Voice biometric market

The global voice biometrics market size was valued at USD 1,912.03 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 21.5% from 2022 to 2030. The market is experiencing strong growth on the account of healthcare industry and improvements when it comes to accuracy, and the voice modality, and the range of convenient applications. Moreover, rise in demand for voice biometrics is due to its rising sophistication of the security threat across industries like retail, and e-commerce, telecommunication and IT, BFSI, among others. 

Global Voice Biometrics Market: Regional Insights

Based on geography, the global voice biometrics market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East &Africa. North America is expected to gain highest share in the global market over the forecast period as the voice technologies is utilized in several applications due to the quick development and growth in the acceptance of the mobile and cloud technology and also the irrelevant technological developments in the power of computing. The healthcare sector is projected to play a very significant role in the development and growth of the global voice biometrics market

At the same time, Europe is expected to experience fastest growth over the as HSBC in the United Kingdoms is executing a voice biometric technology in the banking system. The main aim of the sector is to enhance the security. The corporation already has the finger print scanners in the smartphone applications and however, it is not the first and initial bank to set up such technology. The voice biometrics is utilized by the bank in two major methods. In the mobile phone it employs a fingerprint and in the iPhone it is also used and the other one is the physical structure of the vocal cords.

Figure 1: Global Voice Biometrics Market Share (%), By Region, 2021

Global Voice Biometrics Market Drivers:

The inoculation of the deep learning methods and the AI has expanded the security barriers of the voice biometrics which is chosen for its benefits to the user-friendly convenience and the vast accuracy. As the cyber security states that the risk increases and the passwords or the locks have been a very easiest method to bypass the security. This has made a way of the developed and advanced biometrics which is very unique to a single and it cannot be replicated to wrap the security threats.

Moreover, the voice biometrics are totally dependent upon the voice prints which makes them come under the category of the BIPA which screens and observes the safety and security usage of the biometric data in such situations the voice of a person. The industries that fail to keep BIPA schemes experience huge scrutiny and the penalties which increase the confidence of the user. 

Global Voice Biometrics Market Opportunities:

Voice has been woven into the daily human computer interactions and communications with the ubiquitous assistants such as Siri, Alexa, Viv and Google. As the speech interfaces start being very prevalent in the wearables, the vehicles, the internet of things and the tools, the utilization of voice will only rise. As a person’s voice is expanding and progressively utilized to regulate and control the real world actions and access to the private information. 

The vast utilization would bring the new application opportunities and the obstructions in stating the social privacy issues and then securing the restraints on the issue and receiving the system against the sophisticated issues and the progressive rise in enhancing the voice biometrics and the dependability in the much diversified acoustic surrounding. 

Global Voice Biometrics Market Trends:

The healthcare segment is progressively embracing the technology to resolve the challenges particularly, after the coronavirus is exposed to the strains on the system. The telehealth is now backed by the extensive electronic healthcare records is rapidly being the norm. As per the Canada Health Infoway, as of March 021, there were approximately 500,000 strong HER users amidst the healthcare center experts in the Canada.   

Voice biometrics can aid to make the system a protective and safe system in which the hospital experts can easily use the clinical records. Both the groups can get the latest information proper information in seconds whenever they require it. Alternatively, a voice biometric method can help to decrease the chances of fraud and the high operational costs.

Global Voice Biometrics Market Restraints:

Breaching of the data security and the privacy continues to be the main concern and issue with the voice biometrics. The data  collections and the gatherings and further, the respondents were worried over the procedure and the location of the storage in the third party suppliers have been a very main threat which is hindering the growth of the global voice biometric market. 

The respondents say that the data privacy would be a major concern in the future. The respondents were worried over the procedure and the location of the storage of the data. 47% of the respondents said that the on premise deployment is the best way to overcome the problems of the data privacy.

Figure 2: Global Voice Biometrics Market Share (%), By Segmentation, 2021

Global Voice Biometrics Market Segmentation:

The global voice biometrics market report is segmented into type, deployment model, enterprise size, industry vertical and region

Based on Type, the market is segmented into Active biometrics and Passive Biometrics. Out of which, Active biometrics is expected to dominate the global market over the forecast period as it is a type of voice biometric authentication procedure which needs the users to recite the phrase or certain words which could increase the time to let the system to establish their unique voice print.

Passive Biometric is a varied type of authentication that also needs a user experiencing a registration procedure by offering them a unique voice print. Anyhow, with the help of passive voice biometrics, the enrollment can take place over a regular conversation and it do not need a caller to recite any particular sentence or repeat the same phrase several times.

Based on the Deployment Model, the market is segmented into On-Premise and Cloud. The On-Premise biometric system requires an IT infrastructure like servers and the networks. This infrastructure is very costly and hence the biometrics services are rising and gaining the adhesion as it do not need any type of specialized IT maintenance or the infrastructure for the deployment of a biometric project.

The Cloud is a biometric data which stores the private server rather than a on the device. The cloud also makes it very possible and similar in setting up a universal interface and it is very easy to integrate the ML into the biometric methods too.

Based on the enterprise size, the segment is divided into small and medium size enterprises and   large enterprises. The small and medium enterprise mimic a very crucial role of the SMEs in the rising region from the assistance offered by the regulatory plans or the strategies.

The large enterprises are relying the power of the AI and the ML ways to assist them to extract the better type of information and the data and the rising productivity, decreasing cost and then extract the value from the data large organizations are one of the main biometric drivers.

Based on the industrial vertical the market is divided into BFSI, Retail and e-commerce, telecommunication and IT, government and defense and other industrial vertical. Out of which the BFSI is the leading one and the banks have to constantly stay on the top of the best suited procedures. Earlier, banks used to have the knowledge regarding the automation process such as PINs, passcodes, and the OTPs.

The Telecommunication and IT with the developing technology to obstruct the human overwork, the frauds are also being sophisticated in the cyber related crime. The contact center is one of the industry that has fallen victim to such kind of fraudulent behavior.

Global Voice Biometrics Market: Key Developments

1. In May 2021, HSBC claims that the telephone banking fraud has reduced by 50% around 2.8 million clients have signed up to use the bank voice ID technology as a need for the telephone banking increasing over the pandemic as per the bank . It estimates that the additional layer of the security has been obstructing the thieves from stealing the economy from the customers.
2. In January 2022, Nuance revealed that an increase of its planned partnership with the Genesys by offering the Genesys Cloud CX customer communicated with the access to Nuance Contact Center AI. The Genesys Cloud CX customer needs the access to the best of breed technology or the information to improve the customer experience utilizing the conventional virtual assistant for the digital and voice channels and the biometrics.
3. In December 2021, Nuance declared that the Banca March, a family owned Spanish bank collaborated with it to execute the Nuance Gatekeeper to decrease the friction and the rise in customer’s security in their mobile application through voice biometrics and the authentication.
4. On March 2022, the Microsoft acquired Nuance. This planned acquisition integrated with the Nuance’s best in the class conversational artificial intelligence, agent AI, and the messaging. Nuance focuses to continue to grow its market share and offer much pliability and the flexibility integration with the third party and the capability to deploy over the public.

Global Voice Biometrics Market: Key Companies Insights

The global voice biometrics market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis. Some of the key players in the global voice biometrics market are:

Nuance Communications Inc., NICE Ltd, Verint Systems Inc., Pindrop Security Inc., Voice Biometrics Group, Uniphore Software Systems Pvt Ltd, LexisNexis Risk Solutions Inc., Auraya Inc., Lumen Vox LLC (Voice Trust GmBH), One Vault SA, VoicePIN.com SP ZOO, Phonexia SRO, Aculab Inc., SESTEK and BioCatch Ltd

*Definition: Voice biometrics is a procedure of converting changing a voice into the digital data. The voice recognition is also known to as voice print and is a biometric modality that provides a contactless software based solution that is known as one of the convenient biometric authentication.

Detailed Segmentation:

• Global Voice Biometric Market, By Type:
• • Active Biometrics
  • Passive Biometrics
• Global Voice Biometric Market, By Deployment Model:
• • On-premise
  • Cloud
• Global Voice Biometric Market, By Enterprise Size:
• • Small and Medium Enterprises
  • Large Enterprises
• Global Voice Biometric Market, By Industry Vertical:
• • Banking, Financial Services, and Insurance
  • Retail and E-commerce
  • Telecommunications and IT
  • Government and Defense
  • Other Industry Verticals
• Global Voice Biometric Market, By Geography
• • North America Europe
  • Asia-Pacific
  • Rest of the World
  • Market Drivers: