Voice Biometrics Market Dynamics – Driver, Challenge, Segment & Competition FY2030

Markntel Advisors’ report, Voice Biometrics Research Report: Trend, Business Growth, Size, Future Scope, Segmentation, Dynamics, and Forecast to 2030, offers a comprehensive guide for the growing industry. The expert team of analysts dedicated significant effort to gathering and evaluating the latest market data, resulting in a detailed and up-to-date report that offers valuable insights for individuals who rely on data-driven decisions, including business owners and analysts. The research report on the Voice Biometrics presents well-researched facts and figures pertinent to the industry, whether the goal is to explore new markets, launch a new product, or maintain a competitive advantage.

Voice Biometrics Market Research Report & Market Summary:

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.

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Voice Biometrics Market Dynamics:

Key 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.

Voice Biometrics Market Segmentation Analysis:

According to MarkNtel study the market is segmented into the following categories:

By Type

Active Voice Biometrics - Market Size & Forecast 2019-2030, (USD Million)
Passive Voice Biometrics - Market Size & Forecast 2019-2030, (USD Million)

By Deployment

On-Premise - Market Size & Forecast 2019-2030, (USD Million)
Cloud - Market Size & Forecast 2019-2030, (USD Million)

By Authentication Process

Automated IVR- Market Size & Forecast 2019-2030, (USD Million)
Agent-Assisted - Market Size & Forecast 2019-2030, (USD Million)
Mobile Applications - Market Size & Forecast 2019-2030, (USD Million)
Employee Authentication - Market Size & Forecast 2019-2030, (USD Million)

By Application

Authentication and Customer Verification - Market Size & Forecast 2019-2030, (USD Million)
Forensic Voice Analysis and Criminal Investigation - Market Size & Forecast 2019-2030, (USD Million)
Fraud Detection and Prevention - Market Size & Forecast 2019-2030, (USD Million)
Risk and Emergency Management - Market Size & Forecast 2019-2030, (USD Million)
Transaction Processing - Market Size & Forecast 2019-2030, (USD Million)
Access Control - Market Size & Forecast 2019-2030, (USD Million)
Workforce Management - Market Size & Forecast 2019-2030, (USD Million)
Others (Vocal Passphrase, Speech Therapy, etc.) - Market Size & Forecast 2019-2030, (USD Million)

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.

By Vertical

Banking, Financial Services, & Insurance (BFSI)- Market Size & Forecast 2019-2030, (USD Million)
Government - Market Size & Forecast 2019-2030, (USD Million)
Healthcare- Market Size & Forecast 2019-2030, (USD Million)
Retail & E-commerce- Market Size & Forecast 2019-2030, (USD Million)
IT & Telecommunication - Market Size & Forecast 2019-2030, (USD Million)
Transportation & Logistics - Market Size & Forecast 2019-2030, (USD Million)
Others (Education, Hospitality, etc.) - Market Size & Forecast 2019-2030, (USD Million)

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.

By Enterprise Size

Large Enterprises - Market Size & Forecast 2019-2030, (USD Million)
Small & Medium Enterprises- Market Size & Forecast 2019-2030, (USD Million)

By Region

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.

As indicated in the latest market research report published by Markntel Advisors, “Voice Biometrics Research Report: Forecast (2024-2030)”, this report offers a detailed analysis of the industry, featuring insights into the Voice Biometrics industry. It encompasses competitor and geographical analyses, as well as recent advancements in the market.

Browse Full Report Along with TOC and Figures - https://www.marknteladvisors.com/research-library/voice-biometrics-market.html

Top Companies Operating in the Voice Biometrics Market:

Aculab Inc.
Agnitio SL
BioCatch Ltd
LexisNexis Risk Solutions Inc.
Nuance Communications Inc.
One Vault
Pindrop Security Inc.
Phonexia SRO
Product Portfolio
Strategic Alliances or Partnerships
Recent Developments
Financial Details
Others
Uniphore Software Systems Pvt Ltd
Verint Systems Inc.
Voice Biometrics Group (VBG)
VoicePass Technology
ID R&D

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Other Report:

Key Report Highlights:

Market Dimensions & Projections
Pricing Evaluation,
Recent Strategic Moves by Companies,
Primary Stakeholders,
Analysis of Import and Export Trends,
Competitive Landscape Assessment,
Emerging Opportunities,
Market Trends and Indicators

Note - If there are any particular details you need that are not currently included in the report, we will be happy to provide them as part of our customization services.

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