Voice Biometric Market Size, Share | Growth Trends, Key Players and Competitive Strategies - Forecast to 2031 | NICE Ltd, Verint Systems Inc., Pindrop Security Inc

Market Overview:

Voice biometrics captures the unique characteristics of a person's voice to verify their identity. It is used for secure access to devices, applications, bank accounts, and other online services through voice authentication. Voice biometrics provides convenience to users as it eliminates the need for passwords.

Market Dynamics:

The voice biometric market is driven by the rising security concerns across various industries such as BFSI, healthcare, government, and others. Voice biometrics provides an additional layer of security over usernames and passwords that are more prone to hacking. Moreover, the increasing adoption of voice-enabled smart devices and integration of virtual assistants has boosted the demand for voice biometrics. Voice biometrics offers hands-free operation and user convenience on such devices. Furthermore, the growing need to curb identity theft and fraud cases has compelled organizations to adopt advanced biometric technologies such as voice biometrics for authentication.

The global voice biometrics market size was valued at USD 1,912.03 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 21.5% from 2022 to 2030

Request Sample Copy of Report @ https://www.coherentmarketinsights.com/insight/request-sample/5167

Growing Need for Secure and Reliable Identity Verification is Fueling Demand for Voice Biometrics

The voice biometric market is experiencing tremendous growth as organizations increasingly realize the need for securely verifying customer identities in digital interactions. Voice biometrics provide a very robust way to authenticate users over the phone while addressing rising concerns about fraud and security breaches. By analyzing unique acoustic characteristics of an individual's voice, voice biometrics can reliably identify people even without access to traditional security factors like passwords or ID cards. This has made voice verification a popular choice for two-factor authentication in applications like account login, remote banking operations, and government services. Looking ahead, as more customer services transition to digital platforms amid COVID-19, demand for voice biometrics is expected to keep accelerating to enable convenient yet secure customer verification remotely.

Increasing Use of AI Assistants is Boosting Deployment of Voice Biometrics

The growing popularity of AI assistants controlled by voice like Amazon Alexa, Google Assistant, Apple Siri etc. is fueling adoption of voice biometric technologies. These AI platforms require voice biometrics to recognize individual users and personalize responses accordingly. They also leverage voiceprints to securely complete tasks like online payments and access private information. As AI assistants become more intelligent and ubiquitous in homes as well as offices, their ability to correctly identify user identities through voice will be critical for building user trust. This in turn is stimulating investment in advanced voice biometrics solutions that can analyse voices robustly even in noisy conditions to support seamless and secure interactions with AI systems remotely.

Major Key Players:

Nuance Communications Inc., NICE Ltd, Verint Systems Inc., Pindrop Security Inc., Voice Biometrics Group, Uniphore Software Systems Pvt Ltd, LexisNexis Risk Solutions Inc., Auraya Inc., Lumen Vox LLC (Voice Trust GmBH), One Vault SA, VoicePIN.com SP ZOO, Phonexia SRO, Aculab Inc., SESTEK and BioCatch Ltd

Detailed Segmentation:

Global Voice Biometric Market, By Type:
Active Biometrics
Passive Biometrics
Global Voice Biometric Market, By Deployment Model:
On-premise
Cloud
Global Voice Biometric Market, By Enterprise Size:
Small and Medium Enterprises
Large Enterprises
Global Voice Biometric Market, By Industry Vertical:
Banking, Financial Services, and Insurance
Retail and E-commerce
Telecommunications and IT
Government and Defense
Other Industry Verticals

Request for Customization @ https://www.coherentmarketinsights.com/insight/request-customization/5167

Privacy Concerns Around Unauthorized Voice Data Collection Can Impact Growth

While the many conveniences of voice biometrics are driving large-scale deployments, concerns around improper collection and usage of voice data without consent act as a key restraint. There is ongoing uncertainty regarding how voiceprints containing sensitive information about an individual's health, age, gender etc. should be handled, stored and shared responsibly by organizations amid evolving regulations. Any incidents of voice data being leaked, stolen or misused could seriously undermine user trust in voice biometric technologies. Voice biometrics vendors will need to devote more resources towards ensuring customers fully understand how their voice data is being captured, processed and secured. Strict privacy policies and adherence to data protection laws will be paramount to alleviate privacy worries that may discourage some organizations from implementing voice verification.

Growth of Voice Commerce Presents Great Opportunity

The rapid growth of voice commerce, where customers can make purchases or perform transactions simply by speaking to digital assistants, offers a major opportunity for voice biometric technology providers. As voice gradually replaces screens for an increasing number of commerce activities like online ordering, payments etc., identifying customers reliably through their voiceprints will become essential for securely completing financial transactions in a contactless manner. Leading voice commerce companies are already collaborating with voice biometrics vendors to deploy speaker recognition capabilities that can authenticate users and authorize payments based on their voice. If voice becomes the preferred interface for commerce over the next five years as expected, it will generate huge demand for advanced and scalable voice biometric solutions supporting multifactor authentication seamlessly behind the scenes.

Rise of Multi-Modal Biometric Fusion is a Key Market Trend

While voice biometrics deliver cost-effective and frictionless authentication for many use cases, relying only on voice characteristics leaves room for spoofing attempts. To provide stronger security, organizations are increasingly adopting multi-modal biometric systems that combine voice verification with face, fingerprint or behavioral biometrics. Known as biometric fusion, these multi-biometric approaches authenticate identities more robustly by verifying multiple unique factors simultaneously. Leading voice biometrics vendors are responding to this trend by developing hybrid solutions with capabilities to analyze voice as well as other attributes. As threats to identity evolve, fusion of biometrics will become essential for banking, government and other sensitive applications demanding very high assurance authentication. This focus on integrated multi-modal biometrics over standalone technologies defines an important trend guiding innovations in the voice biometrics industry.

Buy Now @ https://www.coherentmarketinsights.com/insight/buy-now/5167

𝗙𝗔𝗤'𝗦:

What is the projected size of the Voice Biometric Market by 2031?
Which major countries will experience the greatest impact from the Voice Biometric Market?
Which regional market in the Voice Biometric Market is the largest?
Which leading companies dominate the majority of the Voice Biometric Market?
Which geographic market within the Voice Biometric Market industry is expected to exhibit the most significant growth potential?
What are the primary drivers of the Voice Biometric Market?
What are the current trends and future predictions for the global Voice Biometric Market industry?
What are the key strategies employed in the Voice Biometric Market?
What are the main growth prospects for the Voice Biometric Market?

533 Airport Boulevard,
Suite 400, Burlingame,
CA 94010, United States
Phone: US +12067016702 / UK +4402081334027
Email: sales@coherentmarketinsights.com

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defence, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

This release was published on openPR.