The Voice Biometrics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Voice Biometrics Global Market Report 2024, 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.
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.
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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
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 report table of contents includes:
1. Executive Summary
2. Voice Biometrics Market Characteristics
3. Voice Biometrics Market Trends And Strategies
4. Voice Biometrics Market – Macro Economic Scenario
5. Global Voice Biometrics Market Size and Growth
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26. South America Voice Biometrics Market
27. Brazil Voice Biometrics Market
28. Middle East Voice Biometrics Market
29. Africa Voice Biometrics Market
30. Voice Biometrics Market Competitive Landscape And Company Profiles
Top Major Players:
- Nuance Communications Inc
- Aculab Ltd
- Auraya Systems Pty Ltd
- NICE Ltd
- OneVault (Pty) Ltd
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