23.7% Growth Rate for Voice Biometrics Market by 2024 | Nuance Communications, NICE , Verint , AimBrain , Voice Biometrics Group, Phonexia , OneVault and Others.
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The Global Voice Biometrics Market to grow from US$ 984 Million in 2019 to US$ 2,845 Million by 2024, at a Compound Annual Growth Rate (CAGR) of 23.7% during the forecast period. Voice Biometrics Market report spread across 136 Pages, Profiling 15 Companies and Supported with 81 Tables and 32 Figures is now available in this research report.
“Passive voice biometrics segment to grow at a higher CAGR during the forecast period”
Based on Type, the voice biometrics market is divided into active and passive voice biometrics. Passive voice biometrics verifies the customer identity during a natural conversation with a customer representative or call center agent. The technique is considered as a superior one, as it authenticates the user without a passphrase. As compared to active voice biometrics technique, the technique requires more storage capacity and processing power. The passive voice biometrics segment is expected to grow at a higher CAGR due to an increasing deployment by companies majorly in BFSI, retail and eCommerce, and telecommunications and IT verticals.
“Large enterprises to hold a higher market share during the forecast period”
Organizations have been gradually recognizing the importance of voice biometrics software and have started deploying them as per their needs and available resources. Large enterprises have their security infrastructure, such as MFA, for their employees and visitors. The security infrastructure may include hardware and software components, which can be installed on-premises. Active and passive voice biometrics offerings enable enterprises to deploy such solutions across channels, such as IVR, live agents, and mobile.
“Voice biometrics market in Asia Pacific (APAC) to grow at the highest CAGR during the forecast period”
The High growth in the APAC market is attributed to the significant growth potential, growing retail market, and increasing digitalization in the region with an increasing need for remaining globally competitive. Furthermore, the inclination of APAC countries toward emerging technologies such as Artificial Intelligence (AI) is also expected to fuel the growth of the voice biometrics market. However, the lack of technological awareness, privacy issues, and limited technical expertise in advanced technologies remain significant hurdles in the voice biometrics adoption across the region.
Breakdown of primary participants’ profile:
• By Company – Tier 1–10%, Tier 2–25%, and Tier 3–65%
• By Designation – C-Level–25%, Director Level–50%,and Others–25%
• By Region – North America–40%, Europe–30%, and APAC–20%, RoW – 10%
• To forecast the market size of the market segments with respect to 5 main regions: North America, Europe, Middle East and Africa (MEA), Asia Pacific (APAC), and Latin America
• To define, describe, and forecast the voice biometrics market by component (software and services), application, type (active and passive voice biometrics), deployment mode, organization size, industry vertical, and region
• To provide detailed information about the major factors (drivers, opportunities, restraints, and challenges) influencing the growth of the market
• To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
• To analyze opportunities in the market for stakeholders by identifying high-growth segments of the market
• To profile the key players of the market and comprehensively analyze their market size and core competencies in the market
• To track and analyze the competitive developments, such as new product launches; mergers and acquisitions; and partnerships, agreements, and collaborations in the global voice biometrics market
Most Popular Companies in the Voice Biometrics Market include are Nuance Communications (US), NICE (Israel), Verint (US), AimBrain (UK), Voice Biometrics Group (US), Phonexia (Czech Republic), OneVault (South Africa), SESTEK (Turkey), LumenVox (US), LexisNexis Risk Solutions (US), VoicePIN (Poland), Uniphore (India), Pindrop (US), Aculab (UK), and Auraya (Australia).
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Reasons to Buy the Report:
The Report would help the market leaders/new entrants in the market with the information on the closest approximations of the revenue numbers for the overall voice biometrics market and the sub segments. The report would help stakeholders understand the competitive landscape and gain insights to better position their businesses and plan suitable go-to-market strategies.
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