Report Scope & Overview:
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.
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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
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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 & Other Players
Phonexia - Company R&D Analysis
| Report Attributes | Details |
|---|---|
| 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 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| 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 |
| 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 1.59 Bn in 2022.
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 21.97% over the forecast period 2023-2030.
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. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Voice Biometrics Market Segmentation, by Component
8.1 Solutions
8.2 Services
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
10.4 Others
11. Voice Biometrics Market Segmentation, by vertical
11.1 BFSI
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
11.9 Others
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 Germany
12.3.2 UK
12.3.3 France
12.3.4 Italy
12.3.5 Spain
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4 Asia-Pacific
12.4.1 Japan
12.4.2 South Korea
12.4.3 China
12.4.4 India
12.4.5 Australia
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.1 Israel
12.5.2 UAE
12.5.3 South Africa
12.5.4 Rest
12.6 Latin America
12.6.1 Brazil
12.6.2 Argentina
12.6.3 Rest of Latin America
13. Company Profiles
13.1 NICE
13.1.1 Financial
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.2 Phonexia
13.3 Nuance
13.4 OneVault
13.5 Auraya
13.6 Aculab
13.7 Pindrop LexisNexis Risk Solutions
13.8 speech
13.9 Verint
13.10 Aware
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Developments
15. Conclusion
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