The voice biometrics global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Voice Biometrics Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The voice biometrics market size has grown exponentially in recent years. It will grow from $1.91 billion in 2023 to $2.35 billion in 2024 at a compound annual growth rate (CAGR) of 22.9%. The growth in the historic period can be attributed to security and authentication needs, rise of mobile banking and payments, proliferation of smart devices, fraud prevention, regulatory compliance, integration with contact centers.
The voice biometrics market size is expected to see exponential growth in the next few years. It will grow to $5.02 billion in 2028 at a compound annual growth rate (CAGR) of 20.9%. The growth in the forecast period can be attributed to advancements in deep learning, passwordless authentication trends, global expansion of biometric solutions, multilingual support, improved anti-spoofing measures, user education and awareness. Major trends in the forecast period include increased adoption in authentication systems, advancements in natural language processing (nlp), emphasis on anti-spoofing and security measures, cloud-based voice biometrics solutions, integration with virtual assistants and chatbots, market expansion across industries, collaboration with biometric standards organizations.
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Scope Of Voice Biometrics Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Voice Biometrics Market Overview
Market Drivers –
The increase in incidence of cyber-attacks is expected to propel the growth of the voice biometrics market going forward. Incidence of Cyber-attacks in voice biometrics refers to an event that jeopardizes the confidentiality, integrity, or availability of digital information from a computer, computing system, or computer network with the intent to cause damage. As technology advances, the frequency and complexity of cyber-attacks and malware encountered while using internet-driven technologies has increased, necessitating the use of stronger biometric definition systems in addition to usernames and passwords, resulting in an increased demand for voice biometrics. For instance, in February 2023, according to the Australian Cyber Security Centre, an Australia-based cyber security agency, the cyber crime reports received in 2022 were 76,000, up from 13% from the previous year. Therefore, an increase in the frequency of cyber-attacks is driving the demand for the voice biometrics market.
Market Trends –
Major companies operating in the voice biometrics market are adopting new technological products, such as VoiceIQ.cloud, to sustain their position in the market. VoiceIQ.cloud is a voice biometric solutions designed for customers with a secure and convenient authentication solution. For instance, in November 2022, I-Pulse Inc., a Singapore-based high-pulsed-power technology company launched VoiceIQ.cloud. VoiceIQ.cloud is based on vocal patterns, with each person having distinct phonetic and morphological characteristics that artificial intelligence can detect. It is available as a service, making for customers to procure voice biometrics.
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
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Regional Insights –
North America was the largest region in the voice biometrics market in 2023. The regions covered in the voice biometrics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the voice biometrics market report are 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., American Safety Council Inc., VoiceTrust Holding BV, BioID GmbH, SayPay Technologies Inc., 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, IrisGuard Inc., Aware Inc.
1. Executive Summary
2. Voice Biometrics Market Report Structure
3. Voice Biometrics Market Trends And Strategies
4. Voice Biometrics Market – Macro Economic Scenario
5. Voice Biometrics Market Size And Growth
…..
27. Voice Biometrics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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