Voice Biometrics Market is Expected to Grow from US$ 1,319.23 Million in 2021 to US$ 4,823.85 Million By 2028 it is Estimated to Grow at a CAGR of 20.6% from 2022 to 2028

Voice Biometrics Market Size, Share, Growth, Industry Trends study provides details about the market dynamics affecting the market, Market scope, Market segmentation, and overlays shadow upon the leading market players highlighting the advantageous competitive landscape and trends prevailing over the years. Voice Biometrics market report also provides a thorough understanding of the cutting-edge competitive analysis of the emerging market trends along with the drivers, restraints, challenges, and opportunities in the Voice Biometrics market to offer worthwhile insights and current scenario for making the right decision.

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According to our latest market study on "Voice Biometrics Market Size and Forecast to 2028 - COVID-19 Impact and Global Analysis - by Component, Type, Authentication Process, Deployment, Vertical, and Application," the market is expected to grow from US$ 1,319.23 million in 2021 to US$ 4,823.85 million by 2028; it is estimated to grow at a CAGR of 20.6% from 2022 to 2028.

are among the key players in the global voice biometrics market. The leading companies are focusing on expanding and diversifying their market presence and acquiring a new customer base, thereby tapping prevailing business opportunities. The market players focus on new product innovations and developments by integrating advanced technologies and features to compete with the competitors.

In October 2021, Auraya released latest version of their voice biometric ArmorVox 17.9.2. It was embedded with exceptional and improved features and additional biometric scoring options to analyze and prevent any fraud activity.

Nov-2021, Aculab have joined ForgeRock's platform of ForgeRock Trust Network for quick identification and verification of their users via unique voiceprint. Aculab will provide password less experience to the customers of ForgeRock through their AI driven voice biometric solutions.

Company Profiles:

Aculab
Auraya, Inc
Aware Inc
Nuance Communications, Inc
Nice
Pindrop
Phonexia
SESTEK
Whispeak
VERINT SYSTEMS INC
Market Insight

Increasing Adoption of Voice Biometrics in Healthcare Industry

Healthcare organizations can secure their medical staff and their patients with voice biometrics. Unlike fingerprint and facial recognition, voice biometrics can be used on any device with a microphone, such as a tablet, PC, or medical device such as an X-ray machine. Users merely need to use their voice to prove their identity to access records and other resources. Voice biometrics can also be utilized in online password reset services to ensure that quick and safe password resets save medical staff and patients time. Another useful application is identifying and verifying patients during consumer contacts in call centers.

Component Segment Insights

Based on component, the market is segmented into solutions and services. The technology sector is witnessing a significant rise in demand for software as solutions simplify the component time and significantly reduce the cost of deployment. Adopting voice biometrics enables the construction of comprehensive views of their data, assisting in powering existing processes and apps while also allowing for the rapid development of new use cases.

Healthcare organizations can secure their medical staff and their patients with voice biometrics. Unlike fingerprint and facial recognition, voice biometrics can be used on any device with a microphone, such as a tablet, PC, or medical device such as an X-ray machine. Users merely need to use their voice to prove their identity to access records and other resources. Voice biometrics can also be utilized in online password reset services to ensure that quick and safe password resets save medical staff and patient's time. Another useful application is identifying and verifying patients during consumer contacts in call centers. Call center agents can easily determine or authenticate callers using voice biometrics if they are enrolled, which helps agents deliver a service or obtain necessary information about the caller immediately, saving time, especially in an emergency. Other easy implementations include incorporating voice biometrics into digital kiosks, allowing users to be identified when using a voice-assistant kiosk to get a service.

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Furthermore, several government initiatives to encourage voice biometrics in healthcare are being implemented. The risk of data breaches in the healthcare industry is increasing due to the rapid digitization of healthcare data. Due to this, governments in several nations are enacting legislation to address concerns about the security of patient data. According to the Health Insurance Portability and Accountability Act of 1996 (HIPAA), healthcare clearinghouses, health plans, and healthcare providers who transmit Electronic Protected Health Information (EPHI) as part of their business must use reasonable and appropriate levels of security to control EPHI access. In addition, healthcare institutions that break any HIPAA rules incur steep financial penalties. For instance, the Indian government used biometric patient verification in September 2019 to combat ghost admissions under Ayushman Bharat, the country's premier health insurance scheme.

The voice biometrics market is segmented into component, type, authentication process, deployment, vertical, application, and geography. On the basis of component, the market is segmented into solution and services. In 2021, the solution segment held a larger market share. Based on type, the market is segmented into active voice biometrics and passive voice biometrics. In 2021, the passive voice biometrics segment held largest share in market. Based on authentication process, the market is segmented into automated IVR agent-assisted, mobile applications, and employee authentication. In 2021, the agent-assisted segment held the largest market share. On the basis of deployment, the voice biometrics market is segmented into cloud and on-premise. In 2021, the cloud segment held a larger market share. Based on vertical, the voice biometrics market is segmented into BFSI, retail and commerce, government and defense, IT and telecom, healthcare & life sciences, transportation & logistics, travel & hospitality, energy & utilities, and others. In 2021, the BFSI segment held the largest market share. On the basis of application, the market is segmented into authentication & customer verification, forensic voice analysis & criminal investigation, fraud detection & prevention, risk & emergency management, transaction processing, access control, workforce management, and others. In 2021, the authentication and customer verification segment held the largest share in market. Geographically, the voice biometrics market is divided into five regions, including North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. In 2021, North America accounted for a significant share in the global voice biometrics market growth.

This Study Report Offers Following Objectives:

Conjecture and examination of the worldwide Voice Biometrics market deals, share, worth, status and figure
Break down the local just as nation level portions, share development for Global Voice Biometrics
Investigation of Global Voice Biometrics industry-driving makers/players.
Characterize and investigate the market rivalry scene, SWOT examination.
Estimates and investigation of the portions, sub-sections and the provincial business sectors dependent on last of 5 years market history.
Examination of the Voice Biometrics market by Type, by Application/end clients and district insightful.
Estimate and investigation of the Global Voice Biometrics Market Trends, Drivers, Investment Opportunities, Openings, Risk, Difficulties, and suggestions.
Investigate the critical driving elements, patterns which confine market development.
Portray the partner's chances in the market by recognizing the high development fragments.

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