How Has the Voice Biometrics Market Size Evolved in Recent Years?
The voice biometrics market has seen considerable growth due to a variety of factors.
• In the last few years, the size of the voice biometrics market has seen phenomenal growth. It is projected to increase from $2.3 billion in 2024 to $2.8 billion in 2025, with a compound annual growth rate (CAGR) of 21.7%. This surge during the historic period can be attributed to various factors, including the growing needs for security and authentication, the upsurge in mobile banking and payments, spread of smart devices, fraud prevention strategies, regulatory compliance demands, and integration into contact centers.
What Is The Forecast For The Voice Biometrics Market?
The Voice Biometrics market is expected to maintain its strong growth trajectory in upcoming years.
• The voice biometrics market is projected to witness a considerable surge in its size in the forthcoming years. It is forecasted to reach a valuation of $6.09 billion by 2029, growing at a compound annual growth rate (CAGR) of 21.4%.
The expansion during the predicted interval can be traced back to the progress in deep learning, trends towards passwordless authentication, a worldwide spread of biometric solutions, multilingual support, sophisticated anti-spoofing tactics, and user education and cognizance. Key trends in the projected period encompass higher uptake in authentication systems, enhancements in natural language processing (NLP), focus on anti-spoofing and security protocols, cloud-oriented voice biometrics solutions, merger with virtual assistants and chatbots, market proliferation through various sectors, and partnerships with biometric standards bodies.
What Are The Essential Drivers Behind The Growth Of The Voice Biometrics Market?
The escalating prevalence of cyber-attacks is predicted to drive the expansion of the voice biometrics market in the future. In the context of voice biometrics, a cyber-attack denotes an occurrence that compromises the privacy, integrity, or accessibility of electronic data from a computer or computer network, with an intention of inflicting damage. With the continual evolution of technology, there has been a surge in the frequency and intricacy of cyber-attacks and malware associated with the utilization of internet-based technologies. This necessitates the deployment of robust biometric identification systems apart from the conventional usernames and passwords, thereby amplifying the need for voice biometrics. For instance, the Australian Cyber Security Centre, a cybersecurity agency based in Australia, reported in February 2023 that the number of reported cybercrimes in 2022 stood at 76,000, marking a 13% increase from the preceding year. Thus, the growing incidence of cyber-attacks is augmenting the demand for the voice biometrics market.
How Is The Global Voice Biometrics Market Divided Into Key Segments?
The voice biometrics market covered in this report is segmented –
1) By Type: Passive Voice Biometrics, Active Voice Biometrics
2) By Component: Solution, Services
3) By Deployment: Cloud, On-Premise
4) By Application: Authentication And Customer Verification, Forensic Voice Analysis And Criminal Investigation, Fraud Detection And Prevention, Transaction Processing, Access Control, Workforce Management
5) By End-User: BFSI, Government, Telecommunication, Other End Users
Subsegments:
1) By Passive Voice Biometrics: Speaker Identification, Speaker Verification, Continuous Authentication
2) By Active Voice Biometrics: Voice Print Enrollment, Challenge-Response Authentication, Command Recognition
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What Trends Are Reshaping The Future Of The Voice Biometrics Market?
Leading corporations in the voice biometrics industry are leveraging cutting-edge technological products like VoiceIQ.cloud to maintain their market stance. VoiceIQ.cloud, as a voice biometric solution, provides a secure and easy-to-use authentication system designed for its clientele. In November 2022, Singapore's high-pulsed-power tech company, I-Pulse Inc, introduced VoiceIQ.cloud. This solution operates based on unique phonetic and morphological traits found in every individual's voice, traits that can be identified by artificial intelligence. As a service, it makes the acquisition of voice biometrics more accessible for customers.
Who Are the Key Players In The Voice Biometrics Market?
Major companies operating in the voice biometrics market include:
• Nuance Communications Inc.
• Aculab Ltd.
• Auraya Systems Pty Ltd.
• NICE Ltd.
• OneVault (Pty) Ltd.
• Pindrop Security Inc.
• Verint Systems Inc.
• Speech Technology Center Ltd.
• LumenVox LLC
• Uniphore Software Systems Pvt. Ltd.
• Sestek Inc.
• VoicePIN.com Sp. z o.o.
• QSS Technosoft Pvt. Ltd.
• Voxta Communications Private Limited
• Interactions LLC
• ID R&D Inc.
• Kaizen Secure Voiz Pvt. Ltd.
• Voice Biometrics Group LLC
• Phonexia s.r.o.
• BioCatch Ltd.
• LexisNexis Risk Solutions Inc.
• Agnitio S.L.
• VoiceTrust Holding BV
• BioID GmbH
• ValidSoft Ltd.
• VoicePass Technology Ltd.
• VoiceVault Limited
• Apple Inc.
• Amazon.com Inc.
• Lingua Custodia Technologies
• MIA Teknoloji Ltd.
• Voice Security Systems Inc.
• VoiceAI Technologies Inc.
• Fujitsu Limited
• NEC Corporation
• Suprema Inc.
• 3M Cogent Inc.
• Idemia Identity & Security France SA
• Aware Inc.
What Are The Regional Insights Into The Voice Biometrics Market?
North America was the largest region in the voice biometrics market in 2024. The regions covered in the voice biometrics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
