The Global 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% during the forecast period, i.e., 2025-30. according to MarkNtel Advisors Study.
Global Voice Biometrics Market Driver:
Rising Demand for Robust Fraud Detection System across BFSI Sector – The banking industry has witnessed a rapid surge in fraudulent activities, such as theft of sensitive data & illegal access to customer’s bank accounts, due to the digitalization of the sector. To address this critical issue, an additional layer of security is required within the financial authentication system, leading to the upscaled adoption of voice biometrics solutions to meet the specific needs of intelligently identifying users based on their unique voiceprints.
In addition, the BFSI industry has been expanding considerably over the past few years owing to several causes, including economic expansion of industrial sectors & growing demand for better access to financial services for both consumers & businesses. This expansion has resulted in the enhanced demand for better fraud detection services like voice biometrics, which augmented the market growth during 2019-22. Furthermore, the launch of digital banks has surged across countries like Germany, Brazil, Singapore, etc., due to regulatory support & the presence of supportive fin-tech ecosystems. For instance,
In 2023, Intesa Sanpaolo SpA partnered with core banking technology company ‘Thought Machine’ to launch a new digital bank, Isybank.
The surge in digital banks would accelerate the demand for voice biometrics as it would be required to strengthen the authentication for digital banking transactions.
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Key Market Reports Highlights
- Market Dimensions & Projections
- Pricing Evaluation
- Recent Strategic Moves by Companies
- Primary Stakeholders
- Import/Export Trend Analysis
- Competitive Landscape Assessment
- Emerging Opportunities
- Market Trends and Indicators
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Global Voice Biometrics Market Segmentation:
The market report categorizes the market based on different segments and geographical analysis.
Study Timeline:
-Base Year: 2024
-Historical Period: 2020 to 2023
-Forecast Period: 2025 to 2030
- 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)
- 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)
- 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
Competitive Landscape
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including – 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 Biometricss Group [VBG], VoicePass Technology, ID R&D, Others are looking forward to strengthening their market positions.
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Global Voice Biometrics Industry Recent Development:
2022: LexisNexis® Risk Solutions, a division of RELX, has completed the acquisition of BehavioSec®, a leading provider of advanced behavioral biometrics technology. The addition of BehavioSec’s solutions would bolster LexisNexis Risk Solutions’ Business Services group & enhance its range of device & digital identity-focused offerings, including the renowned LexisNexis® ThreatMetrix® platform.
2022: Nuance Communications, Inc. (NASDAQ: NUAN) has expanded its strategic partnership with Genesys®, enabling Genesys Cloud CX™ customers to seamlessly integrate Nuance Contact Center AI into their operations. This collaboration empowers Genesys Cloud CX users to leverage Nuance’s advanced technology, including conversational virtual assistants for voice & digital channels, as well as biometrics-based authentication & fraud prevention solutions to enhance their customer experience.
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