Scope of the Study
Voice Biometrics is defined as the technology which is mainly used to verify a person's identity by their unique vocal attributes. It works via comparing a person's voice to a voiceprint which is stored on file. Increasing deployment by companies majorly in BFSI, retail, e-commerce, telecommunications and IT verticals are some of the major drivers which are propelling the growth of the market. The market for the voice biometrics is anticipated to register a CAGR of over 25.2% during the forecast period.
The market study is being classified by Type (Active Voice Biometrics and Passive Voice Biometrics), by Application (Access Control and Authentication, Fraud Detection and Prevention, Forensic Voice Analysis and Criminal Investigation and Others) and major geographies with country level break-up.
Nuance Communications (United States), NICE (Israel), Verint (United States), AimBrain (United Kingdom), Voice Biometrics Group (United States), Phonexia (Czech Republic), OneVault (South Africa), SESTEK (Turkey), LumenVox (United States) and LexisNexis Risk Solutions (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are VoicePIN (Poland), Uniphore (India), Pindrop (United States), Aculab (UK) and Auraya (Australia.
The market is fragmented with numerous players focusing on technique and quality of the product due to which the global voice biometrics market can witness an upsurge in the forecast period. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Voice Biometrics market throughout the predicted period.
AdvanceMarketAnalytics has segmented the market of Global Voice Biometrics market by Type, Application and Region.
On the basis of geography, the market of Voice Biometrics has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Organization Size, the sub-segment i.e. Small and Medium-Sized Enterprises will boost the Voice Biometrics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Industry Vertical, the sub-segment i.e. Banking, Financial Services, and Insurance will boost the Voice Biometrics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Component, the sub-segment i.e. Software will boost the Voice Biometrics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Deployment Model, the sub-segment i.e. Cloud will boost the Voice Biometrics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Growing Demand for Robust Fraud Detection as well as Prevention Systems across the BFSI industry
- Need for Reducing Authentication and Identification Costs
- Mounting Impact of Artificial Intelligence (AI) on the Accuracy of Speech as well as Voice Recognition
- Growth in the Number of Voice Control-Based Smart Assistive Devices in Consumer as well as Enterprise Verticals
- Technology Advancement in Voice Biometrics Innovations
- Rising Demand for Voice Authentication Especially in Mobile Banking Applications
- Security and Privacy Issues with New Advanced Technologies
- Low Cybersecurity Budget of Organizations and High Installation Costs
- Advent of Various advanced Technologies, such as AI, DNN, and others
- Need for safeguarding the privacy of healthcare data
- Lack of Accuracy in Authenticating Users
- Lack of Technological Awareness, Privacy Issues, as well as Limited Technical Expertise
Market Leaders and their expansionary development strategies
In May 2017, the Microsoft Corporation (United States) Company has a partnership with Toyota Motor Corporation (Japan) Company in order to enable voice recognition technology in the cars. In addition, it provides access to its intellectual properties which including recognition technology, artificial intelligence, operating systems, voice, and gesture control. Therefore, this will, in turn, propel the growth of voice biometrics market, and In January 2017, the Nuance Communications (United States) Company and International Business Machines Corporation (United States) Company have entered into a licensing as well as technical services agreement in order to improve and expand innovative speech solutions. Hence, it will affect the growth of the market in the future.
In May 2018, the Nuance Communications (United States) Company has launched the universal cloud-based speech recognition platform, dragon medical one. Therefore, it will benefit the increased product portfolio of the company. and In May 2016, Citigroup Inc. (United States) Company has launched voice biometrics authentication, especially for Asia Pacific consumer banking customers. Therefore, this launched will help in strengthening the position of the company in the Asia Pacific
Key Target AudienceManufacturers of Voice Biometrics, Research and Development (R&D) Companies, Research Organization, Federal Agencies and Others
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