Voice Biometrics Market Future Growth and

Sheetal
Sheetal 3/30/2023 11:09:45 AM

Voice Biometrics Market Future Growth and Report Analysis to 2026

According to a new market research report "Voice
Biometrics Market by Component, Type (Active
and Passive), Application (Authentication and Customer Verification,
Transaction Processing), Authentication Process, Organization Size, Deployment
Mode, Vertical, and Region - Global Forecast to 2026"
,
Published by MarketsandMarkets™, the size to grow from USD  1.1 billion in 2020 to
USD 3.9 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 22.8%
during the forecast period.

Factors such as the increasing demand for robust
fraud detection and prevention systems across the Banking, Financial Services,
and Insurance (BFSI) industry and the need for reducing authentication and
identification costs are driving the adoption of voice biometrics solutions
across the world. Fraudulent activities have increased alarmingly with the
advent of digitalization across the banking industry. Through high-profile data
thefts, fraudsters with access to banking credentials may gain access to
customers’ bank accounts, thus creating the need for second or third-level
security in the whole financial authentication system. Voice biometrics caters
to such needs of banks and financial agencies by smartly identifying a user
based on his/her voiceprint.

Browse 277 market data
Tables and 65 Figures spread through 279 Pages and in-depth TOC
on 
"Voice Biometrics Market”

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=104503105

The voice biometrics market is expected to witness a
minor slowdown in 2020 due to the global lockdown. The COVID-19 pandemic has
increased the churn rate and shuddered almost every industry. The lockdown is
impacting global manufacturing, and supply chains and logistics as the
continuity of operations for various sectors are badly impacted. The sectors
facing the greatest drawbacks are manufacturing, transportation and logistics,
and retail and consumer goods.

Major vendors in the voice biometrics market include
Nuance (US), NICE (Israel), Verint (US), Pindrop (US), LexisNexis Risk
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).These
voice biometrics vendors have adopted various organic and inorganic strategies
to sustain their positions and increase their market shares in the global voice
biometrics market.

The availability of the essential items has been
impacted due to the lack of manpower to work on production lines, supply
chains, and transportation, although the essential items are exempted from the
lockdown. The condition is expected to come under control by early 2021, while
the demand for voice biometrics solutions and services is expected to increase,
which is due to the increased demand for enhanced customer experience and build
a personalized relationship with the prospects.

Several verticals are already planning to deploy a
diverse array of voice biometrics solutions and services to enable digital
transformation initiatives that address mission-critical processes, improve
operations, and authenticate user’s identification. The reduction in
operational costs, better customer experiences, fraud detection and prevention,
enhanced authentication processes and operations, and improved real-time
decision-making are the key business and operational priorities that are
expected to drive the adoption of the voice identification market.

The global voice biometrics market has been
segmented by component. The component segment is further categorized into
solutions and services. Based on the solutions segment, the market is divided
into platform and software. The services segment is further divided into
managed services and professional services. The services segment is anticipated
to grow at a higher CAGR during the forecast period. The growth of the services
segment is governed mainly by the complexity of operations and the surge in the
deployment of voice biometrics solutions during the forecast period.

The global voice biometrics market is segmented on
the baisis of type into into active voice biometrics and passive voice
biometrics. The active voice biometrics segment is expected to at a higher CAGR
during the forecast period.  The ease of handling processes and the
reduction in requirement of resources are expected to drive the demand for
active voice biometrics solutions across the world.

The global voice biometrics market by authentication
process is segmented into automated IVR, agent-assisted, mobile applications,
and employee authentication. The market size of the mobile applications segment
is expected to grow at the highest CAGR during the forecast period. The growth
rate of the mobile applications segment can be attributed to the increasing
usage of smartphones and the secure authentication process while enhancing the
overall security.

The global voice biometrics market by applications
is segmented into authentication and customer verification, forensic voice
analysis and criminal investigation, fraud detection and prevention, risk and
emergency management, transaction processing, access control, workforce
management, and others (speech therapy, vocal passphrase, and personalized user
experience). The market size of the transaction processing segment is expected
at the highest CAGR during the forecast period. An increasing need for customer
identity authentication across call centers is expected to spur the demand for
voice biometrics solutions across the world.

The voice biometrics market is segmented into the
various verticals, particularly verticals, such as BFSI, retail and eCommerce,
government and defense, IT and telecom, healthcare and life sciences,
transportation and logistics, travel and hospitality, energy and utilities, and
others (manufacturing, education, and media and entertainment).  The
market size of the healthcare and life sciences vertical is expected to grow at
the highest CAGR during the forecast period. Mandatory protection of sensitive
data to boost the adoption of voice biometrics solutions in the healthcare and
life sciences vertical.

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The voice biometrics market has been segmented into
five regions: North America, Europe, APAC, MEA, and Latin America. Among these
regions, North America is projected to hold the largest market size during the
forecast period. APAC is expected to grow at the highest CAGR during the
forecast period. The increasing demand for enhanced security for preventing
criminal activities from enhancing the market growth in APAC.

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Sheetal
Written by

Sheetal

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