In-Depth Analysis of the Global Voice Biometrics Market: 2024-2030 Forecasts
According to the latest findings by MarkNtel Advisors, The Global Voice Biometrics Market size was valued at USD 2.53 billion in 2022 and is estimated to grow at a CAGR of around 23.48% during the forecast period, i.e., 2024-30. The report provides an in-depth analysis of crucial aspects such as market trends, size, forecasts, growth factors, challenges, and competitor assessments. Conducting a thorough examination of the Voice Biometrics Market, the report offers insights into recent developments and presents an overview of the market landscape.
Voice Biometrics Market Segmentation Analysis:
Our research report meticulously explores the Voice Biometrics Market, breaking it down into these key segments: By Type (Active Voice Biometrics, Passive Voice Biometrics ), By Deployment (On-Premise, Cloud), By Authentication Process (Automated IVR, Agent-Assisted, Mobile Applications, Employee Authentication), By Application (Authentication and Customer Verification, Forensic Voice Analysis and Criminal Investigation, Fraud Detection and Prevention, Risk and Emergency Management, Transaction Processing, Access Control, Workforce Management, Others), By Vertical (Banking, Financial Services, & Insurance [BFSI], Government, Healthcare, Retail & E-commerce, IT & Telecommunication, Transportation & Logistics, Others), By Enterprise Size (Large Enterprises, Small & Medium Enterprises), and others. Each segment, along with its subdivisions, undergoes a detailed breakdown to offer a comprehensive understanding of the market dynamics.
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Geographical Coverage:
Our research report on the Voice Biometrics Market offers comprehensive coverage across different regions, including North America, South America, Europe, The Middle East & Africa, Asia-Pacific. It provides detailed information on growth potential in each country and region, offering valuable insights for market stakeholders to strategically plan future operations and investments.
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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Competitive Landscape of Voice Biometrics Market
The Voice Biometrics market witnesses’ fierce competition driven by the participation of both foreign and domestic companies. Considerable investments in Research and Development (R&D) have led to multiple innovations in the market. Companies with a global reach exert significant influence over the Voice Biometrics market, and it is anticipated that several international players will expand their global presence in the coming years. To maintain competitiveness amidst rivals, vendors must prioritize the development of new technologies and strive to stay ahead of imminent breakthroughs. The report underscores key players in the market, namely:
- 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
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Common Queries:
- What is the current trajectory of cost and profit estimations in the Voice Biometrics Industry?
- How do factors like supply and consumption shape the landscape of the industry?
- In what ways do import and export considerations impact the dynamics of the Voice Biometrics Industry?
- Which technological advancements are anticipated to shape the future of the Voice Biometrics Market?
- Who are the noteworthy players highlighted in the Voice Biometrics Market research report?
- What are the anticipated USD valuations and the CAGR for the forecasted years?
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