According to a new market research report "Voice Biometrics Market by Component, Type (Active and Passive), Application (Authentication and Customer Verification, Transaction Processing), Authentication Process, Organization Size, Deployment Mode, Vertical, and Region - Global Forecast to 2026", Published by MarketsandMarkets™, the size to grow from USD 1.1 billion in 2020 to USD 3.9 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 22.8% during the forecast period.
Factors such as the increasing demand for robust fraud detection and prevention systems across the Banking, Financial Services, and Insurance (BFSI) industry and the need for reducing authentication and identification costs are driving the adoption of voice biometrics solutions across the world. Fraudulent activities have increased alarmingly with the advent of digitalization across the banking industry. Through high-profile data thefts, fraudsters with access to banking credentials may gain access to customers’ bank accounts, thus creating the need for second or third-level security in the whole financial authentication system. Voice biometrics caters to such needs of banks and financial agencies by smartly identifying a user based on his/her voiceprint.
Browse 277 market data Tables and 65 Figures spread through 279 Pages and in-depth TOC on "Voice Biometrics Market”
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The voice biometrics market is expected to witness a minor slowdown in 2020 due to the global lockdown. The COVID-19 pandemic has increased the churn rate and shuddered almost every industry. The lockdown is impacting global manufacturing, and supply chains and logistics as the continuity of operations for various sectors are badly impacted. The sectors facing the greatest drawbacks are manufacturing, transportation and logistics, and retail and consumer goods.
The availability of the essential items has been impacted due to the lack of manpower to work on production lines, supply chains, and transportation, although the essential items are exempted from the lockdown. The condition is expected to come under control by early 2021, while the demand for voice biometrics solutions and services is expected to increase, which is due to the increased demand for enhanced customer experience and build a personalized relationship with the prospects.
Several verticals are already planning to deploy a diverse array of voice biometrics solutions and services to enable digital transformation initiatives that address mission-critical processes, improve operations, and authenticate user’s identification. The reduction in operational costs, better customer experiences, fraud detection and prevention, enhanced authentication processes and operations, and improved real-time decision-making are the key business and operational priorities that are expected to drive the adoption of the voice identification market.
The global voice biometrics market has been segmented by component. The component segment is further categorized into solutions and services. Based on the solutions segment, the market is divided into platform and software. The services segment is further divided into managed services and professional services. The services segment is anticipated to grow at a higher CAGR during the forecast period. The growth of the services segment is governed mainly by the complexity of operations and the surge in the deployment of voice biometrics solutions during the forecast period.
The global voice biometrics market is segmented on the baisis of type into into active voice biometrics and passive voice biometrics. The active voice biometrics segment is expected to at a higher CAGR during the forecast period. The ease of handling processes and the reduction in requirement of resources are expected to drive the demand for active voice biometrics solutions across the world.
The global voice biometrics market by authentication process is segmented into automated IVR, agent-assisted, mobile applications, and employee authentication. The market size of the mobile applications segment is expected to grow at the highest CAGR during the forecast period. The growth rate of the mobile applications segment can be attributed to the increasing usage of smartphones and the secure authentication process while enhancing the overall security.
The global voice biometrics market by applications is segmented into 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 (speech therapy, vocal passphrase, and personalized user experience). The market size of the transaction processing segment is expected at the highest CAGR during the forecast period. An increasing need for customer identity authentication across call centers is expected to spur the demand for voice biometrics solutions across the world.
The voice biometrics market is segmented into the various verticals, particularly verticals, such as BFSI, retail and eCommerce, government and defense, IT and telecom, healthcare and life sciences, transportation and logistics, travel and hospitality, energy and utilities, and others (manufacturing, education, and media and entertainment). The market size of the healthcare and life sciences vertical is expected to grow at the highest CAGR during the forecast period. Mandatory protection of sensitive data to boost the adoption of voice biometrics solutions in the healthcare and life sciences vertical.
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The voice biometrics market has been segmented into five regions: North America, Europe, APAC, MEA, and Latin America. Among these regions, North America is projected to hold the largest market size during the forecast period. APAC is expected to grow at the highest CAGR during the forecast period. The increasing demand for enhanced security for preventing criminal activities from enhancing the market growth in APAC.
Major vendors in the voice biometrics market include Nuance (US), NICE (Israel), Verint (US), Pindrop (US), LexisNexis Risk Solutions (US), Phonexia (Czech Republic), VBG (US), Aculab (UK), Auraya (Australia), OneVault (South Africa), Aware (US), SpeechPro (US), LumenVox (US), Uniphore (India), SESTEK (Turkey), VoicePIN (Poland), QSS Technosoft (India), Voxta (India) Interactions (US), ID R&D (US), Kaizen Secure Voiz (US), HYPR (US), Element (US), Trust Stamp (US), and AnyVision (Israel).These voice biometrics vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the global voice biometrics market.
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The global Voice Biometrics Market is forecasted to be worth USD 4.90 Billion by 2027, according to a new report by Emergen Research.
Rapid urbanization and adoption of digital technology in industries like Telecommunications and IT, BFSI, Government, and Defense will drive the demand for the voice biometric.
The proliferation of digital devices in everyday activities has created a need for advanced protection solutions.
Some of the commonly used biometric technology are radio networks, mobile phones and landlines, virtual private networks, voice over IP networks, and microphones.The latest research report by Emergen Research, named ‘Global Voice Biometrics Market - Forecast to 2027’, entails a comprehensive review of the global Voice Biometrics market’s present and future trends.
The report gathers viable information on the most established industry players, sales and distribution channels, regional spectrum, estimated market share and size, and revenue estimations over the forecast timeframe.Get a sample of the report @ https://www.emergenresearch.com/request-sample/159Market Scope:One of the report’s central components is the broad Voice Biometrics market segmentation that includes the product type gamut, application spectrum, end-user industry landscape, significant geographical regions, and the top market contenders.
The report contains unbiased industry expert opinions on the current market scenario, past market performance, production & consumption rates, demand & supply ratio, and revenue generation forecasts over the estimated period.
In-depth analysis of Voice Biometrics Market 2020The Report Titled “Voice Biometrics Market Report 2020, Competitive Landscape, Trends, and Opportunities” offers an in-depth assessment of the market by looking at the Market Growth, Drivers, Challenges, Opportunities, and Trends for the market to help the readers understand the overall scenario of the Voice Biometrics industry.
The Voice Biometrics Market report takes a holistic approach to the market and gives market insights, historical analysis, and verifiable projections pertaining to the market size in the forecast duration.
The estimations derived in this report are deduced by employing precise analytical tools, research methodologies, estimates, and reliable data sources.
The information offered in the report makes it an exhaustive database for all facets of the market categorized into product types, applications, end-user industries, prominent manufacturers, technology, and regional markets.To Get a Free PDF for Accurate Technical Insights, visit @ https://www.reportsanddata.com/sample-enquiry-form/2012 The Voice Biometrics market intelligence study includes a separate section dedicated to crucial parameters like the pricing structure of vital feedstock and value chain analysis, along with the study of major suppliers of the raw materials.
In market segmentation by manufacturers, the report covers the following companies -Google, Facebook, Amazon, Apple, Nuance Communications, NICE, AimBrain, Voice Biometrics Group, Verint, OneVault, LumenVox, Phonexia, Uniphore, VoicePIN, Auraya, LexisNexis Risk Solutions Sestek, VoiceVault, Inc, Raytheon Company.
The market intelligence study outlines essential details of the market and the leading companies that hold a substantial portion of the global sector.
