The Voice Biometrics Market size was valued at USD 1.93 billion in 2023 and is expected to grow to USD 9.48 billion by 2031 and grow at a CAGR of 21.95% over the forecast period of 2024-2031.
The use of voice biometrics technology in FinTechs will fuel the market growth. Banking services have become convenient and accessible to a large number of people around the world through internet banking and digital revolution. The expansion of comfortable banking services and improved customer experience is good to voice biometrics in the banking sector the user's journey has been rapid, swift and effective. Voice banking is conquering the financial industry, and FinTechs are competing to offer more advanced, robust, and secure solutions. The development of voice banking is predicted to move in several directions in the next few years. According to Intelligent Software Engineering, 18 million US consumers have already tried paying by voice, and many banks and financial institutions offer this service to their clients. The banking sector is expected to register a significant growth rate over the forecast period, owing to the higher adoption of voice recognition in mobile and web banking applications.
Get more Information on Voice Biometrics Market - Request Sample Report
Key Drivers:
Growing use of digital platforms
A strong and secure authentication technology with low risk of failure is increasingly needed in view of the growing use of digital platforms for government and private services deployment as well as competition between financial companies to make banking simpler and more accessible. The market for password less authentication techniques is already evolving from traditional authentication methods. Adding deep learning and artificial intelligence to voice biometrics raises security concerns, although this technology is preferred by the user because of its convenience as well as accuracy.
Greater demand in the major industries for effective fraud detection and prevention systems
Restraints:
Security And Privacy Issues Due to The Advances in Technology
Due to the Security and Privacy fact samples are kept locally, and they use for other purposes beyond primary reasons of collection, voice biometrics pose a significant privacy issue. Fraudsters and hackers may easily gain access to the system through any common application that uses voice technology, which could allow for easy theft of a voice sample. Fraudsters can easily access any user's bank account and steal money if they have access to all the customer information.
Concern about data security
Opportunities:
Dealing with frauds and risks in healthcare firms are taking care to do not hack medical information or medical data. However, healthcare professionals need to take care of patient information with the utmost respect for privacy and confidentiality in order to comply with regulatory pressures and guidance on compliance. In order to prevent the theft of medical information and to preserve privacy, voice biometric solutions are used.
Adopting technology on a large scale to protect citizens
Challenges:
Insufficient accuracy of user authentication
Despite the exceptional benefits of existing voice biometrics solutions, there is still a lack of accuracy as a result of different problems. These problems include poor quality voice samples, background noise interference while interacting with the IVR or calling system, distortion of a speaker's voice due to illness and mood changes over time, as well as change in audio technologies such as sound recorders.
Increasing advancements in technology
The adoption rate may decrease by approximately 15-20% compared to periods of economic growth. Shift in Priorities Organizations might prioritize investments in technologies that directly contribute to revenue generation or cost reduction over those focused on improving security or user experience. This shift could lead to a decrease in voice biometrics implementation by approximately 10-15%. A typical reduction could be around 20-30% of the budget allocated for such technologies. Slower Adoption Rate With tightened budgets, businesses may delay or scale back plans to implement voice biometrics solutions.
There is a growing challenge for contact centres. The industry is in desperate need of transformation in the area of contact centre security, in an environment where the rate of contact centre fraud has increased by 350% over the last four years, coupled with increasing customer expectations. In recent years, security has become a priority for many sectors, and contact centres have become a major target for fraud.
Many websites are available on internet tat offering voice biometric option with 96% accuracy in 28-29 languages and more than 40-50 accents. Professional models of voice cloning, which can replicate any tone, rhythm and detail, are also available.
With smartphones and apps, biometric authentication is now widely accepted as well with other digital channels such as web applications or automated interactive voice response IVR systems which are increasingly driven by artificial intelligence and machine learning technologies. Only voice biometrics can offer the same customer experience in all channels, and it's a biometric that really operates as an Omni modality. In view of the fact that voice is now considered to be the most effective human machine interface.
The conflict may heighten concerns about security and espionage, prompting governments and organizations to enhance their security measures. Voice biometrics could see increased adoption as a means of verifying identities and preventing unauthorized access to sensitive information.
A law requiring banks and state agencies to include their clients' biometric data, including facial photos and voice samples in a central biometrics database has been adopted by the Russian legislature. The measure will come into force in March 2023, and does not impose any requirement for banks to obtain the consent of their clients before giving them data and it appears to be a coordinated effort to prepare for the new regulation. It is likely that such a move will be aimed at increasing the collection of biometric data and ultimately sharing them with the government.
The threat of monitoring for Russians living in Russia has been significantly increased by the government's expansion of biometric collection through banks and national authorities. Individuals are required to give their consent for the collection and processing of biometric data under Russian legislation on personal data. While Russian banks have collected biometric data on millions of clients over the years, the vast majority of clients have been reluctant to grant permission for their data to be shared with the government.
By Product
Automatic Speech Recognition Software
Speech-to-text Systems
By Industry Vertical
IT & Telecom
BFSI
Government
Healthcare
Retail
Others
By Applications
Forensic Voice Analysis
Authentication and Fraud detection
Customer Verification
Payments
Transaction Processing
Speech-enabled password reset
Others (Vocal Passphrase etc.)
The largest revenue generator is North America, which is expected to grow at a compound annual growth rate of 19.4% over the forecast period. Voice recognition is being applied in a variety of applications, the increasing adoption of mobile and cloud technology as well as significant technological advances with regards to computer performance.
In the forecast period, Europe is expected to grow at a compound annual growth rate of 19.71%. In the United Kingdom, HSBC has integrated voice recognition technology into its banking system. It's aimed at improving security. Although the company has installed fingerprint scanners in its mobile application, there are other banks that offer this technology. There are two ways in which the bank uses voice recognition technology and fingerprint scanners on its mobile devices.
To improve its current mass surveillance and social control operations, the Government of China has lately increased use of biometrics including development of a large database of fingerprint data. The speech pattern database is far less developed compared with the majority of police-run biometrics databases due to its smaller sample size. In the next two to three years, the Chinese startup iFlytek plans to make its voice recognition software widely available.
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
The major key players are Nuance, NICE, Verint, Pindrop LexisNexis Risk Solutions, Phonexia, Aculab, Auraya, OneVault, Aware, SpeechPro & Other Players
March 2022 Microsoft announced the acquisition of Nuance Communications, which is also serving the voice biometrics market, to enter the conversation AI market.
The Strategic Alliance between Nuance Communications, Inc. and Genesys was expanded as of January 2022. The best of Nuance's CX technology, including voice enabled virtual assistants for voice and digital channels, fraud protection and authentication based on biometrics, which will further enhance the user experience, can be used by Genesys Cloud CX customers.
| Report Attributes | Details |
|---|---|
| Market Size in 2024 | US$ 1.93 Billion |
| Market Size by 2031 | US$ 9.48 Billion |
| CAGR | CAGR of 21.95% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments |
• By Product (Automatic Speech Recognition Software, Speech-to-text Systems) • By Industry Vertical (IT & Telecom, BFSI, Government, Healthcare, Retail, Others) • By Applications (Forensic Voice Analysis, Access Security, Authentication and Fraud detection, Customer Verification, Payments, Transaction Processing, Speech-enabled password reset, Others (Vocal Passphrase etc.) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Company Profiles | Nuance, NICE, Verint, Pindrop LexisNexis Risk Solutions, Phonexia, Aculab, Auraya, OneVault, Aware, SpeechPro |
| KEY DRIVERS |
• In large sectors, there is an increasing demand for sophisticated fraud detection and prevention systems. |
| Restraints | • Because of modern technologies, there are security and privacy concerns. • Low cybersecurity expenditures are accompanied by high installation expenses. |
Ans: - The Voice Biometrics Market size was valued at USD 1.93 Bn in 2023.
Ans: - The introduction of cutting-edge technology such as AI and DNN and the need to protect the privacy of rising healthcare data.
Ans: - The Voice Biometrics Market is to grow at CAGR of 21.95% over the forecast period 2024-2031.
Ans: - The major key players are Nuance, NICE, Verint, Pindrop LexisNexis Risk Solutions, Phonexia, Aculab, Auraya, OneVault, Aware, SpeechPro.
Ans: - The study includes a comprehensive analysis of Voice Biometrics Market trends, as well as present and future market forecasts. DROC analysis, as well as impact analysis for the projected period. Porter's five forces analysis aids in the study of buyer and supplier potential as well as the competitive landscape etc.
TABLE OF CONTENTS
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Impact Analysis
5.1 Impact of Russia-Ukraine Crisis
5.2 Impact of Economic Slowdown on Major Countries
5.2.1 Introduction
5.2.2 United States
5.2.3 Canada
5.2.4 Germany
5.2.5 France
5.2.6 UK
5.2.7 China
5.2.8 Japan
5.2.9 South Korea
5.2.10 India
6. Value Chain Analysis
7. Porter’s 5 Forces Model
8. Pest Analysis
9. Voice Biometrics Market Segmentation, By Product
9.1 Introduction
9.2 Trend Analysis
9.3 Automatic Speech Recognition Software
9.4 Speech-to-text Systems
10. Voice Biometrics Market Segmentation, By Industry Vertical
10.1 Introduction
10.2 Trend Analysis
10.3 IT & Telecom
10.4 BFSI
10.5 Government
10.6 Healthcare
10.7 Retail
10.8 Others
11. Voice Biometrics Market Segmentation, By Applications
11.1 Introduction
11.2 Trend Analysis
11.3 Forensic Voice Analysis
11.4 Access Security
11.5 Authentication and Fraud detection
11.6 Customer Verification
11.7 Payments
11.8 Transaction Processing
11.9 Speech-enabled password reset
11.10 Others (Vocal Passphrase etc.)
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 USA
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Eastern Europe
12.3.1.1 Poland
12.3.1.2 Romania
12.3.1.3 Hungary
12.3.1.4 Turkey
12.3.1.5 Rest of Eastern Europe
12.3.2 Western Europe
12.3.2.1 Germany
12.3.2.2 France
12.3.2.3 UK
12.3.2.4 Italy
12.3.2.5 Spain
12.3.2.6 Netherlands
12.3.2.7 Switzerland
12.3.2.8 Austria
12.3.2.9 Rest of Western Europe
12.4 Asia-Pacific
12.4.1 China
12.4.2 India
12.4.3 Japan
12.4.4 South Korea
12.4.5 Vietnam
12.4.6 Singapore
12.4.7 Australia
12.4.8 Rest of Asia Pacific
12.5 The Middle East & Africa
12.5.1 Middle East
12.5.1.1 UAE
12.5.1.2 Egypt
12.5.1.3 Saudi Arabia
12.5.1.4 Qatar
12.5.1.5 Rest of the Middle East
11.5.2 Africa
12.5.2.1 Nigeria
12.5.2.2 South Africa
12.5.2.3 Rest of Africa
12.6 Latin America
12.6.1 Brazil
12.6.2 Argentina
12.6.3 Colombia
12.6.4 Rest of Latin America
13. Company Profiles
13.1 Nuance
13.1.1 Company Overview
13.1.2 Financial
13.1.3 Products/ Services Offered
13.1.4 SWOT Analysis
13.1.5 The SNS View
13.2 NICE
13.2.1 Company Overview
13.2.2 Financial
13.2.3 Products/ Services Offered
13.2.4 SWOT Analysis
13.2.5 The SNS View
13.3 Verint
13.3.1 Company Overview
13.3.2 Financial
13.3.3 Products/ Services Offered
13.3.4 SWOT Analysis
13.3.5 The SNS View
13.4 Pindrop LexisNexis Risk Solutions
13.4.1 Company Overview
13.4.2 Financial
13.4.3 Products/ Services Offered
13.4.4 SWOT Analysis
13.4.5 The SNS View
13.5 Phonexia
13.5.1 Company Overview
13.5.2 Financial
13.5.3 Products/ Services Offered
13.5.4 SWOT Analysis
13.5.5 The SNS View
13.6 Aculab
13.6.1 Company Overview
13.6.2 Financial
13.6.3 Products/ Services Offered
13.6.4 SWOT Analysis
13.6.5 The SNS View
13.7 Auraya
13.7.1 Company Overview
13.7.2 Financial
13.7.3 Products/ Services Offered
13.7.4 SWOT Analysis
13.7.5 The SNS View
13.8 OneVault
13.8.1 Company Overview
13.8.2 Financial
13.8.3 Products/ Services Offered
13.8.4 SWOT Analysis
13.8.5 The SNS View
13.9 Aware
13.9.1 Company Overview
13.9.2 Financial
13.9.3 Products/ Services Offered
13.9.4 SWOT Analysis
13.9.5 The SNS View
13.10 SpeechPro
13.10.1 Company Overview
13.10.2 Financial
13.10.3 Products/ Services Offered
13.10.4 SWOT Analysis
13.10.5 The SNS View
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Developments
14.3.1 Industry News
14.3.2 Company News
14.3.3 Mergers & Acquisitions
15. Use Case and Best Practices
16. Conclusion
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.
The Push to Talk Market size was valued at USD 31.3 billion in 2022 and is estimated to reach USD 65.5 billion in 2030 with a growing CAGR of 9.67% Over the Forecast Period of 2023-2030.
The Web Application Firewall Market size was valued at USD 5.69 billion in 2022. It is expected to hit USD 23.19 billion by 2030 and grow at a CAGR of 19.2% over the forecast period of 2023-2030.
The E-Signature Software Market size was valued at USD 4.98 Bn in 2022 and is expected to reach USD 44.44 Bn by 2030, and grow at a CAGR of 31.46% over the forecast period 2023-2030.
The Digital Twin Market size was valued at USD 11.62 billion in 2022 and is expected to grow to USD 143.11 billion by 2030 and grow at a CAGR of 36.87 % over the forecast period of 2023-2030.
The Alternative Data Market size was USD 7.18 Billion in 2023 and is expected to Reach USD 192.01 Billion by 2031 and grow at a CAGR of 50.8% over the forecast period of 2024-2031.
The Cloud Compliance Market size was USD 30.0 billion in 2022 and is expected to Reach USD 89.8 billion by 2030 and grow at a CAGR of 14.7% over the forecast period of 2023-2030.
Hi! Click one of our member below to chat on Phone
© 2024 All Rights Reserved by SNS Insider Pvt Ltd
