Voice Biometrics market size worth $4.82 bn globally by 2028

The Insight Partners published latest research study on the global Voice Biometrics market share is expected to grow from $1.31 Billion in 2021 to $4.82 Billion by 2028; it is estimated to grow at a CAGR of 20.6% from 2022 to 2028.

Voice Biometrics Market: Competitive landscape and key developments
Aculab; Auraya, Inc; Aware Inc; Nuance Communications, Inc; Nice; Pindrop; Phonexia; SESTEK; Whispeak; and VERINT SYSTEMS INC are among the key players in the global Voice Biometrics market. The leading companies are focusing on expanding and diversifying their market presence and acquiring a new customer base, thereby tapping prevailing business opportunities.

In January 2022, Aware, Inc. entered into a strategic partnership with MIRACL, cybersecurity company specialized in single step, secure multi factor authentication.

The rise of modern technologies such as artificial intelligence (AI), machine learning (ML), cloud computing, and data analytics and the strong demand for preserving healthcare and financial data is propelling the growth of the voice biometrics market. End-use industries such as banking, financial services and insurance (BFSI), government and public sectors, and IT & telecom are experiencing growth due to increasing urbanization and digitalization worldwide. As a result, hackers are targeting the important information and resources used in these areas. Further, biometrics used as credentials require the usage of unalterable, robust, and extensive algorithms to validate individuals. The advantages of biometric authentication over speech recognition and the promising development of AI-based voice recognition technology that reduces the risk of replication or hacking provide top-notch biometric security

Impact of COVID-19 pandemic on global Voice Biometrics market:
In 2020, the impact of the COVID-19 outbreak differed in every country across the European region, as few countries witnessed an increased number of recorded cases and subsequently faced strict and longer lockdown periods or social isolation. However, COVID-19 impact on Western European countries such as Germany, France, and the UK was comparatively moderate due to their robust healthcare systems. To protect citizens from the virus, the European governments made tremendous investments in incorporating technologies in healthcare systems to help identify signs of the COVID-19 virus. In 2021, the offices resumed operations due to a reduction in lockdown measures and an increased vaccination process.

However, manufacturers were obliged to focus more on contactless biometrics technology over the last two years due to escalating hygiene concerns and the increased danger of the COVID-19 pandemic. Further, industry players are currently concentrating more on developing biometric systems based on touchless technologies such as the face, iris, vein, and voice recognition to maintain their position in the voice biometrics market.

Growing demand for fraud detection and prevention system to propel Voice Biometrics market growth in coming years:
Banks constantly remain on top of the best authentication methods to combat online fraud. Authentication mechanisms based on knowledge, such as PINs, passwords, and one-time passwords, have been employed by banks in the past. Further, banking security was affected by the demand for contactless and seamless technologies due to the COVID-19 pandemic.

With the advent of digitization in the financial business, fraudulent activities are expanding alarmingly. Fraudsters with access to banking credentials get access to clients’ bank accounts due to high-profile data thefts, necessitating a second or third degree of protection in the entire financial authentication system. Banks and financial institutions benefit from speech biometrics technologies that intelligently identify users based on their voiceprints.

The voice biometrics market simplifies market user identification and authentication while improving Know Your Customer (KYC) management due to automatic calibration, active and passive authentication, liveliness detection, and panic detection. For example, Barclays uses the phrase “My voice is my password” to verify the caller’s identification, which resulted in a 20-second reduction in user verification time. Similarly, prominent banks such as HSBC, Wells Fargo, Santander Bank, N. A., and Tangerine Bank are implementing speech recognition in their call centers to speed up the identification and verification process. Further, the voice biometrics market potentially helps to improve KYC procedures. People in multilingual countries such as South Asia, for instance, have diverse degrees of schooling in different parts of the country. Moreover, voice biometrics help includes such persons in a financial safety net because the solutions are language-independent. Thus, the growing demand for fraud detection and prevention system in the BFSI industry is driving the growth of the voice biometrics market.

CT Bureau