Voice Biometrics Market Projected to reach $2,845 million by 2024 | Key players include Nuance Communications, NICE, Verint, Phonexia and Pindrop
Browse 81 market data Tables and 32 Figures spread through 136 Pages and in-depth TOC on "Voice Biometrics Market”
Access control and authentication application segment to hold the largest market size during the forecast period
A growing need for advanced access control and authentication systems across industry verticals has been driving the demand of voice biometrics solutions. The technology analyzes voice patterns to create unique identification of every individual based on about 100 physical and behavioral factors, including pronunciation, accent, emphasis, as well as physical characteristics of vocal tract, mouth, and nasal passages. An increasing use of voice biometrics across retail, defense, and automotive industries is expected to boost the growth of access control and authentication segment.
Banking, Financial Services, and Insurance (BFSI) vertical to hold the largest market size during the forecast period
The voice biometrics market by industry vertical covers major verticals: BFSI, telecommunications and IT, healthcare, retail and eCommerce, and government and defense, and others. The BFSI vertical is estimated to account for the largest size in the voice biometrics market in 2019. Increasing deployment of voice biometrics solutions has enabled BFSI organizations to reduce frauds and other financial losses. Telecommunication and IT, and healthcare have achieved easier accountability and greater transparency with the deployment of voice biometrics solutions.
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Asia Pacific (APAC) to grow at the highest CAGR during the forecast period
North America is expected to account for the largest market size in the voice biometrics market by region during the forecast period. The region houses many key vendors, such as Nuance Communications, Verint, and Pindrop. APAC is expected to grow at the highest CAGR during the forecast period with increasing investments in strengthening security infrastructure. An increasing demand for cloud-based solutions from retail and eCommerce and healthcare verticals is expected to drive the voice biometrics market in the region.
The voice biometrics market comprises major solution providers, such as 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). The study includes the in-depth competitive analysis of the key players in the voice biometrics market with their company profiles, recent developments, and key market strategies.
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