The Voice Biometrics Market is Valued USD 1.9 billion in 2024 and projected to reach USD 9.7 billion by 2032, growing at a CAGR of 19.5% During the Forecast period of 2024-2032. The increasing adoption of voice biometrics technology in FinTech will drive market expansion. Banking services have turned convenient and reachable for many individuals globally due to internet banking and the digital transformation. The growth of convenient banking services and enhanced customer experience positively influences voice biometrics in the banking industry, as the user experience has become quick, smooth, and efficient. Voice banking is dominating the financial sector, and FinTech companies are striving to provide more sophisticated, resilient, and secure options. The advancement of voice banking is expected to progress in various ways over the coming years. As per Intelligent Software Engineering, 18 million consumers in the US have attempted voice payment, and numerous banks and financial organizations provide this service to their customers. The banking industry is likely to experience a notable growth rate during the projected period, attributed to the increased use of voice recognition in mobile and online banking platforms.
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Voice Biometrics Market Trends:
Deepfakes represent a growing intricate and significant challenge created with AI to produce artificial images, videos, or audio. Deepfakes may be utilized to infiltrate systems and jeopardize the information of both organizations and individuals. The Regula survey on the State of Biometrics in 2023 indicates that more than 37% of companies have encountered synthesized voice fraud. This is anticipated to heighten the demand for more advanced and effective voice recognition systems that can identify and counter deepfake threats. Moreover, it is expected to promote the advancement of sophisticated anti-spoofing technology to enhance the protection of voice biometric systems against AI-generated voice imitations.
Major Players in Voice Biometrics Markets are:
Nuance Communications, NICE Systems Ltd., Amazon, Verint Systems, LumenVox, Auraya System, Omilia, Sestek, Verbio Technologies, Pindrop Security, and Interactions & among others.
Industry News:
March 2024, In Voice Authentication for Metaverse Access. A leading cybersecurity firm announced a pilot program with a metaverse platform to explore using voice biometrics for secure user logins within virtual environments. This signifies the potential for voice biometrics beyond traditional security applications.
In April 2024, Amazon Voice ID Update. Amazon unveiled an update to its Amazon Voice ID platform that improves speaker verification accuracy in noisy environments. This addresses a key challenge in the field and demonstrates continuous advancements in voice biometric technology.
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Global Voice Biometrics Market Segmentation:
By Component
Software
Services
By Deployment Type
On-premises
Cloud
By Organization Size
Small and Medium Enterprise
Large Enterprise
By Application
Forensic Voice Analysis
Access Security
Authentication and Customer Verification
Fraud Detection
Payments
Transaction Processing
Speech Enabled Password Reset
Others
By End-use
Government
BFSI
Consumer Electronics
Healthcare
Transport/Logistics
Defense and Security
Others
The following areas and countries are covered in the worldwide Voice Biometrics Market file:
North America (US, Canada, Mexico)
Europe (Germany, France, UK, Russia, Italy)
Asia Pacific (China, Japan, South Korea, India, Southeast Asia)
South America (Brazil, Argentina, Colombia, etc.)
Middle East and Africa (Saudi Arabia, UAE), Egypt, Nigeria, and South Korea)
North America holds the highest market share due to the strict regulatory environment, increased instances of identity theft, and robust adoption of biometric authentication and identification. As per the "Annual Data Breach Report 2022" by IRTC, the U.S. faced the second-highest number of data breaches in a year, impacting at least 422 million individuals. All these factors have fueled the adoption of advanced verification solutions in this region.
The Asia Pacific region is projected to depict the highest CAGR on account of the increasing need for robust cybersecurity measures and rapid digitization. The augmentation of online services generates a strong demand for verification solutions in the Asia Pacific to enable secure access to online systems and services.
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Key Features of the Voice Biometrics Market Report: –
Analyze competitive developments such as expansions, deployments, new product launches, and market acquisitions.
Examine the market opportunities for stakeholders by identifying higher growth sections.
To study and analyze the global Voice Biometrics Market industry status and forecast including key regions.
An in-depth analysis of key product segments and application spectrum, providing strategic recommendations to incumbents and new entrants to give them a competitive advantage over others.
It provides a comprehensive analysis of key regions of the industry as well as a SWOT analysis and Porter’s Five Forces analysis to provide a deeper understanding of the market.
It helps you make strategic business decisions and investment plans.
Finally, Voice Biometrics Market is a valuable source of guidance for individuals and companies.
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