Voice biometrics authentication works in a very similar methods to the other biometrics authentication process such as the facial recognition or the fingerprint recognition. The voice biometric method will register a person by making an initial template based upon sample of the person’s voice.
The global voice biometric market is estimated to account for US$ 2,260.34 Mn in terms of value by the end of 2022.
Voice biometrics suppliers and the officials over the globe realized the importance of the voice biometric system over several sectors where the scrutiny, the fraud prevention and the detection remains the major concern. The notable factors such as the development in the e-passport program and the official support and the extensive usage in the criminal identification.
Big tech films and the establishments and initiatives are very keen to increase their voice recognition capacity, regarding the notable strength for the voice enabled tools and devices to enhance the productivity and then change the patient experience.
In September 2021, Amazon Web Services declared the general accessibility of the Amazon Connect Voice ID, a machine learning powered by the voice authentication feature for the Amazon Connect. Amazon Connect is an easy to use Omni channel cloud.
The BFSI segment has faced various challenges and the obstructions with the compliance and the regulation where the customer data and the voice data is bound to stay in the premises of the third party suppliers which is anticipated to hinder the growth of the global voice biometric market.
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Global Voice Biometric Market - Impact of Coronavirus (Covid-19) Pandemic
The Covid-19 pandemic has a significant growth towards the market as it led to the strict imposition of shutdown and lockdown and many people working from home which led to the obstruction in usage of voice biometrics.
The global voice biometrics market was valued at US$ 1,912.03 Mn in 2021 and is forecast to reach a value of US$ 10,760.06 Mn by 2030 at a CARG of 21.5% between 2022 and 2030.
Banking, Financial Services, and Insurance Segment held the dominant position in the global voice biometrics market in 2022, accounting for 33% share in terms of value, increasing approval and launch of new products is expected to propel the growth of the segment during the forecast period.
Microsoft whose Cortana, platform has not been made much of an impact in the marketplace, went forward and has acquired the voice-technology software developer Nuance for the nearly US$ 20 billion in the month April 2021. The move is crucially implied that Microsoft was additional on its commitment to hospital.
The acquirement means a massive leap forward for the voice biometrics market. The market is projected to receive the extensive education on the voice biometric solution’s capabilities leading in the faster acquirement of the biometrics over many trade.
Major key players involved 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