Market Size – USD 1,173 Million in 2020, Market Growth – at a CAGR of 22.3%, Market Trends – Increased Adoption by Large Enterprises –

The of the voice biometrics market is expected to reach USD 5,889.9 million in 2028 and register a revenue CAGR of 22.3% over the forecast period, according to the latest report from Reports and Data. Increase in the frequency and complexity of cyberattacks and malware encountered when using Internet-based technologies and strong demand for more robust and secure methods to exploit and access components, credible information and confidential statistics in Technology-driven systems used in various end-use industries are expected to drive the market revenue growth. The high complexity of cyberattacks has resulted in the failure of the preliminary line of defense like username and passwords. These have proven to be insufficient which, in turn, would also contribute to the growth of the voice biometrics market.

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Many leading voice assistant companies i.e. Apple, Google, Microsoft, Amazon and Mycroft are investing heavily in R&D of voice matching or biometrics through voice matching. Hence, the growing implementation of voice matching services in voice assistants is driving the growth of the market. Various social networking sites including Facebook, Twitter, LinkedIn and others are constantly striving to develop advanced voice recognition so that voice input taken through voice recognition facilities can also be implemented as a matching function vocal. This will eliminate the complexity of manual customer authentication procedures.

Additionally, the biometric process has many beneficial properties over voice recognition. Along with this, the promising development of AI-based voice recognition technology to decrease the chances of replication or hacking would provide top-notch biometric security, which, in turn, should create a platform that will be superior. to any other form of biometric facilities. .

However, modern cyberattacks are more effective at circumventing outdated security measures deployed by large companies, including Sony and BCBS, among others. According to various resources, businesses lose around USD 600.00 billion to cybercriminals every year, while in 2018, 86.0% of businesses across the world reported at least one cyberattack per year and there were around 100 million verified cybercrime threats moving through cyberspace. same year.

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Some key elements of the report The

  • Voice biometrics software works by breaking down a person’s recorded speech input audio into an individual sound spectrum. It then analyzes each sound pitch, using pre-programmed algorithms to match the provided sound with pre-loaded sound signatures. Voice biometrics software also uses machine learning and artificial intelligence to create algorithms, which can be used to differentiate each individual sound spectrum and convert it into a digital format to analyze content items.
  • The on-premises segment accounted for a significant portion of revenue in 2020. The on-premises system uses software and services in a single site. Components associated with voice biometrics are kept confined to a particular space and not accessible elsewhere. Likewise, all related components such as voice input hardware, on-board software, and voice sample storage cannot be accessed or monitored externally and are confined to a single space.
  • Voice biometrics is very beneficial in fraud detection as its counterparts such as password authentication and token authentication have a high chance of being replicated or stolen. The voice biometric authentication system is difficult to impersonate and passwords cannot be easily stolen or lost. Rising demand for fraud detection systems to combat cyber crime cases would drive the market growth over the forecast period.
  • Governments are investing in voice biometrics to help modernize and secure state-run services, which can generate a large amount of revenue. This would speed up the interaction of government employees with back-office administrative systems. It would also ease the process of accessing government applications and websites for citizens, while improving the interaction between government and citizens. It can be applied by the government to improve the efficiency of its tax collection process. The government can create biometric identifiers that would help in their tax collection process by developing voiceprinting, with the help of technology. This technology may also be used to identify callers in the near future.
  • Asia-Pacific accounted for a large share of revenue in 2020, due to the rapid digitization of the financial sector. Additionally, the banking industry in most countries is replacing the conventional process of manual passwords, signatures, or token-based authentication. India and China have one of the largest consumer bases of biometric systems. These factors are driving the demand for voice biometrics in the region.
  • Some of the major companies profiled in the market report include Nuance Communications, NICE Systems Ltd., Verint Systems, LumenVox, Auraya System, Omilia, Sestek, Verbio Technologies, Pindrop Security and Interactions.

For the purposes of this report, Reports and Data has segmented the global voice biometrics market on the basis of component, deployment type, organization size, application, end-use, and region :

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

Deployment Type Outlook (Revenue, USD Million; 2018-2028)

the size of the organization

  • small and medium enterprises for
  • the big enterprises

(Revenue, USD Million; 2018-2028)

  • Forensic Voice Analysis
  • Access security
    1. Customer authentication and verification
    2. Fraud detection
  • Payments
    1. Transaction processing
    2. Voice word reset
  • Others

End-Use Outlook (Revenue, USD Million; 2018-2028)

  • Government
  • BFSI
  • Consumer electronics
  • Health
  • Logistic transport
  • Defense and Security
  • Others

Regional Outlook (Revenue, USD Billion; 2018-2028)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

Key questions addressed in the report:

  • What are the main results of Porter’s five forces analysis?
  • What CAGR is the voice biometrics market expected to register during the forecast period?
  • Who are the major players operating in the voice biometrics market?
  • What are the key factors expected to drive market growth between 2021 and 2028?
  • What key factors are expected to hinder the overall market growth?
  • What is the expected market size of the Voice Biometrics market between 2021 and 2028?

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Market Size – USD 1,173 Million in 2020, Market Growth – at a CAGR of 22.3%, Market Trends – Increased Adoption by Large Enterprises –

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