Voice Biometrics Market Future Demand, Business Strategies, Industry Growth, Regional Outlook, Challenges and Forecast by 2027
The global Voice Biometrics Market is forecasted to be worth USD 4.90 Billion by 2027, according to a new report by Emergen Research.
The market is witnessing high demand owing to the rise in advancement in software and hardware. Rapid urbanization and adoption of digital technology in industries like Telecommunications and IT, BFSI, Government, and Defense will drive the demand for the voice biometric. The proliferation of digital devices in everyday activities has created a need for advanced protection solutions. Some of the commonly used biometric technology are radio networks, mobile phones and landlines, virtual private networks, voice over IP networks, and microphones.
Voice biometric 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.
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The report also discusses key players involved in the market, such as Verint, Nuance Communications, Pindrop, Acculab, NICE, Phonexia, Auraya, VoicePIN, LumenVox, and SESTEK, among others as well as new entrants in the market. The competitive analysis also includes regional analysis of major geographical regions. The report covers regions such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Key insights presented in the report:
Market revenue shares by major business players, by type, by application, and market scope of global Voice Biometrics market
Sales revenue by key players and new entrants
Competitive analysis of key players, including aspects such as company overview, product or services specification, vendors, and buyers
Recent mergers, acquisitions, product launches, recent investments, and joint ventures
Regional analysis to provide insight into recent trends and opportunities
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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.
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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)
Training and Education
Support and Maintenance
Deployment and Integration
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)
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
ToC of the report:
Chapter 1: Market overview and scope
Chapter 2: Market outlook
Chapter 3: Impact analysis of COVID-19 pandemic
Chapter 4: Competitive Landscape
Chapter 5: Drivers, Constraints, Opportunities, Limitations
Chapter 6: Key manufacturers of the industry
Chapter 7: Regional analysis
Chapter 8: Market segmentation based on type & applications
Chapter 9: Current and Future Trends
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