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
The global voice biometrics market 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.
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. 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 services segment is expected to grow at a higher CAGR during the forecast period
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 active voice biometrics segment to grow at a higher CAGR 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 mobile applications segment to grow at a higher CAGR during the forecast period
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 transaction processing segment to grow at a higher CAGR during the forecast period
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.
Among verticals, the healthcare and life sciences segment to grow at the highest CAGR during the forecast period
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.
APAC to grow at a higher CAGR during the forecast period
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.
Breakdown of primaries
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the voice biometrics market.
By Company: Tier I: 34%, Tier II: 43%, and Tier III: 23%
By Designation: C-Level Executives: 50%, Directors: 30%, and Others: 20%
By Region: North America: 25%, APAC: 30%, Europe: 30%, MEA: 10%, and Latin America: 5%
The report includes the study of key players offering voice biometrics solutions and services. It profiles major vendors in the global voice biometrics market. The major vendors in the global voice biometrics market are 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).
The market study covers the voice biometrics market across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as components, type, application, organization size, deployment mode, vertical, and regions. It includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report would provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall voice biometrics market and its subsegments. It would help stakeholders understand the competitive landscape and gain more insights better to position their business and plan suitable go-to-market strategies. It also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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