Voice Biometrics Market is Proposed to Grow at a CAGR of 23.48% in the Forecast Years (2023-28)

Voice biometrics refers to the technology or system enabling the identity verification of a particular individual through the analysis of a person’s voice as a unique and distinctive characteristic. The concept of voice biometrics is now being used across varied sectors, including hospitals, banks, corporate sectors, government, logistics, educational institutions, and others. According to a recent report issued by MarkNtel Advisors, it was highlighted that the Global Voice Biometrics Market is to rise at a CAGR of around 23.48% during the forecast period of 2023-28.

The voice biometrics system offers numerous benefits, including increased accuracy, detection of fraudulent activities, workforce management, digital signatures, minimized operational costs, enhanced user experience, etc. Moreover, due to the several advantages offered by voice biometrics, it is increasingly adopted across several sectors to tackle the rising complications of rising cyber security threats, upgradation in voice recognition technology, soaring usage of voice assistants, digitalization of industries at a colossal level, regulatory compliance and data privacy requirements, etc. Thus, all these factors as a whole have led to a massive upsurge in the Global Voice Biometrics Market.

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Dominant Contenders Holding a Considerable Share in the Global Voice Biometrics Market

Global Voice Biometrics Market incorporates major companies like Aculab Inc., Agnitio SL, BioCatch Ltd, LexisNexis Risk Solutions Inc., Nuance Communications Inc., One Vault, Pindrop Security Inc., Phonexia SRO, Uniphore Software Systems Pvt Ltd, Verint Systems Inc., Voice Biometrics Group (VBG), VoicePass Technology, ID R&D, and others. These companies are continuously looking forward to strengthening their market position and holding the top spot.

Analyzing the Global Voice Biometrics Market Segmentation

• By Type (Active Voice Biometrics and Passive Voice Biometrics)
• By Deployment (On-Premise and Cloud)
• By Authentication Process (Automated IVR, Agent-Assisted, Mobile Applications, and Employee Authentication)
• By Application (Authentication and Customer Verification, Forensic Voice Analysis and Criminal Investigation, Fraud Detection and Prevention, Risk and Emergency Management, Transaction Processing, Access Control, Workforce Management, and Others (Vocal Passphrase, Speech Therapy, etc.))
• By Vertical (Banking, Financial Services, & Insurance (BFSI), Government, Healthcare, Retail & E-commerce, IT & Telecommunication, Transportation & Logistics, and Others (Education, Hospitality, etc.))
• By Enterprise Size (Large Enterprises and Small & Medium Enterprises)
• By Region (North America, South America, Europe, The Middle East & Africa, and Asia-Pacific)

A notable surge is to be witnessed in the application of Voice Biometric for Authentication & Customer Verification. The increasing usage of voice biometrics in public services, healthcare, and e-commerce, speech biometrics for authentication & consumer verification has led to an unprecedented boost in the Global Voice Biometrics Market. The major reason for its deployment is to confirm and authenticate the identities of people ensuring safe and secure access to services, authorized transactions, and safe accessibility to accounts.

North America to retain a significant share in the Global Voice Biometrics Market. The region is extensively renowned for its implementation and usage of advanced technologies across several industries at the earliest, including voice authentication. This further paved the way for major companies to launch state-of-the-art features in voice biometrics solutions. Moreover, the market is also boosted given the strong presence of voice biometric systems in sectors like banking, financial services, and insurance (BFSI). Besides, Asia-Pacific is also likely to observe a rapid expansion in the Global Voice Biometrics Market during 2023-28, given the escalating commitment to digitization and the development of IT & telecom sectors across the region.

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