The report carefully investigates the present market scenario and the fundamental growth prospects. The report entails an organized database of the Voice Biometrics market drivers and restraints market dynamics that helps market analysts estimate the global market growth rate over the projected timeline. Therefore, the report, published by Emergen Reserch, is a detail-oriented compilation of the crucial aspects of the Voice Biometrics market drivers and restraints market, including the key players’ product offerings, the wide application range of these products, the major market segments, leading market contenders, their company profiles, pricing strategies, production capacities, revenue generation schemes, technological advancements, and many others.
Voice biometrics is gaining traction owing to the high level of security they provide. They can be deployed in the mobile application as they provide safe authentication by means of a spoken password or passphrase. Voice biometric uses pitch, speech, range, and voice quality of a particular individual to permit usage.
The growing incidence of complex cyber-attacks is creating a need for a stronger defense system. Moreover, the emergence of innovative technology such as machine learning, artificial intelligence, data analytics, cloud computing will provide the market for voice biometric with growth opportunities. This technology is applicable in access security, forensic voice analysis, payments, and others. The growing importance of secrecy and confidentiality is driving the demand for the voice biometrics market.
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Some Key Highlights from the Report
- LumenVox, in January 2020, launched an advanced suite of voice biometric authentication technologies, naming them Version 8. This technology implements AI and biometrics to authenticate customer-agent interaction.
- The Access Control and Authentication dominated the market for voice biometrics. The high level of awareness among organizations regarding the confidentiality of their data and the need to protect from malware targeted cyber-attacks while using cloud computing services will drive the segment’s demand.
- The cloud deployment type held the largest market share of 57.4% in the year 2019. The benefits provided by cloud-like data accessibility, quick implementation, lower cost, and 24×7 availability will foster the demand for voice biometrics.
- Large Enterprises are rapidly adopting biometric voice technology as they recognize the importance of technology. Several BFSI giants have started to deploy in their security infrastructure as they deem it necessary.
- The Government sector is witnessing a significant demand for voice biometrics as most of the government are modernizing their facilities, which is creating a demand for the market. Moreover, the government uses biometric to maintain confidentiality in matters of internal affairs.
- North America held the largest market share of voice biometrics. The region is prone to several sophisticated cyber-attacks owing to the presence of influential financial sectors, tech companies, and the profitable telecommunication industry. There is a high demand for efficient technology for the protection of their data and financial information.
- Key participants include Verint, Nuance Communications, Pindrop, Acculab, NICE, Phonexia, Auraya, VoicePIN, LumenVox, and SESTEK, among others.
For the purpose of this report, Emergen Research has segmented into the global Voice Biometrics Market on the basis of component, type, application, organization size, deployment type, industry vertical, and region:
Component Outlook (Revenue, USD Billion; 2017-2027)
- Professional Services
- Training and Education
- Support and Maintenance
- Deployment and Integration
- Managed Services
Type Outlook (Revenue, USD Billion; 2017-2027)
- Passive Voice Biometrics
- Active Voice Biometrics
Application Outlook (Revenue, USD Billion; 2017-2027)
- Fraud Detection and Prevention
- Access Control and Authentication
- Forensic Voice Analysis and Criminal Investigation
Organization Size Outlook (Revenue, USD Billion; 2017-2027)
- Large Enterprises
- Small and Medium-Sized Enterprises
Deployment Type Outlook (Revenue, USD Billion; 2017-2027)
Industry Vertical Outlook (Revenue, USD Billion; 2017-2027)
- Retail and eCommerce
- Government and Defense
- Banking, Financial Services, and Insurance
- Telecommunications and IT
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Saudi Arabia
- Rest of MEA
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