USD 1.90 Billion
Voice Biometrics Market Size, Share, Growth Analysis, By Component, By Type (Active, Passive), By Application (Authentication, Customer Verification), By Authentication Process, By Organization Size, By Deployment Mode, By Vertical, By Region - Industry Forecast 2024-2031
Report ID:
SQMIG50C2031 |
Region:
Global |
Published Date: November, 2024
Pages:
177
|Tables:
63
|Figures:
79
Voice Biometrics Market Insights
Global Voice Biometrics Market size was valued at USD 2.3 billion in 2022 and is poised to grow from USD 2.7 billion in 2023 to USD 13.27 billion by 2031, growing at a CAGR of 21.5% during the forecast period (2024-2031).
A growing need for robust and secure methods, reliable data, and privacy to operate and access resources in technology-driven systems used in various industries is anticipated and the end users are expected to boost the revenue of the voice biometrics market. Increased adoption of voice matching services is driving the growth of this market, according to several leading voice support companies, namely, Apple, Google, Microsoft, Amazon, and Mycroft are investing heavily in R&D of biometrics through voice matching. The voice input picked up through the recognition facility can be used as a voice matching feature, as it will minimize the complexity of manual receiver Certification processes.
Advanced technologies such as artificial intelligence (AI), machine learning (ML), cloud computing, and data analytics, as well as huge demand for healthcare and financial data security, will create huge growth opportunities for quality biometrics markets on the snow. Increasing urbanization and globalization of digitalization have resulted in end-user industries such as banking, finance, and insurance (BFSI), government and public sector, and IT & telecom, which are now dependent on technology-driven systems. This has made these areas vulnerable to hackers targeting valuable information and resources. The growth of audio and biometric markets requires that certificates used as credentials of biometric users, firmly and appropriately use algorithms in remarkable facilities of biometric processing in the audio industry, potentially reducing the chances of cleaning or hacking. It provides biometric security.
It is expected to provide a platform that will outperform other types of biometric services. The emerging trend of hybrid cloud or voice biometric systems is also driving market revenue growth. There is a tendency in non-financial call centers. Many organizations around the world are looking for solutions that are as simple and usable as you would use them. Voice biometric solutions are no different. An integrated voice bank that can facilitate customer engagement and leverage the voice of the customer across multiple brands and marketing agencies provides organizations with a robust solution.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Active Biometrics
Fastest Growth
Passive Biometrics
Growth Rate
21.5% CAGR
Global Voice Biometrics Market ($ Bn)
Country Share for North America Region (%)
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Voice Biometrics Market Segmental Analysis
Global Voice Biometrics Market is segmented by Component, Type, Authentication Process, Deployment Mode, Organization Size, Application, Vertical and region. Based on component, the market is segmented into Solutions (Software, Platform), Services (Professional, managed). Based on Type, the market is segmented into Active Voice, Passive Voice. Based on Authentication Process, the market is segmented into Automated IVR, Agent-Assisted, Mobile Applications, Employee Authentication. Based on Deployment Mode, the market is segmented into On-premises, Cloud. Based on Organization Size, the market is segmented into Large Enterprises, Small and Medium-sized Enterprises (SMEs). Based on application, the market 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, Others (Speech Therapy, Vocal Passphrase, and Personalized User Experience). Based on Vertical, the market is segmented into BFSI, Retail and Ecommerce, Government and Defense, IT And Telecom, Healthcare and Life Sciences, Transportation and Logistics, Travel and Hospitality, Energy and Utilities, Others (Manufacturing, Education, and Media and Entertainment). Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis By Type
The largest segment in the global voice biometrics market is active biometrics. Active biometrics requires users to interact directly with the system, which requires deliberate intervention, such as speaking a password, to authenticate. The dominance of this sector is due to its widespread adoption across various industries, driven by its efforts to provide a secure and flexible method of authentication of suppliers. Active biometrics are widely used in applications where user authentication is very important, such as access to safe areas, financial transactions, or voice-activated devices' ability to provide and be motivating.
At the same time, the fastest growing category is passive biometrics, which relies on continuous analysis of users’ voices without the need for transparency. Passive biometrics provides a non-experience difficult and non-threatening user experience, which means applications in situations where continuous monitoring is desired, such as call center fraud detection or voice. Continuous authentication in controlled use. The rapid growth in passive biometrics is driven by its ability to enhance the user experience while maintaining a high level of security. As technology advances and user preferences evolve, the passive biometrics segment is likely to witness rapid adoption, making it a key focus area for innovation and market expansion.
Analysis By Industry Verticals
The largest global voice biometrics market segment is the Banking, Financial Services, and Insurance (BFSI) industry. This dominance can be attributed to the industry’s lack of demand for advanced security measures to protect sensitive financial data and services. Sound biometrics offers a robust solution to identity authentication and fraud prevention, which easily meets the stringent safety requirements of the BFSI department. The technology provides a simple and secure method of authentication, reducing reliance on traditional password-based systems that are prone to breaches. While financial institutions place a high priority on customer data protection, it has been gaining traction as a reliable and user-friendly solution and rich biometrics.
At the same time, the fastest growing segment in the voice biometrics market is found in the telecommunications information technology (IT) sector. The rapid adoption of voice-based authentication methods in this industry stems from the need for secure access to private data and communication networks. Telecom IT companies benefit from voice biometrics to enhance the security of their systems, prevent unauthorized access, and enhance the overall user experience. Technologies adapted for applications in this dynamic sector, such as mobile banking with security and network use make it an important part of the evolving cybersecurity landscape in telecom and IT verticals.
Global Voice Biometrics Market By Type
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Voice Biometrics Market Regional Insights
North America is expected to dominate the global market for voice biometrics during the forecast period, primarily driven by the high integration of voice technology across applications. This dominance can be attributed to rapid growth and mobile cloud technology widely recognized in the region. Also, huge technological improvements in computing power have given voice biometrics a huge boost. Among the various sectors contributing to this trend, the healthcare sector is expected to play a key role in shaping the global voice biometrics market.
At the same time, Europe is poised for the fastest growth in the voice biometric market. The main reason for this increase is the implementation of voice biometric technology by HSBC in the United Kingdom banking system. The main objective of this policy is to enhance the security measures in the banking sector. While HSBC already uses fingerprint scanners in smartphone applications, the introduction of voice biometrics adds an extra layer of security. Notably, HSBC is not the first bank to adopt such technology; Nevertheless, its implementation is an important step towards strengthening certification processes. The voice biometric system at HSBC uses two main methods: fingerprint recognition on mobile phones and iPhones, and the unique physical design of voice lines. This innovative use of voice biometrics provides a method of advanced and multifaceted approaches to security and its growing importance in the economy. Emphasizes the potential for widespread application to enhance security measures across industries.
Global Voice Biometrics Market By Region
- Largest
- Fastest
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Voice Biometrics Market Dynamics
Drivers
Significant safety enhancements
- A major factor driving the growth of the global voice biometrics market is the increasing need for advanced security measures across industries Traditional methods of authentication, such as passwords and PINs, have become prone to security breaches, allowing organizations to adopt comprehensive and secure solutions. Voice biometrics provide a high level of security by using a person’s unique voice, difficult for unauthorized users to mimic or imitate. This technology is especially valuable in finance, healthcare, government, telecommunications, etc. in Acceptance as a reliable and safe alternative has increased, hence leading to market growth.
Restraints
Privacy concerns and ethical considerations
- One of the most important restraints facing the global voice biometric market is the increasing privacy and ethical considerations. Acoustic biometrics involves collecting and analyzing personal voice data for identification and authentication. As the use of voice biometrics expands, there are concerns about the potential misuse of sensitive voice data and the need for stronger privacy protections. Privacy regulations such as the General Data Protection Regulation (GDPR) in Europe emphasize the importance of protecting personal data. Voice biometric companies must comply with this regulation and address public concerns about how voice data is collected, stored and used. In addition, ethical considerations of consent, transparency, and responsible use of biometric data are important in the adoption and adoption of voice biometric technology.
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Voice Biometrics Market Competitive Landscape
The global voice biometrics market is witnessing intense competition as technological advancements and increased demand for secure authentication solutions are driving innovation among key players. Such established companies continue to dominate with advanced voice biometric solutions, leveraging deep learning and artificial intelligence to increase accuracy and user-friendly experiences. They newcomers and layers thrive by focusing on niche applications, customizations and integration capabilities. The competitive environment consists of ongoing research and development, strategic deals, mergers and acquisitions, as market players compete for a large share in the rapidly growing global voice biometrics market.
Top Player’s Company Profile
- Nuance Communications
- NICE
- Verint Systems
- Uniphore
- Phonexia
- Pindrop Security
- Auraya Systems
- ID R&D
- Voice Biometrics Group
- BioCatch
- Sensory, Inc.
- LumenVox
- Aculab
- Sestek
- Daon
- Interactions
- LexisNexis Risk Solutions
- VoicePIN
- Synaptics
- SinoVoice
Voice Biometrics Key Market Trends
- Integrating voice biometrics in smart assistants and IoT devices: The proliferation of smart assistants and Internet of Things (IoT) devices has spurred the trend of integrating voice biometrics for improved user identification and security Not only does voice biometrics facilitate user interaction but also adds layer of trust to ensure secure access to sensitive information. Smart home appliances such as voice-activated appliances and thermostats incorporate voice biometrics to authenticate the user. For example, a leading smart home security system incorporated voice biometrics into its door lock system, allowing users to verbally authenticate themselves to secure entry. This trend does not show an evolving voice biometric landscape that never transcends traditional security applications.
Voice Biometrics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global voice biometrics market analysis, the market is experiencing strong growth driven by the demand for advanced security solutions across industries. The combination of deep learning techniques and artificial intelligence has significantly expanded the security barriers in voice biometrics, offering user-friendly convenience and unmatched accuracy While traditional term intrusions and lock-based security measures face an increasing number of vulnerabilities, this critical information stands out as a unique and unparalleled approach where voice biometric identification Technology has established itself as an important player for security. Additionally, compliance with laws such as the Biometric Information Privacy Act (BIPA) ensures that companies prioritize the safe and ethical use of voice recordings, and thus consumers the role gains credibility. The market is expected to continue to expand as organizations recognize the need for sophisticated and reliable biometric solutions in an increasingly digitized and connected world.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 2.3 billion |
| Market size value in 2031 | USD 13.27 billion |
| Growth Rate | 21.5% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| 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 Biometrics 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 Biometrics 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 Biometrics 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 Biometrics 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 Biometrics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Voice Biometrics 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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