According to recent findings, the Voice Biometrics Market size was valued at around USD 2.53 billion in 2022 and is estimated to grow at a CAGR of about 23.48%

At MarkNtel Advisors, we continuously monitor and analyze industry trends to provide reliable insights that support informed decision-making and the key factors contributing to the market's promising outlook.

Voice Biometrics Overview:

The high cyber security threats, advancements in voice recognition technology, substantial adoption of voice assistants voice-activated devices, soaring digitalization of industries, and regulatory compliance data privacy requirements enhanced the adoption of voice biometrics across verticals such as BFSI, healthcare, telecommunication, etc. Thus, aiding in enhancing the market share. Additionally, as the reliance on IT infrastructure has been growing exponentially in the BFSI sector due to a surge in online financial transactions, the adoption of voice biometrics heightened.

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Voice Biometrics Outlook and Future Trends :

Use of Digit-based Voice Authentication for Enhancing Identity Assurance to be a New Market Trend – The adoption of digit-based voice authentication solutions that combine voice biometrics with cryptographically generated numeric digits to enhance identity assurance in remote access applications is surging. Owing to this, many companies that provide biometric solutions are now launching digit-based voice authentication solutions. For instance:

• In 2023, UK-based voice biometrics provider ValidSoft, launched a new digit-based voice authentication solution to deliver trusted identity assurance in enterprise remote access applications, such as ZTNA, PAM, and IAM.

The industry's continued dedication to advancing security measures utilizing multi-factor authentication techniques to combat fraud ensure thorough identity verification is demonstrated by the adoption of digit-based voice authentication. The trend is anticipated to drive the market during the forecast period as organizations are increasingly leveraging this technology to mitigate risks associated with credential theft, social engineering hacks, and deep fake threats.

Global Voice Biometrics Segmentation Analysis:

By Type

• Active Voice Biometrics - Market Size Forecast 2020-2030, (USD Million)
• Passive Voice Biometrics - Market Size Forecast 2020-2030, (USD Million)

By Deployment

• On-Premise - Market Size Forecast 2020-2030, (USD Million)
• Cloud - Market Size Forecast 2020-2030, (USD Million)

By Authentication Process

• Automated IVR- Market Size Forecast 2020-2030, (USD Million)
• Agent-Assisted - Market Size Forecast 2020-2030, (USD Million)
• Mobile Applications - Market Size Forecast 2020-2030, (USD Million)
• Employee Authentication - Market Size Forecast 2020-2030, (USD Million)

By Application

• Authentication and Customer Verification - Market Size Forecast 2020-2030, (USD Million)
• Forensic Voice Analysis and Criminal Investigation - Market Size Forecast 2020-2030, (USD Million)
• Fraud Detection and Prevention - Market Size Forecast 2020-2030, (USD Million)
• Risk and Emergency Management - Market Size Forecast 2020-2030, (USD Million)
• Transaction Processing - Market Size Forecast 2020-2030, (USD Million)
• Access Control - Market Size Forecast 2020-2030, (USD Million)
• Workforce Management - Market Size Forecast 2020-2030, (USD Million)
• Others (Vocal Passphrase, Speech Therapy, etc.) - Market Size Forecast 2020-2030, (USD Million)

The adoption of voice biometrics for Authentication Customer Verification has registered substantial growth due to its significant adoption in public services, healthcare, and e-commerce.

By Vertical

• Banking, Financial Services, Insurance (BFSI)- Market Size Forecast 2020-2030, (USD Million)
• Government - Market Size Forecast 2020-2030, (USD Million)
• Healthcare- Market Size Forecast 2020-2030, (USD Million)
• Retail E-commerce- Market Size Forecast 2020-2030, (USD Million)
• IT Telecommunication - Market Size Forecast 2020-2030, (USD Million)
• Transportation Logistics - Market Size Forecast 2020-2030, (USD Million)
• Others (Education, Hospitality, etc.) - Market Size Forecast 2020-2030, (USD Million)

The Healthcare segment experienced an increasing demand for voice biometrics solutions is predicted to grasp a substantial market share due to the mandatory protection of sensitive data related to the consumer’s health.

By Enterprise Size

• Large Enterprises - Market Size Forecast 2020-2030, (USD Million)
• Small Medium Enterprises- Market Size Forecast 2020-2030, (USD Million)

By Region

• North America
• South America
• Europe
• The Middle East Africa
• Asia-Pacific.

According to reports, North American region is renowned for being an early adopter of cutting-edge technologies, like voice authentication, in numerous industries. 

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Some of the Market players in the Global Voice Biometrics are:

• Aculab Inc.
• Agnitio SL
• BioCatch Ltd
• LexisNexis Risk Solutions Inc.
• Nuance Communications Inc.
• One Vault
• Pindrop Security Inc.
• Phonexia SRO
• Uniphore Software Systems Pvt Ltd
• Verint Systems Inc.
• Voice Biometrics Group (VBG)
• VoicePass Technology
• ID RD

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Key Highlights of the Report – Unlock Valuable Market Insights

• Market Size, Share Future Projections – Understand the current market dimensions and forecasted growth trajectory.
• In-Depth Pricing Analysis – Get clarity on pricing trends and cost structures across segments.
• Company Strategies Developments – Discover recent mergers, acquisitions, partnerships, and innovations.
• Key Stakeholders Value Chain Insights – Identify the main players and their roles within the industry ecosystem.
• Import Export Dynamics – Analyze global trade flows, regional export trends, and supply chain movements.
• Competitive Benchmarking – Gain a clear view of the leading companies and their market positioning.
• Emerging Growth Opportunities – Spot untapped areas and niche markets for potential investment.
• Market Trends Growth Drivers – Stay ahead with insights into evolving consumer behavior and industry indicators.

Research Methodology Summary

A systematic approach is used to ensure accurate market insights, combining both bottom-up and top-down methods. Data triangulation validates findings from multiple angles.

Key Steps:

• Define objectives and research design
• Collect data through surveys and interviews
• Analyze and validate data using reliable tools
• Forecast trends and deliver actionable insights

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