voice biometrics a mandatory requirement for user access to databases, contributing to the market's expansion. Additionally, the region faces a high prevalence of cyber threats & attacks. As a result, governments in North America are investing heavily in voice biometrics solutions to enhance the security infrastructure of banks & financial institutions, creating promising growth opportunities for the overall Voice Biometric Market.

The Asia-Pacific region, on the other hand, is anticipated to experience the fastest market growth. The IT & telecom sectors' quick growth & development, as well as Asia's growing commitment to digitalization, are the main drivers behind this. Moreover, growing awareness about the availability & benefits of voice biometrics solutions is leading to increased adoption, particularly in sectors like healthcare, government, and BFSI in the region.

Global Voice Biometrics Industry Recent Development:

• 2022: LexisNexis® Risk Solutions, a division of RELX, has completed the acquisition of BehavioSec®, a leading provider of advanced behavioral biometrics technology. The addition of BehavioSec's solutions would bolster LexisNexis Risk Solutions' Business Services group & enhance its range of device & digital identity-focused offerings, including the renowned LexisNexis® ThreatMetrix® platform.
• 2022: Nuance Communications, Inc. (NASDAQ: NUAN) has expanded its strategic partnership with Genesys®, enabling Genesys Cloud CX™ customers to seamlessly integrate Nuance Contact Center AI into their operations. This collaboration empowers Genesys Cloud CX users to leverage Nuance's advanced technology, including conversational virtual assistants for voice & digital channels, as well as biometrics-based authentication & fraud prevention solutions to enhance their customer experience.

Gain a Competitive Edge with Our Global Voice Biometrics Market Report

• Global Voice Biometrics Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics & make informed decisions.
• This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
• Global Voice Biometrics Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.