Voice Biometrics Market Size, Opportunities, Trends, Products, Revenue Analysis, For 2021–2028

Voice Biometrics Market

According to a recent analysis by Emergen Research, the worldwide voice biometrics market is expected to reach USD 4.90 billion by 2027. Due to the increase in hardware and software improvement, the market is seeing significant demand. The need for the voice biometric will be fueled by rapid urbanisation and the uptake of digital technologies in sectors including BFSI, government, and defence, as well as IT and telecommunications. Modern protection strategies are required due to the widespread use of digital devices in daily life. Radio networks, mobile and landline phones, virtual private networks, voice over IP networks, and microphones are a few examples of biometric technology that is frequently employed.

Market Dynamics

With the advent of digitalization in the banking sector, fraudulent activities have risen at an alarming rate. Fraudsters with access to banking credentials may access clients’ bank accounts through high-profile data thefts, necessitating the addition of a second or third degree of security to the entire financial authentication system. By intelligently identifying a user based on his or her voiceprint, voice biometrics systems meet these needs of banks and financial organisations. Voiceprints are individual to each person, in contrast to typical text passwords and pins.

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Restraint

Voice biometrics offer a serious privacy risk since samples are kept locally and utilised for purposes other than those for which they were originally collected. Any simple application that makes use of voice technology exposes the system to easy hacking and theft by scammers and hackers. Fraudsters can easily enter any user’s bank accounts and steal money if they have access to all the customer/user information. Additionally, snoopy governments might use intelligence agencies with access to this user data to conduct widespread surveillance, raising privacy concerns. Terrorists and criminals can fool legal bodies by using stolen data as a cover. Various countries are taking the required steps to standardise the use in order to eliminate such risks. biometrics throughout businesses, hence it is anticipated that security and privacy problems will lessen soon.

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)

  • Software
  • Services
    1. Professional Services
      • Training and Education
      • Consulting
      • Support and Maintenance
      • Deployment and Integration
    2. Managed Services

Type Outlook (Revenue, USD Billion; 2017-2027)

  • Passive Voice Biometrics
  • Active Voice Biometrics

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Application Outlook (Revenue, USD Billion; 2017-2027)

  • Fraud Detection and Prevention
  • Access Control and Authentication
  • Forensic Voice Analysis and Criminal Investigation
  • Other

Organization Size Outlook (Revenue, USD Billion; 2017-2027)

  • Large Enterprises
  • Small and Medium-Sized Enterprises

Deployment Type Outlook (Revenue, USD Billion; 2017-2027)

  • Cloud
  • On-Premises

Industry Vertical Outlook (Revenue, USD Billion; 2017-2027)

  • Retail and eCommerce
  • Government and Defense
  • Banking, Financial Services, and Insurance
  • Telecommunications and IT
  • Healthcare
  • Others

Regional Outlook (Revenue, USD Billion; 2017-2027)

  • North America
    1. U.S.
    2. Canada
  • Europe
    1. Germany
    2. UK
    3. France
    4. BENELUX
    5. Rest of Europe
  • Asia Pacific
    1. China
    2. Japan
    3. South Korea
    4. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • MEA
    1. Saudi Arabia
    2. UAE
    3. Rest of MEA

About Emergen Research

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend’s existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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