The latest report on the voice biometrics market to 2024 from Marketsandmarkets suggests that this sector is expected to grow from USD 984 million in 2019 to USD 2,845 million with a CAGR of 23.7% during the forecast period. The key factors found to be driving the voice biometrics market include an increasing demand for robust fraud detection and prevention systems across the BFSI industry vertical and need for reducing authentication and identification costs.
The researchers report that the access control and authentication application segment was found to hold the largest market size during the forecast period. A growing need for advanced access control and authentication systems across industry verticals has been driving the demand of voice biometrics solutions. The technology analyses voice patterns to create unique identification of every individual based on about 100 physical and behavioral factors, including pronunciation, accent, emphasis, as well as physical characteristics of vocal tract, mouth, and nasal passages. An increasing use of voice biometrics across retail, defence, and automotive industries is expected to boost the growth of access control and authentication segment.
In terms of market verticals, the banking, financial services, and insurance (BFSI) sector is predicted to hold the largest market size to 2024. The voice biometrics market by industry vertical covers major verticals: BFSI, telecommunications and IT, healthcare, retail and e-commerce, and government and defence, and others. The BFSI vertical is estimated to account for the largest size in the voice biometrics market in 2019. Increasing deployment of voice biometrics solutions has enabled BFSI organisations to reduce frauds and other financial losses. Telecommunication and IT, and healthcare have achieved easier accountability and greater transparency with the deployment of voice biometrics solutions.
Geographically speaking, North America is expected to account for the largest market size in the voice biometrics market by region during the forecast period. The region houses many key vendors, such as Nuance Communications, Verint, and Pindrop. The APAC region is expected to grow at the highest CAGR during the forecast period with increasing investments in strengthening security infrastructure. An increasing demand for cloud-based solutions from retail and eCommerce and healthcare verticals is expected to drive the voice biometrics market in the region.
Analysts found that the voice biometrics market comprises major solution providers, such as Nuance Communications, Nice, Verint, Aimbrain, Voice Biometrics Group, Phonexia, Onevault, Sestek, Lumenvox, Lexisnexis Risk Solutions, Voicepin, Uniphore, Pindrop, Aculab, and Auraya. The study includes an in-depth competitive analysis of the key players in the voice biometrics market with their company profiles, recent developments, and key market strategies.
