Voice Biometrics Market

Market Overview:

The global voice biometrics market size reached US$ 1.64 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 5.46 Billion by 2028, exhibiting a growth rate (CAGR) of 21.83% during 2023-2028. The growing adoption in the healthcare industry, increasing demand for contactless, safe, reliable, and secure working conditions among individuals , and rising emergence of various advanced technologies represent some of the key factors driving the market. 

Voice biometrics, also known as voice recognition, is a technology that verifies the identity of a speaker. It has low operational costs, increased accuracy, and easy-to-install operations. It provides two-factor authentication by combining it with an identity document (ID) and password to gain access to secure sites. It is an easier and safer authentication method as compared to knowledge-based authentication. It assists in offering a safer and user-friendly experience to employees and customers and automates an interaction between a business and consumers. It aids in eliminating the risk of fraud while enhancing security in an organization. Besides this, it is beneficial in crime investigation to identify the suspect and safeguard the reputation of a brand. As a result, voice biometrics is widely employed in the banking, financial service, and insurance (BFSI), defense, information technology (IT) and telecommunication, healthcare, transportation and logistics, travel and hospitality, and energy and utility sectors across the globe. 

Voice Biometrics Market Trends:

At present, the increasing adoption of voice biometrics, as it reduces the workload of IT staff members for updating passwords, represents one of the primary factors supporting the growth of the market. Besides this, the growing demand for contactless, safe, reliable, and secure working conditions among individuals across the globe is positively influencing the market. Moreover, the rising employment of voice biometrics, as it provides real-time information and detects phone fraud easily, is impelling the growth of the market. Apart from this, the increasing demand to reduce identification and authentication costs in a business is bolstering the growth of the market. In addition, the rising emergence of advanced technologies, such as artificial intelligence (AI), data analytics, and machine learning (ML), in voice biometrics to provide enhanced user experience is propelling the growth of the market. Moreover, the growing adoption of voice biometrics in the BFSI industry to reduce threats by identifying fraudsters and avoid misuse of banking credentials of customers is offering a favorable market outlook. In line with this, the rising utilization in the healthcare industry to prevent theft of medical information and maintain the privacy of healthcare data is contributing to the growth of the market. Furthermore, key players are introducing voice biometrics with additional biometric scoring options to analyze and prevent any fraudulent activity, which is strengthening the growth of the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global voice biometrics market report, along with forecasts at the global, regional, and country levels for 2023-2028. Our report has categorized the market based on component, type, deployment mode, organization size, application, and vertical.

Component Insights:

• Solutions
• Services
   

The report has provided a detailed breakup and analysis of the voice biometrics market based on the component. This includes solutions and services. According to the report, solutions represented the largest segment.

Type Insights:

• Active Voice Biometrics
• Passive Voice Biometrics
   

A detailed breakup and analysis of the voice biometrics market based on the type has also been provided in the report. This includes active voice biometrics and passive voice biometrics. According to the report, active voice biometrics accounted for the largest market share.

Deployment Mode Insights:

• On-premises
• Cloud-based
   

A detailed breakup and analysis of the voice biometrics market based on the deployment mode has also been provided in the report. This includes on-premises and cloud-based. According to the report, cloud-based accounted for the largest market share.

Organization Size Insights:

• Large Enterprises
• Small and Medium-sized Enterprises (SMEs)
   

A detailed breakup and analysis of the voice biometrics market based on the organization size has also been provided in the report. This includes large enterprises and small and medium-sized enterprises (SMEs). According to the report, large enterprises accounted for the largest market share.

Application Insights:

• Authentication and Customer Verification
• Forensic Voice Analysis and Criminal Investigation
• Fraud Detection and Prevention
• Risk and Emergency Management
• Transaction Processing
• Access Control
• Workforce Management
• Others 
   

A detailed breakup and analysis of the voice biometrics market based on the application has also been provided in the report. This includes authentication and customer verification, forensic voice analysis and criminal investigation, fraud detection and prevention, risk and emergency management, transaction processing, access control, workforce management, and others. According to the report, access control accounted for the largest market share.

Vertical Insights:

• BFSI
• Retail and E-Commerce
• Government and Defense
• IT and Telecom
• Healthcare and Life Sciences
• Transportation and Logistics
• Travel and Hospitality
• Energy and Utilities
• Others
   

A detailed breakup and analysis of the voice biometrics market based on the vertical has also been provided in the report. This includes BFSI, retail and e-commerce, government and defense, IT and telecom, healthcare and life sciences, transportation and logistics, travel and hospitality, energy and utilities, and others. According to the report, BFSI accounted for the largest market share.

Regional Insights:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America (the United States and Canada) was the largest market for voice biometrics. Some of the factors driving the North America voice biometrics market included the growing demand in BFSI industry to prevent financial data, rising adoption of secure and cost-effective authentication solutions in businesses, increasing utilization to detect phone frauds, etc.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global voice biometrics market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Aculab PLC, Auraya Inc, Aware Inc, NICE Ltd, Nuance Communications Inc. (Microsoft Corporation), OneVault, Phonexia SRO, Pindrop, SESTEK (UNIFONIC), Verint Systems Inc, Voice Biometrics Group, Whispeak, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Voice Biometrics Market Report Scope:

Key Questions Answered in This Report:

• How has the global voice biometrics market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global voice biometrics market?
• What is the impact of each driver, restraint, and opportunity on the global voice biometrics market?
• What are the key regional markets?
• Which countries represent the most attractive voice biometrics market?
• What is the breakup of the market based on the component?
• Which is the most attractive component in the voice biometrics market?
• What is the breakup of the market based on the type?
• Which is the most attractive type in the voice biometrics market?
• What is the breakup of the market based on the deployment mode?
• Which is the most attractive deployment mode in the voice biometrics market?
• What is the breakup of the market based on the organization size?
• Which is the most attractive organization size in the voice biometrics market?
• What is the breakup of the market based on the application?
• Which is the most attractive application in the voice biometrics market?
• What is the breakup of the market based on the vertical?
• Which is the most attractive vertical in the voice biometrics market?
• What is the competitive structure of the global voice biometrics market?
• Who are the key players/companies in the global voice biometrics market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the voice biometrics market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global voice biometrics market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the voice biometrics industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.