The global voice biometric market size is expected to reach USD 7,348.7 million by 2030, according to a new study by Polaris Market Research. The report “Voice Biometric Market Share, Size, Trends, Industry Analysis Report, By Application; By Type (Active Voice Biometric, Passive Voice Biometric); By Component; By Vertical; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Factors influencing the market’s expansion are the use of advanced technology such as AI, IoT, and cloud computing services. Voice biometrics, which is preferred for their advantages of user-friendly convenience and enormous accuracy, have had their security barriers expanded by the introduction of deep learning techniques and AI. For instance, in September 2021, the introduction of Voice Biometrics software was announced by Gnani.ai. The biometric system known as armour365 promises ground-breaking functionality to address new and growing concerns in fraud prevention and data protection.
Technological advancements in the realm of bioelectronics and expanding market penetration of electronic devices in healthcare are anticipated to propel the worldwide market. The adoption of nanotechnology is a key factor in the growth of the market due to its streamlines and enhanced difficult chip-designing process. For instance, In February 2018, Nuance introduced an AI virtual assistant for healthcare and life sciences to enhance clinical workflow. For about 500,000 professionals, the recently revealed Dragon Medical Virtual Assistant is intended to assist in streamlining a wide range of clinical operations. These advancements in technology along with the adoption of it for voice biometrics are propelling the market growth during the forecast period.
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Additionally, the adoption of voice biometrics for call centers along with technological advancement is boosting the growth. For instance, in July 2021, Thales unveiled a brand-new speech biometric solution as a component of its Digital Identity Service Platform for authentication and onboarding. The new technology fits seamlessly with the enrolment procedures used by call centers.
Voice Biometric Market Report Highlights
- Cloud segment is anticipated to grow at a significant CAGR over the forecast period. Instead of being stored on the device, the private server is kept in the cloud for biometric data.
- Active Voice Biometrics segment accounted for a considerable revenue share as it requires users to repeat a phrase or a set of words. This is because it takes longer for the system to establish each user’s voice print.
- North America is expected to dominate the market over the projected period. The market is anticipated to grow as a result of rising awareness of the technology.
- The global players include Auraya Inc., Aculab, BioCatch, LexisNexis Risk Solutions, One Vault, Phonexia SRO, Pindrop Security, Uniphore Software, Verint Systems, and Voice Biometrics
Polaris Market Research has segmented the voice biometric market report based on component, type, application, vertical, and region:
Voice Biometric, Component Outlook (Revenue – USD Million, 2018 – 2030)
- Professional Services
- System Integration and Implementation
- Support and Maintenance
- Managed Services
- Professional Services
Voice Biometric, Type Outlook (Revenue – USD Million, 2018 – 2030)
- Active Voice Biometrics
- Passive Voice Biometrics
Voice Biometric, Applications Outlook (Revenue – USD Million, 2018 – 2030)
- Forensic Voice Analysis
- Access Security
- Authentication and Customer Verification
- Risk and Emergency Management
- Transaction Processing
- Speech-enabled Password Reset
Voice Biometric, Vertical Outlook (Revenue – USD Million, 2018 – 2030)
- Banking, Financial Services, and Insurance (BFSI)
- Retail and E-commerce
- Telecommunications and IT
- Government and Defense
- Healthcare and Life Sciences
- Transportation and Logistics
- Travel and Hospitality
- Energy and Utilities
- Other Industry Verticals
Voice Biometric, Regional Outlook (Revenue – USD Million, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa