The Global Voice Biometrics Market size is expected to reach $2.7 billion by 2024, rising at a market growth of 22.7% CAGR during the forecast period. Voice biometrics is a technique used to match private voice patterns and check the identity of the speaker using just the voice. In essence, it listens to the voice of a human being and determines who that person is. To recognize a person, voice biometrics technology takes the voice of an individual and compares the recorded speech features to the features of an earlier generated speech model. If the two match, the voice biometrics software will verify that the individual speaking is the same as the individual registered against the voice pattern.
Global Voice Biometrics Market Size
Rapid advancements in technologies used for authentication and payment purposes have helped the biometrics industry in expanding its client base across the world. The need for technological software in the biometric technology has been apparent due to its sophisticated features that help in improving authentication and verification software. This is expected to create a significant demand for voice biometric software over the coming years.
Global Voice Biometrics Market Share
On the basis of component, the voice biometric market covers software and services. The software segment overshadows the services segment and is showing possibilities of recording a higher growth in the coming years due to augmented adoption rates. The requirement for easy, faster, and convenient user authentication is projected to impact voice biometrics software. A growing number of online transactions and fraudulent activities and the demand for a multi-layered security approach within the financial services sector are expected to boost the overall market. The services segment is estimated to witness a faster growth rate during the forecast period. Based on Application, the market is segmented into Access Control and Authentication, Fraud Detection and Prevention, and Forensic Voice Analysis and Criminal Investigation. Based on Organization size, the market is segmented into large enterprises and Small and Medium Sized entertainment. Based on Type, the market is segmented into Active Voice biometrics and Passive Voice Biometrics. Based on End User, the market is segmented into BFSI, Healthcare and Life Sciences, Retail and Ecommerce, Telecom and IT, Government and Defense, and Others. Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East and Africa.
KBV Cardinal Matrix
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Nuance Communications Inc., Verint Systems Inc., NICE Ltd., LexisNexis Risk Solutions Inc., Voice Biometrics Group, AimBrain Solutions Limited, Phonexia, VoicePin.com, Uniphore Software Solutions Pvt. Ltd., and LumenVox LLC. The major strategies followed by the market participants are Product launches and Partnerships & Collaborations. Based on the Analysis presented in the KBV Cardinal matrix, LexisNexis Risk Softwares Inc. is one of the forerunners in the Voice Biometrics market.
Market Segmentation:
By Component
By Application
By Organization Size
By Type
By End User
By Geography
Companies Profiled
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