[191 Pages Report] The Voice Biometrics Market size was estimated at USD 2.85 billion in 2023 and expected to reach USD 3.39 billion in 2024, at a CAGR 19.96% to reach USD 10.20 billion by 2030.
Voice biometrics technology verifies a speaker’s identity and enhances user experience with fast, frictionless authentication. The rising security concerns and growing need for secure authentication systems are accelerating the use of voice biometrics across end-use industries. Financial institutions are widely employing voice biometric technologies to improve the efficiency of identification and verification procedures. The use of voice biometric technology is increasing in connected vehicles and smartphones to enhance security. However, the operational issues and privacy concerns associated with the use of biometrics may limit their adoption by the end-use sectors. Moreover, the ongoing advancements and emerging applications in the healthcare sector are expected to encourage the adoption of voice biometrics by end-use industries worldwide.
Regional Insights
The voice biometrics market in the Americas is highly developing owing to the ongoing advancements in healthcare and BFSI sectors, growing penetration of connected vehicles, and the development of novel technologies to simplify voice recognition and authentication procedures. The supportive government standards and initiatives to introduce artificial intelligence (AI) in end-user industries have improved the usage of speech and voice recognization technologies in the Americas. In context, in 2021, general artificial intelligence bills or resolutions were introduced in approximately 17 states across the United States and enacted in Alabama, Colorado, Illinois, and Mississippi to develop advanced technology and artificial intelligence in various end-user industries, supporting the use of voice biometrics in the Americas. Moreover, the funding and investments in deploying digital technologies across European countries have improved the demand for voice biometrics in the EMEA region. In context, in March 2023, the European Union research project ’ROXANNE’ completed its development of a system that includes voice biometrics for law enforcement agencies to investigate criminal networks. The significant rise in the usage of smartphones and digital transactions in the APAC region is expected to provide growth opportunities for the voice biometrics market in the coming years. According to the GSM Association, smartphone adoption is expected to reach 84% in India, 89% in Indonesia, 84% in Australia, 83% in Japan, 87% in Malaysia, 89% in Singapore, and 90% in South Korea by 2025.
FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the Voice Biometrics Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Voice Biometrics Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Key Company Profiles
The report delves into recent significant developments in the Voice Biometrics Market, highlighting leading vendors and their innovative profiles. These include Aculab, Apple Inc., Auraya Systems, Aware, Inc., Biometric Identity Solutions by Argus TrueID, Daon Inc., Fortra, LLC, HYPR Corp., ID R&D Inc., Interactions LLC, Kaizen Voiz, LexisNexis Risk Solutions Group by RELX Group PLC, LumenVox GmbH, Minds Digital, Mobbeel Solutions, SLL by Indra Sistemas, S.A., NICE Ltd., Nuance Communications, Inc. by Microsoft Corporation, Omilia Natural Language Solutions Ltd, OneVault Pty Ltd, Phonexia s.r.o., Pindrop Security, Inc., QSS Technosoft Private Limited, Sensory, Inc., Sestek by Unifonic Group of Companies, Speech Technology Center Limited, Synaptics Incorporated, Uniphore Technologies Inc., ValidSoft Limited, Verint Systems Inc., Voice Biometrics Group, and VoicePIN.com.
Market Segmentation & Coverage
This research report categorizes the Voice Biometrics Market to forecast the revenues and analyze trends in each of the following sub-markets:
- Component
- Services
- Solutions
- Type
- Active Voice Biometrics
- Passive Voice Biometrics
- Authentication Process
- Agent Assisted
- Automated IVR
- Employee Authentication
- Mobile Applications
- Deployment Mode
- On Cloud
- On-Premises
- Application
- Access Control
- Authentication & Customer Verification
- Forensic Voice Analysis & Criminal Investigation
- Fraud Detection & Prevention
- Risk & Emergency Management
- Transaction Processing
- Workforce Management
- End-User
- BFSI
- Education, Media & Entertainment
- Energy & Utility
- Government & Defense
- Healthcare & Lifesciences
- Manufacturing
- Retail & eCommerce
- Telecom & IT
- Transportation & Logistics
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
The report offers valuable insights on the following aspects:
- Market Penetration: It presents comprehensive information on the market provided by key players.
- Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
- Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
- Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
The report addresses key questions such as:
- What is the market size and forecast of the Voice Biometrics Market?
- Which products, segments, applications, and areas should one consider investing in over the forecast period in the Voice Biometrics Market?
- What are the technology trends and regulatory frameworks in the Voice Biometrics Market?
- What is the market share of the leading vendors in the Voice Biometrics Market?
- Which modes and strategic moves are suitable for entering the Voice Biometrics Market?
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