Voice Biometrics Market Size to Reach USD 14.13 Billion in 2032 | Emergen Research

Vancouver, Dec. 04, 2023 (GLOBE NEWSWIRE) -- The global Voice Biometrics Market is forecasted to be worth USD 14.13 Billion by 2032, according to a new report by Emergen Research. The market is witnessing high demand owing to the rise in advancement in software and hardware. Rapid urbanization and adoption of digital technology in industries like Telecommunications and IT, BFSI, Government, and Defense will drive the demand for the voice biometric. The proliferation of digital devices in everyday activities has created a need for advanced protection solutions. Some of the commonly used biometric technology are radio networks, mobile phones and landlines, virtual private networks, voice over IP networks, and microphones.

Voice biometric is gaining traction owing to the high level of security they provide. They can be deployed in the mobile application as they provide safe authentication by means of a spoken password or passphrase. Voice biometric uses pitch, speech, range, and voice quality of a particular individual to permit usage.

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The growing incidence of complex cyber-attacks is creating a need for a stronger defense system. Moreover, the emergence of innovative technology such as machine learning, artificial intelligence, data analytics, cloud computing will provide the market for voice biometric with growth opportunities. This technology is applicable in access security, forensic voice analysis, payments, and others. The growing importance of secrecy and confidentiality is driving the demand for the voice biometrics market.

Scope of Research

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MAJOR COMPANIES and Market Share Analysis

The market for Voice Biometrics is fairly fragmented, with numerous small as well as medium-sized manufacturers, which account for a major global share of the market. The manufacturers involved in the market are desegregated across the value chain. The key companies of the market are well-equipped with large manufacturing facilities and are also engaged in various research & development activities. Some of the prominent players in the Voice Biometrics industry include:

• Verint
• Nuance Communications
• Pindrop
• Acculab
• NICE
• Phonexia
• Auraya
• VoicePIN
• LumenVox
• SESTEK

Strategic Development

In January 2020, Auraya Systems unveiled upgraded capabilities for its voice biometrics fraud detector, named Eva. This enables real-time, seamless fraud detection, and management services.

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Some Key Highlights from the Report

• LumenVox, in January 2020, launched an advanced suite of voice biometric authentication technologies, naming them Version 8. This technology implements AI and biometrics to authenticate customer-agent interaction.
• The Access Control and Authentication dominated the market for voice biometrics. The high level of awareness among organizations regarding the confidentiality of their data and the need to protect from malware targeted cyber-attacks while using cloud computing services will drive the segment’s demand.
• The cloud deployment type held the largest market share of 57.4% in the year 2019. The benefits provided by cloud-like data accessibility, quick implementation, lower cost, and 24x7 availability will foster the demand for voice biometrics.
• Large Enterprises are rapidly adopting biometric voice technology as they recognize the importance of technology. Several BFSI giants have started to deploy in their security infrastructure as they deem it necessary.
• The Government sector is witnessing a significant demand for voice biometrics as most of the government are modernizing their facilities, which is creating a demand for the market. Moreover, the government uses biometric to maintain confidentiality in matters of internal affairs.
• North America held the largest market share of voice biometrics. The region is prone to several sophisticated cyber-attacks owing to the presence of influential financial sectors, tech companies, and the profitable telecommunication industry. There is a high demand for efficient technology for the protection of their data and financial information.

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For the purpose of this report, Emergen Research has segmented into the global Voice Biometrics Market on the basis of component, type, application, organization size, deployment type, industry vertical, and region:

• Component Outlook (Revenue, USD Billion; 2019-2032)
  • Software
  • Services
    1. Professional Services
       • Training and Education
       • Consulting
       • Support and Maintenance
       • Deployment and Integration
    2. Managed Services
• Type Outlook (Revenue, USD Billion; 2019-2032)
  • Passive Voice Biometrics
  • Active Voice Biometrics
• Application Outlook (Revenue, USD Billion; 2019-2032)
  • Fraud Detection and Prevention
  • Access Control and Authentication
  • Forensic Voice Analysis and Criminal Investigation
  • Other
• Organization Size Outlook (Revenue, USD Billion; 2019-2032)
  • Large Enterprises
  • Small and Medium-Sized Enterprises
• Deployment Type Outlook (Revenue, USD Billion; 2019-2032)
  • Cloud
  • On-Premises
• Industry Vertical Outlook (Revenue, USD Billion; 2019-2032)
  • Retail and eCommerce
  • Government and Defense
  • Banking, Financial Services, and Insurance
  • Telecommunications and IT
  • Healthcare
  • Others
• Regional Outlook (Revenue, USD Billion; 2019-2032)
  • North America
    1. U.S.
    2. Canada
  • Europe
    1. Germany
    2. UK
    3. France
    4. BENELUX
    5. Rest of Europe
  • Asia Pacific
    1. China
    2. Japan
    3. South Korea
    4. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • MEA
    1. Saudi Arabia
    2. UAE
    3. Rest of MEA

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