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From 2024–2031, the voice biometrics industry is predicted to expand from $1,319.28M in 2023 to $4,823.89M in 2031, a compound annual growth rate (CAGR) of 22.6%.
By analyzing a person's pitch, speech, voice, and tone, vocal biometrics enables voice recognition. Compared to passwords, which are readily traced or hacked, an individual's voice is as distinct and unique as a fingerprint, so it offers a significant security benefit. There are two main ways to identify a person's voice in the field of voice biometrics: one that relies on text and another that doesn't. One of the main reasons driving the growth of the voice biometrics market is its increasing popularity across many sectors, including the entertainment industry, cloud computing, social networking, and building security. The market is anticipated to experience expansion due to rising public awareness as well as the substantial need for top-tier security in the financial industry. Privacy concerns and the associated expensive costs are a key factor limiting the market's expansion.
End user and geography are the two main divisions in the global voice biometrics market. Market segments are defined by end user, with automotive, banking & financial services, healthcare, government, and mobile industries making up the most prominent segments. The software and hardware segments make up the market's constituent parts. The North American, European, Asia-Pacific, and Latin American and Caribbean markets are the four main geographical divisions of the global market. The market is mostly focused on North America at the moment. South African credit solutions provider TransUnion teamed up with OneVault in 2015 to create a voice bank on a national scale. Some of the leading companies in this field include Agnitio SL, American Safety Council, Inc., Bioid Ag, Nuance Communications Inc., OneValult, VoiceTrust Ag, SayPay Technologies Inc., ValidSoft Ltd., VoiceTrust Holding BV, VoicePass Technology, VoiceVault, and Voice Biometrics Group (VBG).
As a result of the worldwide shutdown, the voice biometrics industry is anticipated to experience a slight decline in 2020. Almost every industry has been shaken by the COVID-19 pandemic, which has raised the churn rate. Because of the disruption to business continuity in many different industries, the shutdown is having an effect on logistics, supply chains, and manufacturing around the world. The industrial, logistical, and retail and consumer goods industries are the most hit hard. Even though the critical products are not subject to the lockdown, the shortage of workers on production lines, in supply chains, and in transportation has affected their availability.
Early 2021 is when we should see the issue under control, and that's when we should expect to see a spike in demand for voice biometrics solutions and services. This is because there's a growing need to improve the customer experience and create a more personalized relationship with prospects. In order to facilitate digital transformation projects that handle mission-critical activities, enhance operations, and verify user identification, numerous verticals are already preparing to implement a wide range of voice biometrics solutions and services. Key business and operational priorities that are expected to drive the adoption of the voice identification market include reducing operational costs, improving customer experiences, detecting and preventing fraud, enhancing authentication processes and operations, and improving real-time decision-making.
With the widespread adoption of digital technologies in the financial business, fraudulent activities have surged at a concerning rate. There needs to be an additional layer of protection in the financial authentication system as a whole due to high-profile data breaches where fraudsters obtained banking credentials and may potentially access clients' bank accounts. By intelligently identifying a user based on his or her voiceprint, voice biometrics systems meet the demands of financial institutions and banks. Voiceprints are one-of-a-kind, unlike the generic text passwords and PINs. Voice biometrics streamlines know-your-customer (KYC) management with features including automated calibration, active and passive authentication, liveliness detection, and panic detection, making it easier to identify and authenticate users.
Due to the local storage and secondary uses of samples collected for voice biometrics, there is a serious privacy concern with this technology. Hackers and fraudsters can quickly get access to any system that uses voice technology, even the most simple applications, and capture audio samples. Criminals can simply steal money from anybody's bank account if they have access to all the user and customer data. Privacy concerns are further exacerbated by the possibility that governments with access to this user data may deploy intelligence agencies to conduct intrusive worldwide monitoring.
Crime syndicates and terrorists can utilise stolen information to fool legitimate businesses and government agencies. We can anticipate a reduction in security and privacy problems as a result of the fact that different governments are implementing measures to standardize biometrics across businesses in order to eradicate these dangers. Users still prefer to type than deal with the frustration and time wasted by repeatedly receiving false rejections due to the lack of accuracy in voice biometrics solutions. This could be because they still can't trust their computers or smartphones to understand what they want them to do. Despite researchers' best efforts, they have not yet developed a fully functional speech biometrics system that can autonomously detect and fix such issues.
Report Coverage
Global Voice Biometrics research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Voice Biometrics report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Voice Biometrics 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 Biometrics 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 Biometrics market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Voice Biometrics 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
Solutions (US), Phonexia (Czech Republic), VBG (US), Aculab (UK), Auraya (Australia), 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), HYPR (US), Element (US), Trust Stamp (US), and AnyVision (Israel).
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 Biometrics market based on the below-mentioned segments:
Global Voice Biometrics Market, By Type
Active Voice Biometrics
Active Voice Biometrics
Global Voice Biometrics market, By Cmponent
Solutions
Services
Global Voice Biometrics Market, By Application
Authentication and Customer Verification
Forensic Voice Analysis and Criminal Investigation
Fraud Detection and Prevention
Risk and Emergency Management
Transaction Processing
Access Control
Workforce Management
Others
Global Voice Biometrics market, Regional Analysis
By analyzing a person's pitch, speech, voice, and tone, vocal biometrics enables voice recognition. Compared to passwords, which are readily traced or hacked, an individual's voice is as distinct and unique as a fingerprint, so it offers a significant security benefit. There are two main ways to identify a person's voice in the field of voice biometrics: one that relies on text and another that doesn't. One of the main reasons driving the growth of the voice biometrics market is its increasing popularity across many sectors, including the entertainment industry, cloud computing, social networking, and building security. The market is anticipated to experience expansion due to rising public awareness as well as the substantial need for top-tier security in the financial industry. Privacy concerns and the associated expensive costs are a key factor limiting the market's expansion.
End user and geography are the two main divisions in the global voice biometrics market. Market segments are defined by end user, with automotive, banking & financial services, healthcare, government, and mobile industries making up the most prominent segments. The software and hardware segments make up the market's constituent parts. The North American, European, Asia-Pacific, and Latin American and Caribbean markets are the four main geographical divisions of the global market. The market is mostly focused on North America at the moment. South African credit solutions provider TransUnion teamed up with OneVault in 2015 to create a voice bank on a national scale. Some of the leading companies in this field include Agnitio SL, American Safety Council, Inc., Bioid Ag, Nuance Communications Inc., OneValult, VoiceTrust Ag, SayPay Technologies Inc., ValidSoft Ltd., VoiceTrust Holding BV, VoicePass Technology, VoiceVault, and Voice Biometrics Group (VBG).
As a result of the worldwide shutdown, the voice biometrics industry is anticipated to experience a slight decline in 2020. Almost every industry has been shaken by the COVID-19 pandemic, which has raised the churn rate. Because of the disruption to business continuity in many different industries, the shutdown is having an effect on logistics, supply chains, and manufacturing around the world. The industrial, logistical, and retail and consumer goods industries are the most hit hard. Even though the critical products are not subject to the lockdown, the shortage of workers on production lines, in supply chains, and in transportation has affected their availability.
Early 2021 is when we should see the issue under control, and that's when we should expect to see a spike in demand for voice biometrics solutions and services. This is because there's a growing need to improve the customer experience and create a more personalized relationship with prospects. In order to facilitate digital transformation projects that handle mission-critical activities, enhance operations, and verify user identification, numerous verticals are already preparing to implement a wide range of voice biometrics solutions and services. Key business and operational priorities that are expected to drive the adoption of the voice identification market include reducing operational costs, improving customer experiences, detecting and preventing fraud, enhancing authentication processes and operations, and improving real-time decision-making.
With the widespread adoption of digital technologies in the financial business, fraudulent activities have surged at a concerning rate. There needs to be an additional layer of protection in the financial authentication system as a whole due to high-profile data breaches where fraudsters obtained banking credentials and may potentially access clients' bank accounts. By intelligently identifying a user based on his or her voiceprint, voice biometrics systems meet the demands of financial institutions and banks. Voiceprints are one-of-a-kind, unlike the generic text passwords and PINs. Voice biometrics streamlines know-your-customer (KYC) management with features including automated calibration, active and passive authentication, liveliness detection, and panic detection, making it easier to identify and authenticate users.
Due to the local storage and secondary uses of samples collected for voice biometrics, there is a serious privacy concern with this technology. Hackers and fraudsters can quickly get access to any system that uses voice technology, even the most simple applications, and capture audio samples. Criminals can simply steal money from anybody's bank account if they have access to all the user and customer data. Privacy concerns are further exacerbated by the possibility that governments with access to this user data may deploy intelligence agencies to conduct intrusive worldwide monitoring.
Crime syndicates and terrorists can utilise stolen information to fool legitimate businesses and government agencies. We can anticipate a reduction in security and privacy problems as a result of the fact that different governments are implementing measures to standardize biometrics across businesses in order to eradicate these dangers. Users still prefer to type than deal with the frustration and time wasted by repeatedly receiving false rejections due to the lack of accuracy in voice biometrics solutions. This could be because they still can't trust their computers or smartphones to understand what they want them to do. Despite researchers' best efforts, they have not yet developed a fully functional speech biometrics system that can autonomously detect and fix such issues.
Report Coverage
Global Voice Biometrics research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Voice Biometrics report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Voice Biometrics 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 Biometrics market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2031 |
| Base Year | 2023 |
| Forecast Period | 2023-2031 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Solutions (US), Phonexia (Czech Republic), VBG (US), Aculab (UK), Auraya (Australia), 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), HYPR (US), Element (US), Trust Stamp (US), and AnyVision (Israel). |
| 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 Biometrics Market from 2021 to 2031.
- Market Forecast for Voice Biometrics 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 Biometrics competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Voice Biometrics
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Voice Biometrics market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Voice Biometrics 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
Solutions (US), Phonexia (Czech Republic), VBG (US), Aculab (UK), Auraya (Australia), 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), HYPR (US), Element (US), Trust Stamp (US), and AnyVision (Israel).
Primary Target Market
- Market Players of Voice Biometrics
- 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 Biometrics market based on the below-mentioned segments:
Global Voice Biometrics Market, By Type
Active Voice Biometrics
Active Voice Biometrics
Global Voice Biometrics market, By Cmponent
Solutions
Services
Global Voice Biometrics Market, By Application
Authentication and Customer Verification
Forensic Voice Analysis and Criminal Investigation
Fraud Detection and Prevention
Risk and Emergency Management
Transaction Processing
Access Control
Workforce Management
Others
Global Voice Biometrics 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
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