Voice Biometric Market Expected to Grow at CAGR 23.96% and Forecast to 2025

By Digvijay Chakravarty 30 Jun 2020 Technology

In 2018, the Global Voice Biometric Market size was xx million US$ and it is expected to reach xx million US$ by the end of 2025, with a CAGR of xx% during 2019-2025.

Global Voice Biometric Market is valued at USD 823.47 Million in 2018 and expected to reach USD 3703.57 Million in 2025 growing with the CAGR of 23.96% over the forecast period.

Increasing cyber-attacks, need for advanced authentication system for betterment of security process with ensuring better customer experience is the key factor driving the growth of market.

Scope of Global Voice Biometric Market-

Voice Biometric is the user’s verification tool which analyses individual’s pitch, speech, voice & tone for the identification of unique voices, including tone, speed of speech, emphasis patterns, pronunciation and accent of the speakers through multiple channels such as real time conversation or voiceprint. The technology uses text dependent and text independent tools to recognize voice. Voice biometric is becoming more popular in multiple sectors including entertainment industry, cloud computing, social networking, building security, and in forensic industry. Voice biometric enables users to prevent others for unauthorized access for data and other various security-sensitive areas. The technology has huge number of application areas, including access control and authentication, forensic voice analysis, fraud detection and prevention, criminal investigation, remote login, password changes, fraud transactions while ensuring better customer experience. If we look into the history, first voice recognition technology was used in 1952, at Bell Laboratories, that was recognizing the single voice digit, but now because of advancement in technology, voice recognition technology became the part of everyday life.

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Global Voice Biometric Market report is segmented based on component, application, industry vertical and by regional & country level. Based upon component, global voice biometric market is classified into software and services. Based upon application global voice biometric market is divided into access control and authentication, fraud detection and prevention, forensic voice analysis and criminal investigation and other applications. Based upon industry vertical market is divided into BFSI, government and defense, telecom and IT, healthcare, retail and ecommerce among others.

The regions covered in this global voice biometric market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of voice biometric is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.

Voice Biometric Companies

Nuance CommunicationsNiceValidSoftVerintPhonexiaPindropOneVaultSESTEKLumenVoxLexisNexis Risk SolutionsVoicePINUniphoreAculab Auraya others.

Global Voice Biometric Dynamics –

The traditional system takes the longer time for customer authentication & verification leads to customer dissatisfaction. Voice biometric is replacing this lengthy process by eliminating some manual factors and automating the authentication/Identification process, by using voice as a password through interactive voice response system. Now many banks and insurance companies are using the voice biometric system, since greater, seamless customer experience, reduction in time, gaining customer satisfaction and improved process automation. In 2016 HSBC introduced the voice biometric based authentication process in the security. These all factors are fueling the growth of global voice biometric market. However, voice privacy is the significant factor that may retrain the growth of market. As the customer’s voice data can be used for other purpose than it is intended. Many app enables the use of voice technology and fraudsters and hackers can steal voice data if it is not stored in well enough security and may leads to access customers bank account and borrow or withdraw money from accounts. Stolen data can be used by terrorist or criminal to mislead legal statement. Since, government taking initiative for standardizing biometrics process across the industries and expected to eliminate this soon. Moreover, advancement in the technology including AI, adopting DNN-enabled (deep neural networks) voice biometrics solutions, great customer experience creating huge opportunities global voice biometric market.

Global Voice Biometric Market Regional Analysis –

North America is dominating the voice biometric market due to the strong focus on research and development, advancement in technologies and implementing it on ground level. Because of high penetration of technology than any other region and good per capita GDP and increasing investments in the market. All these factors are positively helping North America to be a leader in global voice biometric market. Additionally, North America has huge number banking and insurance industries which contribute sizable share in voice biometric system, as per the report North America has significant portion of banks in the world than any other nation which fuels the growth of market.

Asia Pacific and Europe are the region expected to contribute growth of market. Rate of adaptation is highest in the Asia pacific region anticipated to grow market at a highest CAGR over forecast period due to growing technology industries in the region of China, India and Japan.

Key Benefits for Global Voice Biometric Market Reports –

Global Market report covers in depth historical and forecast analysis.

Global Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.

Global Market report helps to identify opportunities in market place.

Global Market report covers extensive analysis of emerging trends and competitive landscape.

Global Voice Biometric Market Segmentation –

By Components: Software, Services

By Applications: Access Control and Authentication, Fraud Detection and Prevention, Forensic voice analysis and Criminal Investigation, Other

By Industry Vertical: BFSI, Government and Defense, Telecom and IT, Healthcare, Retail and eCommerce, Other 

Regional & Country Analysis
North America, U.S., Mexico, Canada , Europe, UK, France, Germany, Italy , Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of Middle East and Africa

Table of Contents

1 Report Overview
1.1 Study Scope
1.2 Key Market Segments
1.3 Players Covered
1.4 Market Analysis by Type
1.4.1 Global Voice Biometric Market Size Growth Rate by Type (2014-2025)
1.4.2 Topical Products
1.4.3 Botulinum
1.4.4 Dermal Fillers
1.4.5 Chemical Peels
1.4.6 Microabrasion Equipment
1.4.7 Laser Surfacing Treatments
1.5 Market by Application
1.5.1 Global Voice Biometric Market Share by Application (2014-2025)
1.5.2 Hospitals
1.5.3 Dermatology Clinics
1.6 Study Objectives
1.7 Years Considered

2 Global Growth Trends
2.1 Voice Biometric Market Size
2.2 Voice Biometric Growth Trends by Regions
2.2.1 Voice Biometric Market Size by Regions (2014-2025)
2.2.2 Voice Biometric Market Share by Regions (2014-2019)
2.3 Industry Trends
2.3.1 Market Top Trends
2.3.2 Market Drivers
2.3.3 Market Opportunities

3 Market Share by Key Players
3.1 Voice Biometric Market Size by Manufacturers
3.1.1 Global Voice Biometric Revenue by Manufacturers (2014-2019)
3.1.2 Global Voice Biometric Revenue Market Share by Manufacturers (2014-2019)
3.1.3 Global Voice Biometric Market Concentration Ratio (CR5 and HHI)
3.2 Voice Biometric Key Players Head office and Area Served
3.3 Key Players Voice Biometric Product/Solution/Service
3.4 Date of Enter into Voice Biometric Market
3.5 Mergers & Acquisitions, Expansion Plans

Read More: https://industrystatsreport.com/ICT-and-Media/Voice-Biometric-Market-Size/Summary

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Digvijay Chakravarty

Digvijay Chakravarty presently develops content for a slew of portals, including businessstatsnews and Industry Stats Report. A post graduate in mathematics and business administration. As a content writer, he currently writes articles pertaining to the latest industry news, business trends, and market research.

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