Global Voice Biometrics Market - Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2024
Bharat Book Bureau Provides the Trending Market Research Report on “Voice Biometrics Market by Application (Access Control &
Authentication, Fraud Detection & Prevention, Forensic Voice Analysis &
Criminal Investigation), Component, Type, Deployment, Organization Size,
Industry Vertical, Region - Global Forecast to 2024” under
Information Technology category. The report offers a collection
of superior market research, market analysis, competitive intelligence and
industry reports.
Increasing demand for robust fraud
detection and prevention systems to drive the adoption of voice biometrics
across industry verticals
Global
Voice Biometrics Market to
grow from USD 984 million in 2019 to USD 2,845 million by 2024, at a Compound
Annual Growth Rate (CAGR) of 23.7% during the forecast period. Major growth
factors for the market include an increasing demand for robust fraud detection
and prevention systems across the BFSI industry and need for reducing authentication
and identification costs. However, the security and privacy issues with new
advanced technologies would limit the market growth.
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Passive
voice biometrics segment to grow at a higher CAGR during the forecast period
Based on
type, the voice biometrics market is divided into active and passive voice
biometrics. Passive voice biometrics verifies the customer identity during a
natural conversation with a customer representative or call center agent. The
technique is considered as a superior one, as it authenticates the user without
a passphrase. As compared to active voice biometrics technique, the technique
requires more storage capacity and processing power. The passive voice
biometrics segment is expected to grow at a higher CAGR due to an increasing
deployment by companies majorly in BFSI, retail and eCommerce, and
telecommunications and IT verticals. Large enterprises have been showing an
increasing interest for the passive type of biometrics solutions.
Large
enterprises to hold a higher market share during the forecast period
Organizations
have been gradually recognizing the importance of voice biometrics software and
have started deploying them as per their needs and available resources. Large
enterprises have their security infrastructure, such as MFA, for their
employees and visitors. The security infrastructure may include hardware and
software components, which can be installed on-premises. Active and passive
voice biometrics offerings enable enterprises to deploy such solutions across
channels, such as IVR, live agents, and mobile. The availability of sufficient
fund for the on-premises deployment type and a need for MFA security
architecture have increased the adoption of such solutions among large
enterprises.
Voice
biometrics market in Asia Pacific (APAC) to grow at the highest CAGR during the
forecast period
The high
growth in the APAC market is attributed to the significant growth potential,
growing retail market, and increasing digitalization in the region with an
increasing need for remaining globally competitive. Furthermore, the
inclination of APAC countries toward emerging technologies such as Artificial
Intelligence (AI) is also expected to fuel the growth of the voice biometrics
market. However, the lack of technological awareness, privacy issues, and
limited technical expertise in advanced technologies remain significant hurdles
in the voice biometrics adoption across the region. The cloud-based voice
biometrics software presents an optimal solution for these countries by
minimizing integration complexities and installation costs.
In-depth
interviews were conducted with the Chief Executive Officers (CEOs), Chief
Technology Officers (CTOs), Chief Operating Officers (COOs), Vice Presidents
(VPs), Managing Directors (MDs), technology and innovation directors, and related
key executives from various key companies and organizations operating in the
voice biometrics market.
By
Company – Tier 1–10%, Tier 2–25%, and Tier 3–65%
By
Designation – C-Level–25%, Director Level–50%, and Others–25%
By
Region – North America–40%, Europe–30%, and APAC–20%, RoW – 10%
The
voice biometrics market comprises major solution providers such as Nuance
Communications (US), NICE (Israel), Verint (US), AimBrain (UK), Voice
Biometrics Group (US), Phonexia (Czech Republic), OneVault (South Africa),
SESTEK (Turkey), LumenVox (US), LexisNexis Risk Solutions (US), VoicePIN
(Poland), Uniphore (India), Pindrop (US), Aculab (UK), and Auraya (Australia).
The study includes an in-depth competitive analysis of these key players in the
voice biometrics market with their company profiles, recent developments, and
key market strategies.
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