USD 1.65 billion
Voice Biometric Solutions Market Size, Share, Growth Analysis, By Authentication Type(Single-Factor Authentication Multi-Factor Authentication, and other innovative formats), By Application(Access Control and Security, Fraud Detection and Prevention, Identity Verification, Speaker Identification), By Deployment Mode(Cloud-based, On-premises, and Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45I2137 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
90
|Figures:
76
Voice Biometric Solutions Market Insights
Voice Biometric Solutions Market size was valued at USD 1.93 billion in 2022 and is poised to grow from USD 2.25 billion in 2023 to USD 7.77 billion by 2031, growing at a CAGR of 16.75% during the forecast period (2024-2031).
In recent years, the global voice biometric solutions market has been changing demands due to the increasing demand for secure and efficient identity verification methods. Organizations across sectors, including finance, healthcare, and government, are adopting voice biometrics for enhanced security and seamless user authentication.
Additionally, the rising need to combat identity theft and fraud, coupled with advancements in voice recognition technology, fuels market expansion. Moreover, the proliferation of voice-activated devices and a growing preference for frictionless authentication contribute to the market's upward trajectory. Geographically, North America and Europe stand out as key regions witnessing significant adoption, driven by technological advancements and stringent security regulations.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Single-Factor Authentication
Fastest Growth
Multi-Factor Authentication
Growth Rate
16.75% CAGR
Global Voice Biometric Solutions Market ($ Bn)
Country Share for North America Region (%)
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Voice Biometric Solutions Market Segmental Analysis
The global voice biometric solutions market is segmented into four major segments i.e. by authentication type, application, deployment mode, and region. Based on type, it is divided into single-factor authentication, multi-factor authentication, and other innovative formats. Based on application, it is bifurcated into access control and security, fraud detection and prevention, identity verification, speaker identification. Based on deployment mode it is segregated into, cloud-based, on-premises, and others. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
Analysis by Type
Single-factor authentication (SFA) has typically held a substantial market share as it has the ability to provide an additional layer of protection that aligns with the growing need for stringent security protocols in various industries.
Multi-factor authentication (MFA) has been gaining prominence due to the heightened security it provides compared to single-factor authentication (SFA). MFA combines voice biometrics with additional factors like passwords or biometric data from other modalities, offering a more robust identity verification process.
Analysis by Distribution Channel
Hypermarkets, commonly known as supermarkets, have long dominated the global Voice Biometric Solutions market as these industries extensively use voice biometrics to enhance security and streamline user authentication processes.
The fastest-growing application segment is likely to be fraud detection and prevention. With the rising concerns around identity theft and fraudulent activities, organizations across various sectors are increasingly adopting voice biometric solutions to detect and prevent unauthorized access and fraudulent transactions.
Global Voice Biometric Solutions Market By Authentication Type
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Voice Biometric Solutions Market Regional Insights
North America has historically dominated the Voice Biometric Solutions market due to adoption of advanced technologies and their well-established technological infrastructure and stringent security regulations.
The fastest-growing region is anticipated to be Asia-Pacific, driven by increasing technology adoption, a growing population, and rising awareness of the importance of secure identity verification. The Asia-Pacific region has shown significant potential for the deployment of voice biometric solutions in various industries.
Global Voice Biometric Solutions Market By Region
- Largest
- Fastest
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Voice Biometric Solutions Market Dynamics
Drivers
Increasing Demand for Secure Identity Verification Methods Across Various Industries
- The increasing demand for robust and secure identity verification methods across various industries. Voice biometrics offer a unique and convenient way to authenticate users, enhancing security measures and mitigating the risks associated with traditional authentication methods. Additionally, the rising incidence of identity theft and fraud has heightened the need for advanced biometric solutions, positioning voice biometrics as a critical tool for fraud detection and prevention.
Restraints
High Vulnerability to Spoofing or Voice Impersonation Attacks
- One of the main market restraints is the potential vulnerability to spoofing or voice impersonation attacks, posing a challenge to the security robustness of these systems. Ensuring the reliability and accuracy of voice biometrics in diverse environments and across various user demographics is another challenge, as factors like background noise or speech impediments can impact performance. Moreover, concerns about privacy and data security, especially with the collection and storage of biometric data, may raise regulatory compliance issues and limit widespread adoption.
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Voice Biometric Solutions Market Competitive Landscape
The competitive environment of the voice biometric solutions market is dynamic and characterized by a dynamic interplay among key industry players and emerging entrants striving to establish their presence. Collaboration and strategic partnerships, particularly with technology providers and enterprises from diverse sectors, are common trends shaping the competitive dynamics. Additionally, the market is witnessing a surge in acquisitions as companies seek to expand their product portfolios and market reach.
Top Player’s Company Profiles
- NICE Systems (Israel)
- Pindrop Security (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)
Recent Developments
- In October 2023, BigBear.ai, headquartered in Maryland, acquired Pangiam for USD 70 million in stock. This strategic move aims to integrate Pangiam's expertise in facial recognition and other biometrics with BigBear.ai's advanced computer vision capabilities, targeting U.S. government and enterprise clients.
- In February 2023, Nuance, a leading player in speech recognition, officially acquired PerSay, a voice biometrics firm located in Israel. This strategic acquisition enables Nuance to offer cutting-edge voice biometrics solutions across various markets. In a statement to TMCnet, Nuance expressed its commitment to unveiling its vision and strategy for the integrated solutions in the coming months.
Voice Biometric Solutions Key Market Trends
Rising Integration of Voice Biometrics Into a Broader Range
- The integration of voice biometrics into a broader range of applications beyond traditional security measures. Organizations are increasingly leveraging voice biometrics for customer service, enabling secure and seamless authentication during interactions. Additionally, the market is witnessing a shift towards the adoption of cloud-based voice biometric solutions, providing scalability and flexibility to businesses.
Voice Biometric Solutions Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
Global voice biometric solutions market analysis reveals a dynamic marketplace with a number of standout trends and difficulties. The market is propelled by increasing demand for secure authentication methods, particularly in finance and healthcare. However, challenges such as susceptibility to voice impersonation and concerns over data privacy hinder growth. Single and multi-factor authentication solutions dominate, with multi-factor authentication witnessing rapid adoption. North America leads in market share due to stringent security regulations, while Asia-Pacific exhibits high growth potential. Key trends include the integration of voice biometrics into diverse applications and the rising popularity of cloud-based solutions, underscoring the market's dynamic evolution and its pivotal role in enhancing security across industries.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 1.65 billion |
| Market size value in 2031 | USD 5.71 billion |
| Growth Rate | 16.75% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Voice Biometric Solutions Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Voice Biometric Solutions Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Voice Biometric Solutions Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Voice Biometric Solutions Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Voice Biometric Solutions Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Voice Biometric Solutions Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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