Technology

Voice Biometrics Market Is Expected To Grow As Biometrics Used As Credentials Thorough Algorithms To Verify Users.

By Biswas Debanjan

Posted on September 2, 2022

The size of the global voice biometrics market is anticipated to grow at a revenue CAGR of 22.3% from 2017 to 2028, reaching USD 5,889.9 million. Voice biometrics market revenue growth is anticipated to be driven by the rising requirement for more reliable and secure means of operating and accessing components, reliable data, and confidential statistics in technology-driven systems utilized across numerous end-use industries.

The market is expanding as more and more well-known voice-assistant companies, including Apple, Google, Microsoft, Amazon, and Mycroft, are heavily investing in research and development of voice matching or biometrics through voice matches. Facebook, Twitter, LinkedIn, and other social networking sites are aiming to advance speech recognition so that the voice input obtained from the speech recognition facility can be applied as a voice-matching function, reducing the complexity of manual customer identification processes.

The emergence of cloud-based or hybrid voice biometric solutions is another factor boosting market revenue. In non-financial call centers, it is popular. Around the world, an increasing number of businesses are searching for adaptable, pay-per-use solutions. The use of voice biometrics is no different. Organizations have a compelling option in the form of a consolidated voice bank that can simplify customer engagement and harness the customer’s voice across various brands and commercial entities.

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Some Key Highlights in the Report

Some major companies profiled in the market report include Nuance Communications, NICE Systems Ltd., Verint Systems, LumenVox, Auraya System, Emilia, Sestek, Verbio Technologies, Pindrop Security, and Interactions.

COVID-19 Impact

The global lockdown is anticipated to cause a little slowdown in the voice biometrics industry in 2020. The COVID-19 pandemic has raised turnover and shaken virtually every sector. The lockdown is having a negative influence on supply chains, logistics, and global manufacturing as well as seriously impairing numerous industries’ ability to continue operating. Manufacturing, transportation and logistics, and retail and consumer products are the industries with the most challenges. Even if the vital items are exempt from the lockdown, the lack of labor to work on production lines, supply chains, and transportation has affected their availability. The main business and operational priorities anticipated to propel the adoption of the voice identification market are the decrease in operational costs, improved customer experiences, fraud detection and prevention, enhanced authentication processes and operations, and improved real-time decision-making.

Opportunity: Need to safeguard

Healthcare organizations are frequently disregarded when dealing with fraud concerns, and breaches to obtain medical information are more expensive, dangerous, and common. Healthcare professionals must, however, treat patient information with the utmost discretion and care by legal requirements and compliance standards. Voice biometrics solutions provide a strong and practical authentication experience for physicians, doctors, and patients, preventing the theft of medical information and maintaining the privacy of healthcare data. These technologies guarantee patient confidentiality while adhering to privacy laws, and patients can utilize them to access insurance portals and verify received care. The exchange of encrypted information also guarantees the prevention of fraud and data theft.

Governments are spending money on voice biometrics to help safeguard and modernize state-run services, which have the potential to bring in a lot of money. It would speed up how quickly government workers engage with back-office administrative systems. Additionally, it would improve communication between the government and the public by making it simpler for citizens to access government services and websites. The government can use it to increase the effectiveness of its tax collection operation. By using voiceprint technology, the government can produce biometric IDs that will aid in the process of collecting taxes. Shortly, callers’ identities could likewise be determined using this technique.

Component Outlook (Revenue, USD Million; 2018–2028)