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Voice Biometrics Market worth $10.20 billion by 2030, growing at a CAGR of 19.96% - Exclusive Report by 360iResearch
Voice Biometrics Market | 360iResearch
The Global Voice Biometrics Market to grow from USD 2.85 billion in 2023 to USD 10.20 billion by 2030, at a CAGR of 19.96%.
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Voice biometrics technology verifies a speaker's identity and enhances user experience with fast, frictionless authentication. The rising security concerns and growing need for secure authentication systems are accelerating the use of voice biometrics across end-use industries. Financial institutions are widely employing voice biometric technologies to improve the efficiency of identification and verification procedures. The use of voice biometric technology is increasing in connected vehicles and smartphones to enhance security. However, the operational issues and privacy concerns associated with the use of biometrics may limit their adoption by the end-use sectors. Moreover, the ongoing advancements and emerging applications in the healthcare sector are expected to encourage the adoption of voice biometrics by end-use industries worldwide.
The voice biometrics market in the Americas is highly developing owing to the ongoing advancements in healthcare and BFSI sectors, growing penetration of connected vehicles, and the development of novel technologies to simplify voice recognition and authentication procedures. The supportive government standards and initiatives to introduce artificial intelligence (AI) in end-user industries have improved the usage of speech and voice recognization technologies in the Americas. In context, in 2021, general artificial intelligence bills or resolutions were introduced in approximately 17 states across the United States and enacted in Alabama, Colorado, Illinois, and Mississippi to develop advanced technology and artificial intelligence in various end-user industries, supporting the use of voice biometrics in the Americas. Moreover, the funding and investments in deploying digital technologies across European countries have improved the demand for voice biometrics in the EMEA region. In context, in March 2023, the European Union research project 'ROXANNE' completed its development of a system that includes voice biometrics for law enforcement agencies to investigate criminal networks. The significant rise in the usage of smartphones and digital transactions in the APAC region is expected to provide growth opportunities for the voice biometrics market in the coming years. According to the GSM Association, smartphone adoption is expected to reach 84% in India, 89% in Indonesia, 84% in Australia, 83% in Japan, 87% in Malaysia, 89% in Singapore, and 90% in South Korea by 2025.
Market Segmentation & Coverage:
This research report categorizes the Voice Biometrics Market in order to forecast the revenues and analyze trends in each of following sub-markets:
Based on Component, market is studied across Services and Solutions. The Services is projected to witness significant market share during forecast period.
Based on Type, market is studied across Active Voice Biometrics and Passive Voice Biometrics. The Active Voice Biometrics is projected to witness significant market share during forecast period.
Based on Authentication Process, market is studied across Agent Assisted, Automated IVR, Employee Authentication, and Mobile Applications. The Automated IVR is projected to witness significant market share during forecast period.
Based on Deployment Mode, market is studied across On Cloud and On-Premises. The On-Premises is projected to witness significant market share during forecast period.
Based on Application, market is studied across Access Control, Authentication & Customer Verification, Forensic Voice Analysis & Criminal Investigation, Fraud Detection & Prevention, Risk & Emergency Management, Transaction Processing, and Workforce Management. The Authentication & Customer Verification is projected to witness significant market share during forecast period.
Based on End-User, market is studied across BFSI, Education, Media & Entertainment, Energy & Utility, Government & Defense, Healthcare & Lifesciences, Manufacturing, Retail & eCommerce, Telecom & IT, and Transportation & Logistics. The Retail & eCommerce is projected to witness significant market share during forecast period.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Asia-Pacific is projected to witness significant market share during forecast period.
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FPNV Positioning Matrix:
The FPNV Positioning Matrix is essential for assessing the Voice Biometrics Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).
Market Share Analysis:
The Market Share Analysis offers an insightful look at the current state of vendors in the Voice Biometrics Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.
Key Company Profiles:
The report delves into recent significant developments in the Voice Biometrics Market, highlighting leading vendors and their innovative profiles. These include Aculab, Apple Inc., Auraya Systems, Aware, Inc., Biometric Identity Solutions by Argus TrueID, Daon Inc., Fortra, LLC, HYPR Corp., ID R&D Inc., Interactions LLC, Kaizen Voiz, LexisNexis Risk Solutions Group by RELX Group PLC, LumenVox GmbH, Minds Digital, Mobbeel Solutions, SLL by Indra Sistemas, S.A., NICE Ltd., Nuance Communications, Inc. by Microsoft Corporation, Omilia Natural Language Solutions Ltd, OneVault Pty Ltd, Phonexia s.r.o., Pindrop Security, Inc., QSS Technosoft Private Limited, Sensory, Inc., Sestek by Unifonic Group of Companies, Speech Technology Center Limited, Synaptics Incorporated, Uniphore Technologies Inc., ValidSoft Limited, Verint Systems Inc., Voice Biometrics Group, and VoicePIN.com.
Key Topics Covered:
1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Voice Biometrics Market, by Component
7. Voice Biometrics Market, by Type
8. Voice Biometrics Market, by Authentication Process
9. Voice Biometrics Market, by Deployment Mode
10. Voice Biometrics Market, by Application
11. Voice Biometrics Market, by End-User
12. Americas Voice Biometrics Market
13. Asia-Pacific Voice Biometrics Market
14. Europe, Middle East & Africa Voice Biometrics Market
15. Competitive Landscape
16. Competitive Portfolio
The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
1. What is the market size and forecast of the Voice Biometrics Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Voice Biometrics Market?
3. What is the competitive strategic window for opportunities in the Voice Biometrics Market?
4. What are the technology trends and regulatory frameworks in the Voice Biometrics Market?
5. What is the market share of the leading vendors in the Voice Biometrics Market?
6. What modes and strategic moves are considered suitable for entering the Voice Biometrics Market?
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