What is the global market size of Voice Biometrics Market?

Global Voice Biometrics Market size was valued at USD 1.90 Billion in 2021 and is poised to grow from USD 2.31 Billion in 2022 to USD 10.96 Billion by 2030, at a CAGR of 21.5% during the forecast period (2023-2030).

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

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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).

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. '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'

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.

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.

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.

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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

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