Report Id: SNS/ICT/2329 | July 2022 | Region: Global | 136 Pages
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.
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.
Because of modern technologies, there are security and privacy concerns.
Low cybersecurity expenditures are accompanied by high installation expenses.
The introduction of cutting-edge technology such as AI and DNN.
The need to protect the privacy of rising healthcare data.
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.
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
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
On The Basis of vertical
Retail and Ecommerce
Government and Defense,
IT And Telecom
Healthcare and Life Sciences
Transportation and Logistics
Travel and Hospitality
Energy and Utilities
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.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
The major key players are Nuance, NICE, Verint, Pindrop LexisNexis Risk Solutions, Phonexia, Aculab, Auraya, OneVault, Aware, SpeechPro
|Market Size in 2022||US$ 1.59 Billion|
|Market Size by 2030||US$ 7.89 Billion|
|CAGR||CAGR of 21.97% From 2023 to 2030|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• 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)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, 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)
|Company Profiles||Nuance, NICE, Verint, Pindrop LexisNexis Risk Solutions, Phonexia, Aculab, Auraya, OneVault, Aware, SpeechPro|
• 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.
Frequently Asked Questions (FAQ) :
Ans: - The Voice Biometrics Market size was valued at USD 1.31Bn in 2021.
Ans: - The introduction of cutting-edge technology such as AI and DNN and the need to protect the privacy of rising healthcare data.
Ans: - Over the projection period of 2022 to 2028, North America is expected to dominate the global market for voice biometrics in terms of market share.
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
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.2 Impact on major economies
184.108.40.206 United Kingdom
220.127.116.11 South Korea
18.104.22.168 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Voice Biometrics Market Segmentation, by Component
9. Voice Biometrics Market Segmentation, by Type
9.1 Active Voice Biometrics
9.2 Passive Voice Biometrics
10. Voice Biometrics Market Segmentation, by Application
10.1 Access Control and Authentication
10.2 Fraud Detection and Prevention
10.3 Forensic voice analysis and Criminal Investigation
11. Voice Biometrics Market Segmentation, by vertical
11.2 Retail and Ecommerce
11.3 Government and Defense,
11.4 IT And Telecom
11.5 Healthcare and Life Sciences
11.6 Transportation and Logistics
11.7 Travel and Hospitality
11.8 Energy and Utilities
12. Regional Analysis
12.2 North America
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4.2 South Korea
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.3 South Africa
12.6 Latin America
12.6.3 Rest of Latin America
13. Company Profiles
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.7 Pindrop LexisNexis Risk Solutions
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Developments
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.