A surge in urbanization, an increasing number of cyberattacks, and the emergence of technologies such as machine learning and artificial intelligence is driving the market demand. Market Size – USD 972.4 Million in 2019, Market Growth – CAGR of 23.6%, Market trends – Growing demand from BFSI and Healthcare sectors.
The Global Voice Biometrics Market size was valued at USD 972.4 million in 2019 and is anticipated to reach USD 4.90 Billion by 2027 at a CAGR of 23.6%. The market for Voice Biometrics is gaining traction due to the rising need for a robust and safer method for operating across several end users. The proliferation of smartphones, tablets, and other devices for financial activities, has made data theft easier, and a growing need to protect personal information is driving the demand for the voice biometric technology.
The latest report on the Voice Biometrics Market offers detailed information about the industry based on the total revenue generated for the forecast period, 2020 – 2027. The comprehensive study performs an in-depth analysis of the Voice Biometrics Market and lays immense emphasis on the major driving forces and restraints expected to govern the overall business for the forecast period, 2020 – 2027. Most importantly, researchers assessing the business environment take a closer look at the past and present trends as well as the future prospect to offer business owners, stakeholders and field marketing executives an intellectual understanding of the winning strategies.
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Key Highlights From The Report
LumenVox, in January 2020, launched an advanced suite of voice biometric authentication technologies, naming them Version 8. This technology implements AI and biometrics to authenticate customer-agent interaction.
The Access Control and Authentication dominated the market for voice biometrics. The high level of awareness among organizations regarding the confidentiality of their data and the need to protect from malware targeted cyber-attacks while using cloud computing services will drive the segment’s demand.
The cloud deployment type held the largest market share of 57.4% in the year 2019. The benefits provided by cloud-like data accessibility, quick implementation, lower cost, and 24×7 availability will foster the demand for voice biometrics.
Large Enterprises are rapidly adopting biometric voice technology as they recognize the importance of technology. Several BFSI giants have started to deploy in their security infrastructure as they deem it necessary.
The Government sector is witnessing a significant demand for voice biometrics as most of the government are modernizing their facilities, which is creating a demand for the market. Moreover, the government uses biometric to maintain confidentiality in matters of internal affairs.
North America held the largest market share of voice biometrics. The region is prone to several sophisticated cyber-attacks owing to the presence of influential financial sectors, tech companies, and the profitable telecommunication industry. There is a high demand for efficient technology for the protection of their data and financial information.
Key participants include Verint, Nuance Communications, Pindrop, Acculab, NICE, Phonexia, Auraya, VoicePIN, LumenVox, and SESTEK, among others.
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Segments Covered in the report
Component Outlook (Revenue, USD Billion; 2017-2027)
Training and Education
Support and Maintenance
Deployment and Integration
Type Outlook (Revenue, USD Billion; 2017-2027)
Passive Voice Biometrics
Active Voice Biometrics
Application Outlook (Revenue, USD Billion; 2017-2027)
Fraud Detection and Prevention
Access Control and Authentication
Forensic Voice Analysis and Criminal Investigation
Organization Size Outlook (Revenue, USD Billion; 2017-2027)
Small and Medium-Sized Enterprises
Deployment Type Outlook (Revenue, USD Billion; 2017-2027)
Industry Vertical Outlook (Revenue, USD Billion; 2017-2027)
Retail and eCommerce
Government and Defense
Banking, Financial Services, and Insurance
Telecommunications and IT
Regional Outlook (Revenue, USD Billion; 2017-2027)
Rest of LATAM
Table of Content
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.4. Research Sources
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Key Insights
Chapter 4. Voice Biometrics Market Segmentation & Impact Analysis
4.1. Voice Biometrics Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
Chapter 5. Voice Biometrics Market By Component Insights & Trends Revenue (USD Million)
Chapter 6. Voice Biometrics Market By Type Insights & Trends Revenue (USD Million)
Chapter 7. Voice Biometrics Market By Application Insights & Trends Revenue (USD Million)
Chapter 8. Voice Biometrics Market By Organization Size Insights & Trends Revenue (USD Million)
Chapter 9. Voice Biometrics Market By Deployment Type Insights & Trends Revenue (USD Million)
Chapter 10. Voice Biometrics Market By Industry Vertical Insights & Trends Revenue (USD Million)
Chapter 11. Voice Biometrics Market Regional Outlook
Chapter 12. Competitive Landscape
Chapter 13. Company Profiles
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