Increasing demand for robust fraud detection and prevention systems to drive the adoption of voice biometrics across industry verticals
MarketsandMarkets expects the 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.
The voice biometrics market revenue is primarily classified into revenues from software and services. Software revenue is associated with software offerings while services’ revenue is associated with support and maintenance services and consulting services. The market is also segmented on the basis of application, type, deployment mode, organization size, industry vertical, and region.
Key benefits of the report
- The report would help the market leaders/new entrants in the market with the information on the closest approximations of the revenue numbers for the overall voice biometrics market and the subsegments.
- The report would help stakeholders understand the competitive landscape and gain insights to better position their businesses and plan suitable go-to-market strategies.
- The report also helps stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.