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 (2022-2027) | 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
Market Segmentation
Based on the Industry:
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:
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:
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
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:
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.
