Voice Verification Market - Attracts Investor Interest with Unparalleled Growth Rates

Voice verification technology enables identification of an individual on the basis of voice biometrics. Its works in the same manner as blood DNA and fingerprint matching enables identification of individual. Its main application is in verification of financial transactions to guard against frauds.

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The market is in it nascent stage of development due to lack of awareness among end-user industries and regulatory bodies. However, the market is expected to grow with healthy growth rate due to increased adoption in financial institutions & corporate Enterprises, using voice biometric products in combination with speech recognition.

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The other drivers for this market includes increasing popularity of voice verification in cell phone solutions, no dependency on infrastructure enabling easy implementation, and low initial investments.

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However, factors posing challenge on the growth of this market are lack of awareness and confusion created between Voice Biometrics and Speech Recognition.

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