As per the report published by Fior Markets, the voice biometrics market is expected to grow from USD 1.13 billion in 2020 to USD 5.96 billion by 2028, at a CAGR of 23.12% during the forecast period 2021-2028.
Voice biometrics is a technique that uses the system to recognize a person without any physical touch. This is accomplished by comparing the person’s recorded voice to previously stored data in the same person’s system. Furthermore, biometrics technology aids in recognizing and validating an individual’s identification based on physiological or behavioral distinctiveness. A voice may be detected in two ways in vocal biometrics: text-dependent and text-independent. This flexible technology may be used in various settings, such as contact center authentication, hands–accessible interfaces, bank account security, and mobile app development. While enabling a smooth customer experience and securing a customer engagement path, speech biometrics reduces authentication time and enhances customer advocacy. Voice biometric technology is gaining momentum in a variety of industrial applications across the globe. Furthermore, the rising demand for intelligent virtual assistants (IVAs) and smart speakers with speech capabilities and a growing desire to reduce identity and authentication costs supported the growth in the market.
Amazon’s Alexa is on Echo, Google Assistant is on Google Home, Apple’s Siri is on HomePod, and Microsoft’s Cortana is on Invoke. Other technology firms have expressed interest in speech recognition technologies and voice recognition as a standard for most devices. As a result, several market participants are incorporating new technologies and innovations into their speech technology to improve their products’ safety and security. As a result, demand for voice biometrics is anticipated to increase, adding to global market growth. However, limited cybersecurity budgets and expensive device installation costs are the primary challenges limiting the market growth.
As a result of the worldwide lockdown, the voice biometrics industry is projected to decline slightly in 2020. Almost every industry has been shaken by the COVID-19 epidemic, which has raised turnover rates. The shutdown is harming global production, supply networks, and logistics, as well as the ability of other industries to continue operations. Manufacturing, transportation, logistics, and retail and consumer products are the industries with the most challenges. Although necessary products are excluded from the lockdown, the availability of essential items has been hampered by a shortage of people to operate on production lines, supply networks, and transportation.
Key players operating in the voice biometrics market are Nuance Communications Inc., NICE Ltd., Verint Systems Inc., Voice Biometrics Group, Auraya Systems Pty. Ltd., Pindrop Security Inc., Phonexia Ltd., Uniphore Software Systems Pvt. Ltd., Aculab Inc., and AimBrain. To earn a significant market share in the voice biometrics market, the key players now focus on adopting product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
- In April 2020, ENLIGHTEN Fraud Prevention was launched by NICE as an innovative new solution for fraudster identification and exposure that is automatic and ongoing. The technology can scan precisely, detect suspicious activity and find previously identifiable fraudsters by integrating NICE ENLIGHTEN’s complete Customer Engagement AI platform with the firm’s voice biometrics capabilities.
The software segment dominated the market and held the largest market share of 61.43% in the year 2020
Based on type, the voice biometrics market is segmented into software and solutions. The software type segment dominated the voice biometrics market and held the largest market share of 61.43% in 2020. The software segment leads the market, indicating that the technology has a strong potential for adoption in the following years. The market demand will be influenced by the requirement for a quicker, easier, and more convenient authentication project. The need for the software will be fueled by an increase in online transactions and fraudulent activities and a growing desire for a multi-layered security strategy.
The cloud segment dominated the market and held the largest market share of 58.65% in the year 2020
Based on development, the voice biometrics market is segmented into Cloud and on-premise. The cloud development segment dominated the voice biometrics market and held the largest market share of 58.65% in 2020. Parallel processing is possible thanks to cloud computing. It’s not difficult for many people to work on the same data. Intelligent environments, mobile apps, access management, and an ambient intelligence environment are provided by cloud-based technologies. The technology is quicker than previous generations, and it also reduces system complexity by increasing speed.
BFSI segment dominated the market and held the largest market share of 18.61% in the year 2020
Based on industry, the voice biometrics market is segmented into retail & consumer goods, telecom & IT, media & entertainment, travel & hospitality, education, healthcare, BFSI, and government. The BFSI industry segment dominated the voice biometrics market and held the largest market share of 18.61% in 2020. The available solutions for online cyber-attacks and fraudulent activities are limited, driving demand for voice biometrics at this institution. Furthermore, this form of authentication necessitates a more straightforward and non-intrusive experience for consumers, enhancing security. It also removes the need to memorize PINs and passwords.
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