Voice Biometrics Market Report Scope & Overview:

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.

Voice Biometrics Market Revenue Analysis

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Market Dynamics

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.


  • 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


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


  • 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

Impact of Economic Slowdown:

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.

Impact of Russia Ukraine war:

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.

Market Segmentation:

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.)


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.

Voice Biometrics Market Regional Analysis


North America

  • US

  • Canada

  • Mexico


  • 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

Phonexia - Company Financial Analysis

Company Landscape Analysis

Recent Developments:

  • 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.

Voice Biometrics Market Report Scope:
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

• 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.

Frequently Asked Questions

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.


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 Poland Romania Hungary Turkey Rest of Eastern Europe

12.3.2 Western Europe Germany France UK Italy Spain Netherlands Switzerland Austria 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 UAE Egypt Saudi Arabia Qatar Rest of the Middle East

11.5.2 Africa Nigeria South Africa 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

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Secondary Research

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Primary Research

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Data Bank Validation

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