Introduction of the Voice Biometrics Market Report

Voice biometrics is specially used for voice recognition via analysis of a person’s pitch, speech, voice, and tone. It has great advantage as compared to the passwords as they can be easily tracked or hacked. The global voice biometrics market covers various type of biometrics, such as active voice biometrics and passive voice biometrics.

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Market Dynamic

Key Drivers and Emerging Trends

The factors driving the global Voice Biometrics market include the growing demand for fraud detection and prevention systems, particularly among the Banking, Financial Services, and Insurance (BFSI) sector and the growing need to decrease authentication and identification costs. Moreover, the rising demand for robust fraud detection and prevention system across several sectors o further surging the market growth. The fraudulent activities are increasing mainly because of rapid digitalization. With the high-profile data thefts, the fraudsters can access the banking credentials, thus increasing the requirement for the second or third level of security. Voice biometrics helps in identifying the user by his/her voice.

The growing awareness related to the benefits offered by voice biometrics such as automated calibration, active and passive authentication, panic detection, voice biometrics, and enhances Know Your Customer (KYC) management is further contributing to the market growth. For instance, Barclays authenticated the caller’s identity through the phase “My voice is my password”, thus decreasing the user verification time by 20 seconds.

Restraint in the Voice Biometrics Market

The various security and privacy challenges caused due to advanced technologies is likely to hamper the market growth.

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Verticals – Segment Analysis

Based on the verticals, the healthcare and life sciences are projected to grow at a higher CAGR during the forecast period. This is mainly due to the mandatory protection of sensitive data leading to increase in adoption of voice biometrics solutions, particularly in the healthcare and life science vertical.

Component – Segment Analysis

Based on the component, the software is expected to grow at a higher CAGR over the forecast period. The increasing adoption of software is mainly due to the growing demand for faster, easier, and convenient authentication. Moreover, the rising usage of online transactions and the growing demand for a multi-layered security approach are further contributing to the market growth.

Vertical – Segment Analysis

Based on the vertical, the banking, financial services, and Insurance (BFSI) is anticipated to grow at a faster CAGR during the forecast period. This is mainly due to the increasing number of online cyber-attacks and fraudulent activities. This has also created a requirement for a simpler and non-invasive experience for customers.

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Regional – Segment Analysis:

Based on the region, North America region is expected to dominate the market during the forecast period. The financial industry has been impacted by the proliferation in identity thefts related to the banking sector in the U.S. North American Free Trade Agreement (NAFTA) has encouraged banks to use advanced authentication services such as voice biometrics to overcome the threat of frauds in the sector. The leading players in the regional market are increasingly using voice biometrics to offer next-generation solutions. In 2019, Visa and SiriusXM entered in a partnership to introduce a new in-vehicle payment solution which is secured by biometric authentication.

Top Market Players

Various notable players operating in the market include Nuance Communications, Inc., NICE, Verint, Pindop, Lexisnexis Risk Solutions, Phonexia, VBG, Aculab, Auraya, Onevault, among others.

Key Developments:

• • In 2021, Nuance Communications, Inc., introduced Omnichannel Patient Engagement Virtual Assistant Platform to power healthcare’s “Digital Front Door”. This platform represents new integrated philosophy for improving the healthcare’s digital front door.
  • In 2020, NICE introduced ENLIGHTEN Fraud Prevention, an innovative new solution for automatic and continuous fraudster detection and exposure. By combining NICE ENLIGHTEN’s comprehensive Customer Engagement AI platform with the company’s voice biometrics capabilities, the solution can scan accurately pinpoint suspicious behavior and uncover previously unidentified fraudsters.

Segments covered in the Report:               

The global Voice Biometrics market has been segmented on the basis of Component, Type, Authentication Process, Application, Organization Size, Deployment Mode, Vertical, and regions. Based on Component, the market is segmented into Solutions and Services. Based on Type, the market is segmented into Active Voice Biometrics and Passive Voice Biometrics. Based on Authentication Process, the market is segmented into Automated VR, Agent Assisted, Mobile Applications, and Employee Authentication. Based on Application the market is segmented into 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. Based on the organization size, the market is segmented into small and medium-sized enterprises, and Large Enterprises. Based on the deployment mode, the market is segmented into Cloud and On-Premises. Based on the Vertical, the market is segmented into Banking, Financial Services, And Insurance, Retail And Ecommerce, It And Telecom, Government And Defense, Healthcare And Life Sciences, Travel And Hospitality, Transportation And Logistics, Energy And Utilities, And Others.

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Key questions answered in this research report:

• • At what pace is global Voice Biometrics market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Voice Biometrics market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Voice Biometrics market?
  • Which Component generated maximum revenues in 2019 and identify the most promising Component during the forecast period?
  • What are the various Type areas of global Voice Biometrics market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues (2028)	USD 5,823 million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Component, By Type, By Authentication Process, By Application, By Organization Size, By Deployment Mode, By Vertical, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Nuance Communications, Inc., NICE, Verint, Pindop, Lexisnexis Risk Solutions, Phonexia, VBG, Aculab, Auraya, Onevault, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Voice Biometrics Market by Component

• • Solutions
  • Services

Global Voice Biometrics Market by Type

• • Active Voice Biometrics
  • Passive Voice Biometrics

Global Voice Biometrics Market by Authentication Process

• • Automated VR
  • Agent Assisted
  • Mobile Applications
  • Employee Authentication

Global Voice Biometrics Market by Application

• • 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

Global Voice Biometrics Market by Organization Size

• • Small And Medium-Sized Enterprises
  • Large Enterprises

Global Voice Biometrics Market by Deployment Mode

• • Cloud
  • On-Premises

Global Voice Biometrics Market by Vertical

• • Banking, Financial Services, And Insurance
  • Retail and Ecommerce
  • IT And Telecom
  • Government and Defense
  • Healthcare and Life Sciences
  • Travel and Hospitality
  • Transportation and Logistics
  • Energy and Utilities
  • Others

Global Voice Biometrics Market by Region

• • North America Voice Biometrics Market (Option 1: As a part of the free 25% customization)
    • North America Voice Biometrics Market by Component
    • North America Voice Biometrics Market by Type
    • North America Voice Biometrics Market by Authentication Process
    • North America Voice Biometrics Market by Application
    • North America Voice Biometrics Market by Organization Size
    • North America Voice Biometrics Market by Deployment Mode
    • North America Voice Biometrics Market by Verticals
    • US Voice Biometrics Market All-Up
    • Canada Voice Biometrics Market All-Up
  • Europe Voice Biometrics Market (Option 2: As a part of the free 25% customization)
    • Europe Voice Biometrics Market by Component
    • Europe Voice Biometrics Market by Type
    • Europe Voice Biometrics Market by Authentication Process
    • Europe Voice Biometrics Market by Application
    • Europe Voice Biometrics Market by Organization Size
    • Europe Voice Biometrics Market by Deployment Mode
    • Europe Voice Biometrics Market by Verticals
    • UK Voice Biometrics Market All-Up
    • Germany Voice Biometrics Market All-Up
    • France Voice Biometrics Market All-Up
    • Spain Voice Biometrics Market All-Up
    • Rest of Europe Voice Biometrics Market All-Up
  • Asia-Pacific Voice Biometrics Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Voice Biometrics Market by Component
    • Asia-Pacific Voice Biometrics Market by Type
    • Asia-Pacific Voice Biometrics Market by Authentication Process
    • Asia-Pacific Voice Biometrics Market by Application
    • Asia-Pacific Voice Biometrics Market by Organization Size
    • Asia-Pacific Voice Biometrics Market by Deployment Mode
    • Asia-Pacific Voice Biometrics Market by Verticals
    • China Voice Biometrics Market All-Up
    • India Voice Biometrics Market All-Up
    • Japan Voice Biometrics Market All-Up
    • Rest of APAC Voice Biometrics Market All-Up
  • RoW Voice Biometrics Market (Option 4: As a part of the free 25% customization)
    • RoW Voice Biometrics Market by Component
    • RoW Voice Biometrics Market by Type
    • RoW Voice Biometrics Market by Authentication Process
    • RoW Voice Biometrics Market by Application
    • RoW Voice Biometrics Market by Organization Size
    • RoW Voice Biometrics Market by Deployment Mode
    • RoW Voice Biometrics Market by Verticals
    • Brazil Voice Biometrics Market All-Up
    • South Africa Voice Biometrics Market All-Up
    • Saudi Arabia Voice Biometrics Market All-Up
    • UAE Voice Biometrics Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Voice Biometrics Market All-Up

Major Players Operating in the Voice Biometrics (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Nuance Communications, Inc.
  • NICE
  • Verint
  • Pindop
  • Lexisnexis Risk Solutions
  • Phonexia
  • VBG
  • Aculab
  • Auraya
  • Onevault