The global market for Voice Biometrics, valued at USD 1,912.03 million in 2021, is expected to grow at a CAGR of 21.5% from 2022 to 2030. This growth is driven by the healthcare sector, the increased accuracy and versatility of voice technology, and the convenience it offers in various applications. The demand for voice biometrics is also rising due to the increasing sophistication of security threats in industries such as retail, e-commerce, telecommunications, IT, and BFSI.
The integration of deep learning methods and AI has enhanced the security measures of voice biometrics, chosen for their user-friendly convenience and high accuracy. With the increasing risks in cyber security, traditional methods like passwords or locks have become easier to bypass. To counter this, advanced biometric systems have been developed that utilize unique voice prints that cannot be replicated, thereby mitigating security threats. Voice biometrics fall under the category of BIPA (Biometric Information Privacy Act), ensuring the safety and secure usage of biometric data, specifically the voice. Industries that fail to adhere to BIPA regulations face extensive scrutiny and penalties, bolstering user confidence.
Top Companies in the Voice Biometric Industry:
Nuance Communications, Inc.
Nuance Communications Inc. was established in 1992 and is headquartered in Burlington, Massachusetts, United States. It operates in 24 countries and is engaged in various industries, including artificial intelligence, enterprise software, healthcare, and machine learning. In 2019, Nuance Communications Inc. announced it would offer faster voice authentication with its new Lightning engine.
Nice Ltd
Nice Ltd. was established in 1986 and is headquartered in Ra'anana, Israel. It operates in over 30 countries and is engaged in various industries, including enterprise software, security, software, and information technology. In 2020, Nice and Enacomm launched new solutions to enable their users to detect and prevent fraudulent operations using more enhanced methods.
Verint Systems, Inc.
Verint Systems Inc. was established in 1994 and is headquartered in Huntington, New York, United States. It operates in more than 50 countries and is engaged in various industries, including cyber security, security, software, and information technology. In 2019, Verint® Systems Inc. announced that it had been recognized as a voice biometrics leader in a recent survey by Opus Research.