How Big is the Voice Biometrics Market?

The Global Voice Biometrics Market size was valued at around USD 2.53 billion in 2022 and is estimated to grow at a CAGR of about 23.48% during the forecast period, i.e., 2024-30. The high cyber security threats, advancements in voice recognition technology, substantial adoption of voice assistants & voice-activated devices, soaring digitalization of industries, and regulatory compliance & data privacy requirements enhanced the adoption of voice biometrics across verticals such as BFSI, healthcare, telecommunication, etc. Thus, aiding in enhancing the market share. Additionally, as the reliance on IT infrastructure has been growing exponentially in the BFSI sector due to a surge in online financial transactions, the adoption of voice biometrics heightened.

Market Statistics

• Market Size in 2022: USD 2.53 billion
• Market Growth Rate (CAGR): 23.48% from 2024-2030

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Voice Biometrics Market Insight:

Driver-

Rising Demand for Robust Fraud Detection System across BFSI Sector – The banking industry has witnessed a rapid surge in fraudulent activities, such as theft of sensitive data & illegal access to customer's bank accounts, due to the digitalization of the sector. To address this critical issue, an additional layer of security is required within the financial authentication system, leading to the upscaled adoption of voice biometrics solutions to meet the specific needs of intelligently identifying users based on their unique voiceprints.

In addition, the BFSI industry has been expanding considerably over the past few years owing to several causes, including economic expansion of industrial sectors & growing demand for better access to financial services for both consumers & businesses. This expansion has resulted in the enhanced demand for better fraud detection services like voice biometrics, which augmented the market growth during 2019-22. Furthermore, the launch of digital banks has surged across countries like Germany, Brazil, Singapore, etc., due to regulatory support & the presence of supportive fin-tech ecosystems. For instance,

• In 2023, Intesa Sanpaolo SpA partnered with core banking technology company 'Thought Machine' to launch a new digital bank, Isybank.

The surge in digital banks would accelerate the demand for voice biometrics as it would be required to strengthen the authentication for digital banking transactions.

 Voice Biometrics Market Segmentation:

The report has segmented the market into the following categories:

By Type

• Active Voice Biometrics - Market Size & Forecast 2019-2030, (USD Million)
• Passive Voice Biometrics - Market Size & Forecast 2019-2030, (USD Million)

By Deployment

• On-Premise - Market Size & Forecast 2019-2030, (USD Million)
• Cloud - Market Size & Forecast 2019-2030, (USD Million)

By Authentication Process

• Automated IVR- Market Size & Forecast 2019-2030, (USD Million)
• Agent-Assisted - Market Size & Forecast 2019-2030, (USD Million)
• Mobile Applications - Market Size & Forecast 2019-2030, (USD Million)
• Employee Authentication - Market Size & Forecast 2019-2030, (USD Million)

By Application

• Authentication and Customer Verification - Market Size & Forecast 2019-2030, (USD Million)
• Forensic Voice Analysis and Criminal Investigation - Market Size & Forecast 2019-2030, (USD Million)
• Fraud Detection and Prevention - Market Size & Forecast 2019-2030, (USD Million)
• Risk and Emergency Management - Market Size & Forecast 2019-2030, (USD Million)
• Transaction Processing - Market Size & Forecast 2019-2030, (USD Million)
• Access Control - Market Size & Forecast 2019-2030, (USD Million)
• Workforce Management - Market Size & Forecast 2019-2030, (USD Million)
• Others (Vocal Passphrase, Speech Therapy, etc.) - Market Size & Forecast 2019-2030, (USD Million)

By Vertical

• Banking, Financial Services, & Insurance (BFSI)- Market Size & Forecast 2019-2030, (USD Million)
• Government - Market Size & Forecast 2019-2030, (USD Million)
• Healthcare- Market Size & Forecast 2019-2030, (USD Million)
• Retail & E-commerce- Market Size & Forecast 2019-2030, (USD Million)
• IT & Telecommunication - Market Size & Forecast 2019-2030, (USD Million)
• Transportation & Logistics - Market Size & Forecast 2019-2030, (USD Million)
• Others (Education, Hospitality, etc.) - Market Size & Forecast 2019-2030, (USD Million)

By Enterprise Size

• Large Enterprises - Market Size & Forecast 2019-2030, (USD Million)
• Small & Medium Enterprises- Market Size & Forecast 2019-2030, (USD Million)

By Region

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

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Competitive Landscape:

• Aculab Inc.
• Agnitio SL
• BioCatch Ltd
• LexisNexis Risk Solutions Inc.
• Nuance Communications Inc.
• One Vault
• Pindrop Security Inc.
• Phonexia SRO
• Product Portfolio
• Strategic Alliances or Partnerships
• Recent Developments
• Financial Details
• Others
• Uniphore Software Systems Pvt Ltd
• Verint Systems Inc.
• Voice Biometrics Group (VBG)
• VoicePass Technology
• ID R&D
•  

The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant.

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Key Highlights of the Report:

• Market Performance (2024-2030)
• Strategic Recommendations
• Current, Historical and Future Market Trends
• Market Drivers and Leading Competitor
• SWOT Analysis
• Structure of the Market
• Comprehensive Mapping and Recent Advancement

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