Voice Biometrics Market Still Has Room to Grow | Emerging Players LumenVox , Nuance Communications, Verint

Speaker recognition is the identification of a person from characteristics of voices. It is used to answer the question "Who is speaking?" The term voice recognition; can refer to speaker recognition or speech recognition. Speaker verification (also called speaker authentication) contrasts with identification, and speaker recognition differs from speaker diarisation (recognizing when the same speaker is speaking).

HTF MI added a new research study in its database with title 'Global Voice Biometrics Market Insights by Application, Product Type, Competitive Landscape & Regional Forecast 2025' that includes detailed analysis, Competitive landscape, forecast and strategies. The study covers geographic analysis that includes regions like North America, South & Central America, Middle East & Africa, Europe, Asia-Pacific and important players/vendors such as Nuance Communications (United States), NICE (Israel), Verint (United States) etc. The report will help user gain market insights, future trends and growth prospects for forecast period of 2019-2025.

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Industry Background:
Voice Biometrics is defined as the technology which is mainly used to verify a person's identity by their unique vocal attributes. It works via comparing a person's voice to a voiceprint which is stored on file. Increasing deployment by companies majorly in BFSI, retail, e-commerce, telecommunications and IT verticals are some of the major drivers which are propelling the growth of the market. The market for the voice biometrics is anticipated to register a CAGR of over 25.2% during the forecast period. This growth is primarily driven by Growing Demand for Robust Fraud Detection as well as Prevention Systems across the BFSI industry, Need for Reducing Authentication and Identification Costs, Mounting Impact of Artificial Intelligence (AI) on the Accuracy of Speech as well as Voice Recognition and Growth in the Number of Voice Control-Based Smart Assistive Devices in Consumer as well as Enterprise Verticals.

Globally, a noticeable market trend is evident Technology Advancement in Voice Biometrics Innovations. Major Players, such as Nuance Communications (United States), NICE (Israel), Verint (United States), AimBrain (United Kingdom), Voice Biometrics Group (United States), Phonexia (Czech Republic), OneVault (South Africa), SESTEK (Turkey), LumenVox (United States) and LexisNexis Risk Solutions (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.

Key Developments in the Market:
In May 2017, the Microsoft Corporation (United States) Company has a partnership with Toyota Motor Corporation (Japan) Company in order to enable voice recognition technology in the cars. In addition, it provides access to its intellectual properties which including recognition technology, artificial intelligence, operating systems, voice, and gesture control. Therefore, this will, in turn, propel the growth of voice biometrics market, and In January 2017, the Nuance Communications (United States) Company and International Business Machines Corporation (United States) Company have entered into a licensing as well as technical services agreement in order to improve and expand innovative speech solutions. Hence, it will affect the growth of the market in the future.
In May 2018, the Nuance Communications (United States) Company has launched the universal cloud-based speech recognition platform, dragon medical one. Therefore, it will benefit the increased product portfolio of the company. and In May 2016, Citigroup Inc. (United States) Company has launched voice biometrics authentication, especially for Asia Pacific consumer banking customers. Therefore, this launched will help in strengthening the position of the company in the Asia Pacific

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Market Drivers
Growing Demand for Robust Fraud Detection as well as Prevention Systems across the BFSI industry
Need for Reducing Authentication and Identification Costs
Mounting Impact of Artificial Intelligence (AI) on the Accuracy of Speech as well as Voice Recognition
Growth in the Number of Voice Control-Based Smart Assistive Devices in Consumer as well as Enterprise Verticals

Market Trend
Technology Advancement in Voice Biometrics Innovations
Rising Demand for Voice Authentication Especially in Mobile Banking Applications

Restraints
Security and Privacy Issues with New Advanced Technologies
Low Cybersecurity Budget of Organizations and High Installation Costs

Opportunities
Advent of Various advanced Technologies, such as AI, DNN, and others and Need for safeguarding the privacy of healthcare data

Challenges
Lack of Accuracy in Authenticating Users and Lack of Technological Awareness, Privacy Issues, as well as Limited Technical Expertise

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Introduction about Voice Biometrics

Voice Biometrics Market Size (Sales) Market Share by Type (Product Category) [Active Voice Biometrics, Passive Voice Biometrics] in 2018
Voice Biometrics Market by Application/End Users [Access Control and Authentication, Fraud Detection and Prevention, Forensic Voice Analysis and Criminal Investigation, Others]
Voice Biometrics Sales (Volume) and Market Share Comparison by Applications
Global Voice Biometrics Sales and Growth Rate (2014-2025)
Voice Biometrics Competition by Players/Suppliers, Region, Type and Application
Voice Biometrics (Volume, Value and Sales Price) table defined for each geographic region defined.
Voice Biometrics Players/Suppliers Profiles and Sales Data
Additionally Company Basic Information, Manufacturing Base and Competitors list is being provided for each listed manufacturers
Market Sales, Revenue, Price and Gross Margin (2014-2018) table for each product type which include
Cost Structure Analysis
Key Raw Materials Analysis & Price Trends
Supply Chain, Sourcing Strategy and Downstream Buyers, Industrial Chain Analysis
........and view more in complete table of Contents

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