The voice biometrics market size is projected to reach US$ 9.79 billion by 2031 from US$ 1.89 billion in 2023. The market is expected to register a CAGR of 22.8% during 2023–2031. Increasing demand for fraud detection and prevention systems and increasing demand for voice authentication in mobile and banking applications are likely to remain key trends and drivers in the market.
The voice biometrics market analysis market is gaining traction significantly. This growth is attributed to the growing detection and prevention system and the increasing demand for voice authentication in mobile banking applications. Moreover increasing adoption of voice biometrics in the healthcare industry and the rising emergence of AI in voice biometrics in anticipated to hold various opportunities in the voice biometrics market.
Voice biometrics technology validates the identity of a speaker. It’s also known as voice recognition, speaker recognition, voice printing and voice authentication. Automated speech recognition (ASR) is a key aspect of technologies such as interactive voice response, virtual assistants, in-vehicle Entertainment And Emergency Services, Mobile (E.G., Smartphones) And Computing. The technology identifies the words a speaker says so that an application can do something with them.
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Voice Biometrics Market: Strategic Insights
Increasing demand for fraud detection and prevention systems is driving the voice biometrics market. Fraud detection and prevention analytics rely on data mining and machine learning and are used in fraud analytics use cases such as financial fraud analytics, payment fraud analytics, and insurance fraud detection analytics. Furthermore, as hackers develop more advanced means of committing phone fraud, organizations in every industry must step up their security measures to detect and deter the threat. With voice biometrics, such as automated speech recognition, providing a compelling means by which to protect customers must be a part of the future fraud fightback. Thus, considering the above parameters, the growing demand for fraud detection and prevention systems is driving the voice biometrics market.
The healthcare industry is one of the fastest growing industries globally. It is also one of the most demanding industries as far as biometric security is used. The healthcare industry has encountered many encounters due to expanding fraud and identity theft cases. Voice biometrics is an absolute solution for the healthcare industry to overcome these challenges because it offers high accuracy and ease of use. Thus, voice biometrics in healthcare has only risen in demand in the last few years.
Key segments that contributed to the derivation of the voice biometrics market analysis are component, type, authentication process, deployment, vertical, and application.
The geographic scope of the voice biometrics market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the voice biometrics market. High technology adoption trends in various industries in the North American region have fuelled the growth of the voice biometrics market. Factors such as increased adoption of digital tools and high technological spending by government agencies are expected to drive the North America voice biometrics market growth. Moreover, a strong emphasis on research and development in the developed economies of the US and Canada is forcing the North American players to bring technologically advanced solutions into the market. In addition, the US has a large number of voice biometrics market players who have been increasingly focusing on developing innovative solutions. All these factors contribute to the region's growth of the voice biometrics market.
The regional trends and factors influencing the Voice Biometrics Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Voice Biometrics Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 1.89 Billion |
| Market Size by 2031 | US$ 9.79 Billion |
| Global CAGR (2023 - 2031) | 22.8% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Voice Biometrics Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Voice Biometrics Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The voice biometrics market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the voice biometrics market are listed below:
The “Voice Biometrics Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
North America is anticipated to dominate the voice biometrics market in 2023.
Increasing demand for fraud detection and prevention systems and increasing demand for voice authentication in mobile and banking applications are some of the factors driving the voice biometrics market.
The increasing emergence of artificial intelligence in voice biometrics is anticipated to drive the market in the forecast period.
The key players holding majority shares in the global voice biometrics market are Aculab, Auraya, Inc, Aware Inc., Nuance Communications, Inc., NICE Ltd, Pindrop, Phonexia, SESTEK, Verint Systems, Inc, and Whispeak.
The global voice biometrics market is expected to reach US$ 9.79 billion by 2031.
The expected CAGR of the voice biometrics market is 22.8%.