Voice Biometrics Market Forecast, Trends, Scope by 2031
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.
Voice Biometrics Market Analysis
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 Market Overview
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
Market Size Value in US$ 1,319.23 million in 2021 Market Size Value by US$ 4,823.85 million by 2028 Growth rate CAGR of 20.6% from 2022 to 2028. Forecast Period 2022-2028 Base Year 2022
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Voice Biometrics Market: Strategic Insights
| Market Size Value in | US$ 1,319.23 million in 2021 |
| Market Size Value by | US$ 4,823.85 million by 2028 |
| Growth rate | CAGR of 20.6% from 2022 to 2028. |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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Voice Biometrics Market Drivers And Opportunities
Increasing Demand for Fraud Detection and Prevention Systems to Favor Market
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.
Use of voice biometrics in healthcare.
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.
Voice Biometrics Market Report Segmentation Analysis
Key segments that contributed to the derivation of the voice biometrics market analysis are component, type, authentication process, deployment, vertical, and application.
- Based on component, the voice biometrics market is divided into solution and services. The solution segment is anticipated to hold a significant market share in the forecast period.
- Based on type, the voice biometrics market is divided into active voice biometrics and passive voice biometrics. The radiation hardening by design (RHBD) segment is anticipated to hold a significant market share in the forecast period.
- By authentication process, the market is segmented into automated IVR, agent-assisted, mobile application, and employee authentication. The automated IVR segment is anticipated to hold a significant market share in the forecast period.
- By deployment, the market is segmented into cloud and on-premise. The cloud segment is anticipated to hold a significant market share in the forecast period.
- By vertical, the market is segmented into BFSI, retail & commerce, government & defense, IT & telecom, healthcare & life sciences, transportation & logistics, travel & hospitality, energy & utilities, and others. The BFSI segment is anticipated to hold a significant market share in the forecast period.
- By 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. The authentication & customer verification segment is anticipated to hold a significant market share in the forecast period.
Voice Biometrics Market Share Analysis by Geography
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.
Voice Biometrics Market Report Scope
Voice Biometrics Market News and Recent Developments
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:
- Bank of Ireland announced an investment of more than US$ 36 million to upgrade its phone and CRM systems, including adding voice biometrics for authentication. The use of voice biometrics will improve fraud protection and reduce waiting times for customers. This investment follows an announcement of US$64 million on ATMs and branch networks and US$54 million on fraud protections. (Source: Bank of Ireland, Press Release, May 2024)
- City Union Bank Limited (CUB) introduced a new feature that allows customers to use voice biometric authentication when logging into the bank’s mobile banking app, aimed at improving security. The bank planned to extend this feature to net banking users as well, and the development process is currently underway. (Source: City Union Bank Limited, Press Release, April 2023).
Voice Biometrics Market Report Coverage and Deliverables
The “Voice Biometrics Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Voice biometrics market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Voice biometrics market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Voice biometrics market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the voice biometrics market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Type, Authentication Process, Deployment, Vertical, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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%.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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