Voice Biometrics Market Size, Share, Growth Report 2030

Voice Biometrics Market Size

The Global Voice Biometrics market, which was estimated at about 1.11 (USD Billion) in 2019 and is predicted to accrue earnings worth 4.1 (USD Billion) by 2026, is set to record a CAGR of nearly over 20.3% during 2020-2026. The report offers valuation and analysis of Voice Biometrics market on a global as well as regional level. The study offers a comprehensive assessment of the industry competition, limitations, sales estimates, avenues, current & emerging trends, and industry-validated market data. The report offers historical data from 2016 to 2019 along with a forecast from 2020 to 2026 based on value (USD Billion).

Report Scope :

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Voice Biometrics Market: Synopsis

Voice biometrics makes use of a person’s voice for identifying his/her unique biological features along with authenticating them. Additionally, voice biometrics enhances the end-user experience by offering seamless services. Cost-effectiveness, accuracy, and security are some of the major features of voice biometrics that have made voice biometrics the most popular across the world. Breakthroughs in machine learning and computations have made it possible for innovating new methods of customer authentication and voice biometrics is one of them.    

Voice Biometrics Market: Growth Drivers

Large-scale application of voice biometrics in IVR-driven banking systems, medical research, telecom, online education, law enforcement, and emergency services will steer the expansion of voice biometrics industry over the forecast timeframe. In addition to this, escalating need for fraud detection in BFSI coupled with requirement of reducing identification charges will steer voice biometrics market size over 2020-2026. Rise in data thefts and fraud activities with onset of digitization has resulted in massive penetration of voice biometrics in various industries. Apparently, voice biometrics has penetrated the domains such as defense & military, personal computing, and healthcare. This is likely to perpetuate the expansion of voice biometrics industry over the predicted timespan.

Regional Landscape

Asia Pacific Market To Register Highest Gains Over 2020-2026

The regional market growth over the assessment period can be credited to the swift digitization witnessed in BFSI, retail, and IT & Telecom sectors in emerging economies such as India and China. In addition to this, large numbers of firms are making use of voice biometrics to ensure the security of their premises as well as avoid identity as well as data thefts in order to avoid huge fiscal losses. Apparently, the need for avoiding criminal activities and enforcing strict security measures as well as ensuring the safety of premises has forced the firms to prioritize the use of voice biometrics as a vital authentication tool for visitors & staff, thereby prompting the increment in the regional market size.

Competitive Landscape

Key participants profiled in the study include SayPay Technologies INC., Agnito SL, VoiceTrust Ag, American Safety Council Inc., MASYS Technology, Nuance Communications, SpeechPro, ValidSoft, National Security Resources, VoiceVault, Uniphore, Voice Security Systems, and Boid Ag.

The global Voice Biometrics Market is segmented as follows:

By Vertical:

• BFSI
• Automotive
• Government
• Healthcare
• Military
• Education

By Type:

• AI-Based
• Non-AI-Based

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa