Tag: Voice Biometrics Market Forecast

Voice Biometrics Market Hits USD 2.53 billion in 2022, Targets 23.48% CAGR Soar Until 2028

How big is the Global Voice Biometrics market?

According to MarkNtel Advisors study, 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., 2023-28.

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Global Voice Biometrics Market Trend:

Use of Digit-based Voice Authentication for Enhancing Identity Assurance to be a New Market Trend – The adoption of digit-based voice authentication solutions that combine voice biometrics with cryptographically generated numeric digits to enhance identity assurance in remote access applications is surging. Owing to this, many companies that provide biometric solutions are now launching digit-based voice authentication solutions. For instance:

  • In 2023, UK-based voice biometrics provider ValidSoft, launched a new digit-based voice authentication solution to deliver trusted identity assurance in enterprise remote access applications, such as ZTNA, PAM, and IAM.

The industry’s continued dedication to advancing security measures & utilizing multi-factor authentication techniques to combat fraud & ensure thorough identity verification is demonstrated by the adoption of digit-based voice authentication. The trend is anticipated to drive the market during the forecast period as organizations are increasingly leveraging this technology to mitigate risks associated with credential theft, social engineering hacks, and deep fake threats.

Leading Companies in the Global Voice Biometrics market:

  • Aculab Inc.
  • Agnitio SL
  • BioCatch Ltd
  • LexisNexis Risk Solutions Inc.
  • Nuance Communications Inc.
  • One Vault
  • Pindrop Security Inc.
  • Phonexia SRO
  • Uniphore Software Systems Pvt Ltd
  • Verint Systems Inc.
  • Voice Biometricss Group [VBG]
  • VoicePass Technology
  • ID R&D
  • Others

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Global Voice Biometrics Market Segmentation:

By Type

  • Active Voice Biometrics – Market Size & Forecast 2018-2028, (USD Million)
  • Passive Voice Biometrics – Market Size & Forecast 2018-2028, (USD Million)

By Deployment

  • On-Premise – Market Size & Forecast 2018-2028, (USD Million)
  • Cloud – Market Size & Forecast 2018-2028, (USD Million)

By Authentication Process

  • Automated IVR- Market Size & Forecast 2018-2028, (USD Million)
  • Agent-Assisted – Market Size & Forecast 2018-2028, (USD Million)
  • Mobile Applications – Market Size & Forecast 2018-2028, (USD Million)
  • Employee Authentication – Market Size & Forecast 2018-2028, (USD Million)

By Application

  • Authentication and Customer Verification – Market Size & Forecast 2018-2028, (USD Million)
  • Forensic Voice Analysis and Criminal Investigation – Market Size & Forecast 2018-2028, (USD Million)
  • Fraud Detection and Prevention – Market Size & Forecast 2018-2028, (USD Million)
  • Risk and Emergency Management – Market Size & Forecast 2018-2028, (USD Million)
  • Transaction Processing – Market Size & Forecast 2018-2028, (USD Million)
  • Access Control – Market Size & Forecast 2018-2028, (USD Million)
  • Workforce Management – Market Size & Forecast 2018-2028, (USD Million)
  • Others (Vocal Passphrase, Speech Therapy, etc.) – Market Size & Forecast 2018-2028, (USD Million)

The adoption of voice biometrics for Authentication & Customer Verification has registered substantial growth due to its significant adoption in public services, healthcare, and e-commerce.

By Vertical

  • Banking, Financial Services, & Insurance (BFSI)- Market Size & Forecast 2018-2028, (USD Million)
  • Government – Market Size & Forecast 2018-2028, (USD Million)
  • Healthcare- Market Size & Forecast 2018-2028, (USD Million)
  • Retail & E-commerce- Market Size & Forecast 2018-2028, (USD Million)
  • IT & Telecommunication – Market Size & Forecast 2018-2028, (USD Million)
  • Transportation & Logistics – Market Size & Forecast 2018-2028, (USD Million)
  • Others (Education, Hospitality, etc.) – Market Size & Forecast 2018-2028, (USD Million)

By Enterprise Size

  • Large Enterprises – Market Size & Forecast 2018-2028, (USD Million)
  • Small & Medium Enterprises- Market Size & Forecast 2018-2028, (USD Million)

Regional/ Countries Insight:

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

North American region is renowned for being an early adopter of cutting-edge technologies, like voice authentication, in numerous industries.

Note: Should you require specific information beyond the current scope of the report, we are prepared to furnish it as part of our customization services.

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