A recent report published by Infinium Global Research on the voice biometrics market provides an in-depth analysis of segments and sub-segments in the global as well as regional voice biometrics market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional voice biometrics market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global voice biometrics market. According to the report, the global voice biometrics market is projected to grow at a CAGR of 22.3% over the forecast period of 2020-2026.

Market Insight

Voice Biometrics is the next level of security for enterprises. Nowadays enterprises are implementing voice biometrics as a security measure to authenticate customers to access their systems. This security system has proved to be more secure than PINs, passwords, and security questions. It is a mature enough technology to provide the required levels of security, versatility, and cost-effectiveness. Voice biometrics user interfaces do not require expensive scanning devices, need only existing phone systems and everyday technology. It is actually a combination of both physical attributes and behavioral attributes with a single interaction it provides authentication. It can also be used to gather additional information such as a password, PIN, user-acknowledgment of prompted questions, and so on, if required, with little or no extra cost.

Voice biometrics is gaining traction within the financial services industry. A password alone is no longer sufficient for protecting business-critical assets and applications. Instead, voiceprint technology recognizes the voice patterns of each individual and accesses them securely. The Financial services industries are moving away from using passwords for account access and going toward secure voice biometric authentication that is fast, convenient, secure, and cost-effective. Voice biometrics only requires a microphone as an input device that is already built into smartphones, which approximately 45 percent of the global population, already use worldwide. Furthermore, this technology can also be used as part of two-factor or multi-factor (MFA) authentication, which leverages an identity verification process using multiple identifiers for authentication. It includes challenge-response questions or one-time passcodes through SMS/text messages. Hence many financial services organizations are starting to adopt this technology. However, the privacy issue associated with advanced voice biometric technology is affecting the growth of the market. Moreover, technological advancement provides a significant growth opportunity for the voice biometric market.

North America dominates the voice biometric market owing to the growing use of Smartphones and machine learning technologies. Furthermore, Banking, financial, and telecom service providers are adopting voice biometrics solutions and services. This contributing to the growth of the market in the North American region. Additionally, the growing demand for voice biometric from government organizations and consumers is also driving the growth of the market. The United States Social Security Administration uses voice authentication to allow employers to report W-2 wages online. It is used in combination with a pin number, the voice authentication provides system security and user convenience.

Segment Covered

The report on global voice biometrics market covers segments such as application, type, deployment model, and industry vertical. On the basis of application, the sub-markets include access control and authentication, fraud detection and prevention, and forensic voice analysis and criminal investigation. On the basis of type, the sub-markets include active voice biometrics, and passive voice biometrics. On the basis of deployment model, the sub-markets include cloud based, and on premise. On the basis of industry vertical, the sub-markets include banking, financial services, insurance, retail and ecommerce, telecommunications and IT, defense, healthcare, and others.

Companies Profiled:

The report provides profiles of the companies in the market such as Nuance Communications, NICE Ltd., Verint Systems, Phonexia S.R.O., Voice Biometrics Group, LexisNexis Risk Solutions, Pindrop Security, Aculab, Auraya, and AimBrain.

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of voice biometrics market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.