In-Depth Analysis of the Global Voice Biometrics Market: 2023-2028 Forecasts
MarkNtel Advisors has recently released an in-depth study on the Voice Biometrics Market, covering historical data, current market trends, marketing strategies, technological advancements, upcoming technologies, emerging opportunities, and technical advancements in the relevant industry.
How big is the Voice Biometrics Industry?
The Global Voice Biometrics Market was valued at USD 2.53 billion in 2022 and it is estimated to grow at a CAGR of about 23.48% during the forecast period, i.e., 2023-28.
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Who are the top players in the Voice Biometrics Market?
- 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
Global Voice Biometrics Market Segmentation:
By Type
- Active Voice Biometrics - Market Size & Forecast 2018-2028, (USD Million)
- Passive Voice Biometrics - Market Size & Forecast 2018-2028, (USD Million)
By Deployment
- On-Premise - Market Size & Forecast 2018-2028, (USD Million)
- Cloud - Market Size & Forecast 2018-2028, (USD Million)
By Authentication Process
- Automated IVR- Market Size & Forecast 2018-2028, (USD Million)
- Agent-Assisted - Market Size & Forecast 2018-2028, (USD Million)
- Mobile Applications - Market Size & Forecast 2018-2028, (USD Million)
- Employee Authentication - Market Size & Forecast 2018-2028, (USD Million)
By Application
- Authentication and Customer Verification - Market Size & Forecast 2018-2028, (USD Million)
- Forensic Voice Analysis and Criminal Investigation - Market Size & Forecast 2018-2028, (USD Million)
- Fraud Detection and Prevention - Market Size & Forecast 2018-2028, (USD Million)
- Risk and Emergency Management - Market Size & Forecast 2018-2028, (USD Million)
- Transaction Processing - Market Size & Forecast 2018-2028, (USD Million)
- Access Control - Market Size & Forecast 2018-2028, (USD Million)
- Workforce Management - Market Size & Forecast 2018-2028, (USD Million)
- Others (Vocal Passphrase, Speech Therapy, etc.) - Market Size & Forecast 2018-2028, (USD Million)
By Vertical
- Banking, Financial Services, & Insurance (BFSI)- Market Size & Forecast 2018-2028, (USD Million)
- Government - Market Size & Forecast 2018-2028, (USD Million)
- Healthcare- Market Size & Forecast 2018-2028, (USD Million)
- Retail & E-commerce- Market Size & Forecast 2018-2028, (USD Million)
- IT & Telecommunication - Market Size & Forecast 2018-2028, (USD Million)
- Transportation & Logistics - Market Size & Forecast 2018-2028, (USD Million)
- Others (Education, Hospitality, etc.) - Market Size & Forecast 2018-2028, (USD Million)
By Enterprise Size
- Large Enterprises - Market Size & Forecast 2018-2028, (USD Million)
- Small & Medium Enterprises- Market Size & Forecast 2018-2028, (USD Million)
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Regional/ Countries Insight:
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
What are the primary market drivers influencing the growth of Voice Biometrics Market?
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 2018-22. 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 provider '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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Gain a Competitive Edge with Market Research Report
- The Global Voice Biometrics Market Report by MarkNtel Advisors offers a detailed analysis of the market size, growth rate, competitive landscape, and key players, allowing businesses to gain a comprehensive understanding of market dynamics.
- Businesses can utilize the report to identify emerging opportunities and potential challenges in the market by highlighting current trends and providing future projections.
- The insights provided in the report enable companies to align their strategies based on market forecasts, ensuring they can stay ahead of the competition and make informed decisions.
- Apart from market trends and projections, the Global Voice Biometrics Market Report assists in assessing and mitigating risks associated with entering or operating in the market
- By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategic approaches to minimize risks and optimize their operations, enhancing their competitive edge in the market.
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