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Voice Biometrics Market By Component (Software, Service), By Type (Active Voice Biometrics, Passive Voice Biometrics), By Deployment (On-Premise, Cloud), By Application (Access Control And Authentication, Fraud Detection And Preventive, Forensic Voice Analysis And Criminal Investigation, Others), By End-Use (Retail & E-Commerce, Government And Defense, Healthcare, Telecom & It, Others) - Growth, Future Prospects, And Competitive Analysis, 2019 – 2027

The Rising Need for Robust Security Solution is Driving the Growth of the Voice Biometrics Market

Globally, the voice biometrics market is expected to grow with a CAGR of 23.5% during the forecast period from 2019 to 2027. The market is driven by the rising need among organizations to establish efficient and secure data protection and safety methods. In addition, organizations are swiftly shifting towards digital business models, embracing enterprise mobility solutions and BYOD policies to improve operational efficiency. As a result, employees are using their devices to access sensitive business information. However, this could also make organizations more vulnerable to cyber-attacks due to a lack of security measures. Organizations are looking for more advanced and efficient ways to enhance their safety to address these challenges. This is driving the demand for voice biometrics among organizations.

The advancement in biometric technology over the past decade is also one of the major drivers of the market's growth. The integration of Artificial Intelligence and Deep Neural networks (DNN) into biometrics to enhance speaker recognition capabilities is driving the market. Furthermore, the growing need among healthcare institutes to safeguard data is also accelerating market growth. However, the lack of accuracy in authenticating users is a major challenge in the market's growth. Moreover, the low cyber-security budget of the organizations is also hindering market growth.

Market Synopsis

Services are Estimated to Grow Significantly During the Forecast Period  

The voice biometrics market is segmented based on the component of software and services. The software segment accounted for more than 78% share in the revenue in 2018. The market growth is credited to the growing need among organizations to establish convenient, faster, and effective user authentication solutions. Furthermore, the rising number of online transactions and internet activities is further driving the demand for the software market. On the other hand, the services market is estimated to grow substantially during the forecast period.

North America is Leading the Voice Biometrics Market                                 

North America led the global voice biometrics market in 2018, with a market share of more than 42%. The increasing adoption of advanced technologies such as cloud computing, AI, and Big Data is a major driver of the market's growth. In addition, the growing incidences of data leakages and cyber-attacks in the region are further encouraging the adoption of biometric voice solutions among organizations.

The major vendors in the voice biometrics market are AimBrain, Aculab, Auraya, LumenVox, LexisNexis Risk Solutions, Voice Biometrics Group, NICE, OneVault, Verint, Nuance Communications, Phonexia, Sestek, Pindrop, Uniphore, and VoicePIN.

Historical & Forecast Period

This research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. In addition, compounded Annual Growth Rate (CAGR) for each respective segment was calculated for the forecast period from 2019 to 2027.

Report Scope by Segments

The voice biometrics market report provides market size and estimates based on market dynamics and key trends observed in the industry. In addition, the report provides a holistic view of the global voice biometrics market based on component, type, deployment, application, end-use, and geography.

Frequently Asked Questions

The market for Voice Biometrics is expected to reach US$ XX Bn in 2027.

The Voice Biometrics market is expected to see significant CAGR growth over the coming years, at 23.5%.

The report is forecasted from 2019-2027.

The base year of this report is 2018.

Aculab,AimBrain, Auraya, LexisNexis Risk Solution, LumenVox, NICE are some of the major players in the global market.

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Published Date:  Dec 2019
Category:  IT & Telecom
Report ID:   60129
Report Format:   PDF
Pages:   120
Rating:    4.4 (49)
Delivery Time: 24 Hours to 48 Hours   
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