Voice biometrics market is estimated to reach USD 2900 million by 2024 and also to a high growth rate of 23.95% during the forecast period. Voice biometrics will identify the voice of the speaker and asks a few steps to follow initially to identify when the same speaker speaks. There are two functions voice biometrics perform and they are identification and verification. Identification is for the new speakers where the voice did not match with the templates in the system. Verification is done to unlock when it identified the speaker voice in the saved templates.
- Growing fraud activities and increasing demand to increase the protection for data encryption are key driving factors for the market. Rise in the demand from the banking institutes to secure data is propelling the growth of the market.
- However, rising concern towards privacy policies is restraining the demand of the market. Reluctance to adopt new technologies in some platforms has remained a challenging factor for the market.
- Increasing prevalence for multilayered security approach in financial industries is solely setting up demand for the market. Rise in the support from the public organizations is also influencing the growth of the market further.
Software segment is expected to have tremendous growth rate during the review period
Based on the component, the market is segmented into software and services. Software is witnessed to have higher growth opportunities than services segment. The growing need for faster and secure user authentication is primarily lavishing the demand of the market.
Access control & authentication segment is accounted to hold the highest shares of the market
On the basis of application, the market is divided into access control & authentication, fraud detection & prevention and forensic voice analysis & criminal investigation. Access control & authentication segment is leading with dominant shares of the market from the past few years. The rise in the scale of end-user industries especially government & defense sectors is promoting the growth of the market.
North America is to continue the leading shares of the market throughout the period 2018 to 2024
Regionally, the market is led by North America by owing to acceptance of advanced technology and launch of various features for the systems. Following North America, Europe is witnessed to lead the highest shares of the market with the increasing demand to secure the data and also to reduce the fraud activities. The Asia Pacific is anticipated to have the fastest growth rate in the coming years. Growth in the economy of the developing countries is gearing up the demand of the market in this region. The Middle East and Africa are to have a slight inclination in the growth graph in the near future.
Some of the major players in the voice biometrics market are Nuance Communications Inc., Verint Systems Inc., NICE Ltd., LexisNexis Risk Solutions Inc., Voice Biometrics Group, AimBrain Solutions Limited, Phonexia, VoicePin.com, Uniphore Software Solutions Pvt. Ltd., and LumenVox LLC.
This research report includes the following segmentation for the Global Voice Biometrics Market size and forecast until 2024:
Voice Biometrics Market Analysis - By Component
Voice Biometrics Market Analysis - By Application
- Access Control and Authentication
- Fraud Detection and Prevention
- Forensic Voice Analysis and Criminal Investigation
Voice Biometrics Market Analysis - By Type
- Active Voice Biometrics
- Passive Voice Biometrics
Voice Biometrics Market Analysis - By Organization Size
- Small Enterprises
- Medium-Sized Enterprises
- Large Enterprises
Voice Biometrics Market Analysis - By Deployment Model
Voice Biometrics Market Analysis - By Industry Vertical
- Banking, Financial Services, and Insurance
- Retail and eCommerce
- Telecommunications and IT
- Government and Defense
Voice Biometrics Market Analysis - By Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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