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A World of Voice Biometrics In 2023, the market size was 1.69 billion USD. It is expected to expand from 1.99 billion USD in 2024 to 5.79 billion USD by 2031, a CAGR of 18.75% over the forecast period (2024-2031).
The rising need for quick and accurate means of verifying one's identification has been driving demand for speech biometric solutions around the world in recent years. For better security and easier user authentication, organizations in several fields are using voice biometrics. These fields include healthcare, government, and finance. Market growth is also driven by developments in speech recognition technology and the increasing urgency of the problem of identity fraud and theft. The market is developing due to factors such as the increasing demand for frictionless authentication and the widespread use of voice-activated devices. North America and Europe are two important regions that are seeing a lot of adoption because of new technologies and strict security rules.
One of the key reasons propelling the voice biometric solutions market's revenue growth is the increasing use of digitization across sectors. The need for reliable and safe methods of identification and verification is growing as more and more companies move their operations online. Businesses doing business online would do well to consider voice biometric technologies, which offer a secure and convenient way to verify identity. Another driver fueling market revenue growth is the increasing need for solutions that facilitate remote authentication and identity verification. Because they offer a reliable method of remote authentication, voice biometric systems are favored by both private companies and public agencies.
Also, more and more people are using AI and ML technologies, which is driving the development of speech biometric solutions. Because they enhance precision, efficiency, and convenience, these solutions are ideal for many uses. The healthcare business, for example, makes use of voice biometric technologies for patient authentication and identification, which grants healthcare providers secure and efficient access to patient records.
Strong and safe methods of verifying identity are in high demand across many sectors. By providing an alternative to cumbersome and inconvenient methods of user authentication, voice biometrics improve security while reducing risks. Furthermore, speech biometrics is an essential tool for detecting and preventing fraud, since the demand for advanced biometric solutions has been heightened by the increasing prevalence of identity theft and fraud.
The security robustness of these systems is challenged by the possible vulnerability to spoofing or voice impersonation attacks, which is one of the key market restrictions. Factors such as background noise or speech difficulties might affect performance, making it difficult to ensure the accuracy and reliability of voice biometrics in diverse situations and across different user demographics. Additionally, regulatory compliance challenges and limited adoption could be caused by worries about privacy and data security, particularly in relation to biometric data collection and storage.
Using voice biometrics in more contexts than only security systems. Voice biometrics is being used more and more by businesses to improve customer service by allowing for easy and safe authentication during contacts. Voice biometric solutions hosted in the cloud are also becoming more popular because of the scalability and adaptability they offer to organizations.
Report Coverage
Global Voice Biometric Solutions research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Voice Biometric Solutions report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Voice Biometric Solutions competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Voice Biometric Solutions market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Voice Biometric Solutions market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Voice Biometric Solutions market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Nuance Communications, Inc. (US), NICE Systems (Israel), Pindrop Security (US), LexisNexis Risk Solutions (US), Auraya Systems (Australia), Voice Biometric Group (US), Phonexia (Czech Republic), Aculab (UK), OneVault (South Africa), Aware (US), SpeechPro (US), LumenVox (US), Uniphore (India), SESTEK (Turkey), VoicePIN (Poland), QSS Technosoft (India), Voxta (India), Interactions (US), ID R&D (US), Kaizen Secure Voiz (US).
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2031. INFINITIVE DATA EXPERT has segmented the global Voice Biometric Solutions market based on the below-mentioned segments:
Global Voice Biometric Solutions Market, By Component
Hardware
Software
Services
Global Voice Biometric Solutions market, By Application
Authentication
Verification
Identification
Global Voice Biometric Solutions Market, By End User
BFSI
Healthcare
Retail
Government
Others
Global Voice Biometric Solutions market, Regional Analysis
The rising need for quick and accurate means of verifying one's identification has been driving demand for speech biometric solutions around the world in recent years. For better security and easier user authentication, organizations in several fields are using voice biometrics. These fields include healthcare, government, and finance. Market growth is also driven by developments in speech recognition technology and the increasing urgency of the problem of identity fraud and theft. The market is developing due to factors such as the increasing demand for frictionless authentication and the widespread use of voice-activated devices. North America and Europe are two important regions that are seeing a lot of adoption because of new technologies and strict security rules.
One of the key reasons propelling the voice biometric solutions market's revenue growth is the increasing use of digitization across sectors. The need for reliable and safe methods of identification and verification is growing as more and more companies move their operations online. Businesses doing business online would do well to consider voice biometric technologies, which offer a secure and convenient way to verify identity. Another driver fueling market revenue growth is the increasing need for solutions that facilitate remote authentication and identity verification. Because they offer a reliable method of remote authentication, voice biometric systems are favored by both private companies and public agencies.
Also, more and more people are using AI and ML technologies, which is driving the development of speech biometric solutions. Because they enhance precision, efficiency, and convenience, these solutions are ideal for many uses. The healthcare business, for example, makes use of voice biometric technologies for patient authentication and identification, which grants healthcare providers secure and efficient access to patient records.
Strong and safe methods of verifying identity are in high demand across many sectors. By providing an alternative to cumbersome and inconvenient methods of user authentication, voice biometrics improve security while reducing risks. Furthermore, speech biometrics is an essential tool for detecting and preventing fraud, since the demand for advanced biometric solutions has been heightened by the increasing prevalence of identity theft and fraud.
The security robustness of these systems is challenged by the possible vulnerability to spoofing or voice impersonation attacks, which is one of the key market restrictions. Factors such as background noise or speech difficulties might affect performance, making it difficult to ensure the accuracy and reliability of voice biometrics in diverse situations and across different user demographics. Additionally, regulatory compliance challenges and limited adoption could be caused by worries about privacy and data security, particularly in relation to biometric data collection and storage.
Using voice biometrics in more contexts than only security systems. Voice biometrics is being used more and more by businesses to improve customer service by allowing for easy and safe authentication during contacts. Voice biometric solutions hosted in the cloud are also becoming more popular because of the scalability and adaptability they offer to organizations.
Report Coverage
Global Voice Biometric Solutions research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Voice Biometric Solutions report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Voice Biometric Solutions competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Voice Biometric Solutions market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2031 |
| Base Year | 2024 |
| Forecast Period | 2024-2031 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Nuance Communications, Inc. (US), NICE Systems (Israel), Pindrop Security (US), LexisNexis Risk Solutions (US), Auraya Systems (Australia), Voice Biometric Group (US), Phonexia (Czech Republic), Aculab (UK), OneVault (South Africa), Aware (US), SpeechPro (US), LumenVox (US), Uniphore (India), SESTEK (Turkey), VoicePIN (Poland), QSS Technosoft (India), Voxta (India), Interactions (US), ID R&D (US), Kaizen Secure Voiz (US). |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Voice Biometric Solutions Market from 2021 to 2031.
- Market Forecast for Voice Biometric Solutions Market from 2021 to 2031.
- Regional Market Share and Revenue from 2021 to 2031.
- Country Market share within region from 2021 to 2031.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Voice Biometric Solutions competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Voice Biometric Solutions
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Voice Biometric Solutions market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Voice Biometric Solutions market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Nuance Communications, Inc. (US), NICE Systems (Israel), Pindrop Security (US), LexisNexis Risk Solutions (US), Auraya Systems (Australia), Voice Biometric Group (US), Phonexia (Czech Republic), Aculab (UK), OneVault (South Africa), Aware (US), SpeechPro (US), LumenVox (US), Uniphore (India), SESTEK (Turkey), VoicePIN (Poland), QSS Technosoft (India), Voxta (India), Interactions (US), ID R&D (US), Kaizen Secure Voiz (US).
Primary Target Market
- Market Players of Voice Biometric Solutions
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2031. INFINITIVE DATA EXPERT has segmented the global Voice Biometric Solutions market based on the below-mentioned segments:
Global Voice Biometric Solutions Market, By Component
Hardware
Software
Services
Global Voice Biometric Solutions market, By Application
Authentication
Verification
Identification
Global Voice Biometric Solutions Market, By End User
BFSI
Healthcare
Retail
Government
Others
Global Voice Biometric Solutions market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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