Global Voice Recognition Biometrics Market 2017-2021
About Voice Recognition Biometrics
Voice recognition biometrics digitizes an individual's voice to match it against a stored voiceprint template. Acoustic features of an individual's voice such as pitch, cadence, and tone are compared to distinguish between individual voices. Voice verification systems require minimal hardware installation, as most PCs already have a microphone and can authenticate individuals remotely for different transactions. Voice recognition biometrics are most likely to be deployed in telephone-based environments.
Technavio’s analysts forecast the global voice recognition biometrics market to grow at a CAGR of 19.36% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global voice recognition biometrics market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of voice recognition biometrics including voice receivers, voice recorders, modulators, voice recognition biometrics analyzing software, and databases. Report has also considered the revenue generated from hardware, software, and integrated voice recognition biometric solutions.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Voice Recognition Biometrics Market 2017-2021
Technavio recognizes the following companies as the key players in the global voice recognition biometrics market: AGNITIO, Nuance Communications, VoiceTrust, and VoiceVault.
Other Prominent Vendors in the market are: Auraya Systems, M2SYS Technology, OneVault, VoiceIt Technologies, SayPay Technologies, Sensiple, Sensory, SpeechPro, SPITCH, VoicePIN.com, Uniphore, ValidSoft, and Voice Biometrics Group (VBG).
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is introduction of voice recognition biometrics in automotive sector. Voice recognition biometrics is gaining traction in the automotive industry as it is convenient and affordable. Advances in technology have led to a rise in the adoption of connected cars equipped with the Internet and wireless services that connect the automobile remotely. They also help with navigation, infotainment, telematics, roadside assistance, video transmission, tracking stolen vehicles, and making automated calls during emergencies.”
According to the report, one of the major drivers for this market is rising prominence of voice recognition biometrics in BFSI sector. The BFSI sector is increasingly focusing on providing the highest level of security to customers without compromising on convenience. The payments and card industry (PCI) has been digitally transformed with the changing consumer preferences and introduction of new payment methods such as PIN cards, mobile wallets, and EMV chips. With advances in technology, the number of fraud and forgeries are also increasing, highlighting the need for a solution that is difficult to duplicate.
Further, the report states that one of the major factors hindering the growth of this market is lack of accuracy. Voice recognition biometrics as a substitute for personal identification numbers(PINs) and passwords acts as a passcode for end-users to access different information. Variability in the voice of an end-user can prevent him/her from gaining access to his/her own secure information. There is a possibility that voiceprints may have accuracy issues due to change in voice intonations, throat problems, and aging. Environmental factors and background noise can also lead to voice distortion, which can result in an inaccurate match in the database.
AGNITIO, Nuance Communications, VoiceTrust, VoiceVault, Auraya Systems, M2SYS Technology, OneVault, VoiceIt Technologies, SayPay Technologies, Sensiple, Sensory, SpeechPro, SPITCH, VoicePIN.com, Uniphore, ValidSoft, Voice Biometrics Group (VBG).
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