Voice Biometrics Market Size, Share & Segmentation by Component (Solutions and Services), by Type (Active Voice Biometrics and Passive Voice Biometrics), by Application (Access Control and Authentication, Fraud Detection and Prevention, Forensic voice analysis and Criminal Investigation, Others), by vertical (BFSI, Retail and eCommerce, Government and Defense, IT And Telecom, Healthcare, and Life Sciences, Transportation and Logistics, Travel and Hospitality, Energy and Utilities, Others), by Regions and Global Market Forecast 2023-2030

Report Scope & Overview:

The Voice Biometrics Market size was valued at USD 1.59 Bn in 2022 and is expected to reach USD 7.89 Bn by 2030, and grow at a CAGR of 21.97% over the forecast period 2023-2030.

Voice biometrics is a system-assisted technique that recognizes a person without any physical interaction. This is accomplished by comparing the person's recorded voice to previously stored data in the system of the same person. Furthermore, biometrics technology aids in the recognition and validation of an individual's identification through physiological or behavioral distinctiveness. A voice is identified in two ways in vocal biometrics: text-dependent and text-independent.

This is a flexible technology that is used in a variety of applications such as contact center authentication, hands-free interface, bank account protection, and mobile application development. Voice biometrics are classified into two kinds. There are two types of voice biometrics: active voice biometrics and passive voice biometrics. They are utilized in a wide range of applications, including access control and authentication, fraud detection and prevention, forensic speech analysis and criminal investigation, and others. Voice biometrics are utilized in a variety of industries, including banking and finance, government and defense, telecommunications and information technology, healthcare, retail and e-commerce, and others.

In May 2022 Minds Digital, a voice biometrics startup, has raised Seed funding and is targeting large corporations. The company plans to use the funds to expand its product, commercial, and marketing areas, as well as use BR Angels' network of contacts to open doors with corporate clients in industries such as finance, telecom, and retail. Minds Digital stated that its ultimate objective is to have big corporations utilize its speech biometrics-powered identity and authentication solution in their service channels, such as contact centers, applications, and messaging apps.

MARKET DYNAMICS:

KEY DRIVERS:

• In large sectors, there is an increasing demand for sophisticated fraud detection and prevention systems.

• There is a growing demand to lower the expenses of authentication and identity.

• Voice authentication is becoming increasingly popular in mobile banking applications.

RESTRAINTS:

• Because of modern technologies, there are security and privacy concerns.

• Low cybersecurity expenditures are accompanied by high installation expenses.

OPPORTUNITY:

• The introduction of cutting-edge technology such as AI and DNN.

• The need to protect the privacy of rising healthcare data.

CHALLENGES:

• Inaccuracy in user authentication.

• Errors increase as the quality of voice samples changes owing to changes in the physical or physiological condition.

IMPACT OF COVID-19:

The global lockdown triggered by the COVID-19 outbreak slowed the voice biometrics business in 2020. The COVID-19 epidemic had a detrimental influence on almost every business, exacerbating the crisis. The shutdown had a significant impact on worldwide manufacturing, supply networks, logistics, and the continuation of operations in several industries. Manufacturing, transportation and logistics, and retail and consumer items experienced the most challenges. The availability of essential commodities was hampered due to a shortage of personnel to manage production lines, supply networks, and transportation. The issue was under control by early 2021, and demand for voice biometrics solutions and services was increasing as a result of the growing requirement for enhanced customer experience and the establishment of personalized interactions with prospects.

MARKET ESTIMATION:

The market is divided into two types Active Voice Biometrics and Passive Voice Biometrics. A wide range of speech biometrics applications across many industry groups is expected to drive demand for active and passive voice biometrics.

The market is divided into four applications access control and authentication, fraud detection and prevention, forensic voice analysis and criminal investigation, and others. Access Control and Authentication are expected to have the greatest market share, with Forensic Voice Analysis and Criminal Investigation having the highest CAGR throughout the foreseeable period. The increased need for client identity identification in call centers will drive the industry forward.

The speech biometrics market is divided into several sectors, including BFSI, retail and eCommerce, government and defense, IT and telecom, healthcare and life sciences, transportation and logistics, travel and hospitality, energy and utilities, and others (manufacturing, education, and media and entertainment). During the projection period, the healthcare and life sciences sector is predicted to develop at the fastest CAGR. Sensitive data protection must be mandated in order to increase the use of voice biometrics systems in the healthcare and life sciences sectors.

The market is divided into two components solutions and services. The software business is seeing a huge increase in demand as solutions decrease component-time and drastically cut deployment costs. Adopting voice biometrics allows for the creation of complete views of their data, which aids in the powering of existing processes and apps while also allowing for the quick development of new use cases.

KEY MARKET SEGMENTS:

On The Basis of Component

• Solutions

• Services

On The Basis of Type

• Active Voice Biometrics

• Passive Voice Biometrics

On The Basis of Application

• Access Control and Authentication

• Fraud Detection and Prevention

• Forensic voice analysis and Criminal Investigation

• Others

On The Basis of vertical

• BFSI

• Retail and Ecommerce

• Government and Defense,

• IT And Telecom

• Healthcare and Life Sciences

• Transportation and Logistics

• Travel and Hospitality

• Energy and Utilities

• Others

REGIONAL ANALYSIS:

Over the projection period of 2022 to 2028, North America is expected to dominate the global market for voice biometrics. A strong emphasis on research and development for technical advancements, as well as their implementation, are some of the essential components that will cement the region's leadership position. Because of the growing use of mobile and cloud technologies, as well as unparalleled technical improvements in processing power, voice recognition technology is employed in a variety of applications. Because of its usage in the compilation of health-related data records, the healthcare industry is likely to play a large role in the expansion of speech recognition technology in the United States. Some of the more traditional ways that are still in use might be replaced by voice recognition technology. Other significant areas predicted to contribute to the growth of this market include the Asia Pacific and Europe.

REGIONAL COVERAGE:

• North America

  • USA

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

• Asia-Pacific

  • Japan

  • south Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

• The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of Middle East & Africa

• Latin America

  • Brazil

  • Argentina

  • Rest of Latin America

KEY PLAYERS:

The major key players are Nuance, NICE, Verint, Pindrop LexisNexis Risk Solutions, Phonexia, Aculab, Auraya, OneVault, Aware, SpeechPro

Frequently Asked Questions (FAQ) :