Voice Biometrics Market Breaking Records with USD 2.53 billion in 2024, Anticipates 23.48% CAGR Surge Until 2030
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Voice Biometrics Market Breaking Records with USD 2.53 billion in 2024, Anticipates 23.48% CAGR Surge Until 2030
Global Voice Biometrics Market: In-Depth Analysis and Forecasts for 2024-2030
MarkNtel Advisors, a leading market research firm, has showed its latest study titled “Voice Biometrics Market“, offering a detailed industry overview and market perspective. This comprehensive research provides insights into the current state of the market, highlighting recent advancements and emerging trends.
The report combines in-depth quantitative analysis with qualitative analysis; it ranges from macro-overviews of the overall market size, industry chain, and market dynamics to micro details of segment markets. This, as a result, provides a thorough overview of the industry under study as well as a profound understanding of all of its important features.
Analysis and Insights into the Voice Biometrics Market: 2024-2030
The Global Voice Biometrics Market size was valued at around USD 2.53 billion in 2022 and is estimated to grow at a CAGR of about 23.48% during the forecast period, i.e., 2024-30. The high cyber security threats, advancements in voice recognition technology, substantial adoption of voice assistants & voice-activated devices, soaring digitalization of industries, and regulatory compliance & data privacy requirements enhanced the adoption of voice biometrics across verticals such as BFSI, healthcare, telecommunication, etc. Thus, aiding in enhancing the market share. Additionally, as the reliance on IT infrastructure has been growing exponentially in the BFSI sector due to a surge in online financial transactions, the adoption of voice biometrics heightened.
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What are the primary factors driving the growth of the Voice Biometrics Market?
Rising Demand for Robust Fraud Detection System across BFSI Sector – The banking industry has witnessed a rapid surge in fraudulent activities, such as theft of sensitive data & illegal access to customer’s bank accounts, due to the digitalization of the sector. To address this critical issue, an additional layer of security is required within the financial authentication system, leading to the upscaled adoption of voice biometrics solutions to meet the specific needs of intelligently identifying users based on their unique voiceprints.
In addition, the BFSI industry has been expanding considerably over the past few years owing to several causes, including economic expansion of industrial sectors & growing demand for better access to financial services for both consumers & businesses. This expansion has resulted in the enhanced demand for better fraud detection services like voice biometrics, which augmented the market growth during 2019-22. Furthermore, the launch of digital banks has surged across countries like Germany, Brazil, Singapore, etc., due to regulatory support & the presence of supportive fin-tech ecosystems. For instance,
- In 2023, Intesa Sanpaolo SpA partnered with core banking technology company ‘Thought Machine’ to launch a new digital bank, Isybank.
The surge in digital banks would accelerate the demand for voice biometrics as it would be required to strengthen the authentication for digital banking transactions.
Voice Biometrics Market Segmentation:
The Voice Biometrics market is categorized in to different segments. Analyzing growth across these segments enables a comprehensive understanding of key growth areas within the industry. This segmentation provides valuable market insights, empowering stakeholders to make strategic decisions and identify primary market applications effectively.
By Type
- Active Voice Biometrics – Market Size & Forecast 2019-2030, (USD Million)
- Passive Voice Biometrics – Market Size & Forecast 2019-2030, (USD Million)
By Deployment
- On-Premise – Market Size & Forecast 2019-2030, (USD Million)
- Cloud – Market Size & Forecast 2019-2030, (USD Million)
By Authentication Process
- Automated IVR- Market Size & Forecast 2019-2030, (USD Million)
- Agent-Assisted – Market Size & Forecast 2019-2030, (USD Million)
- Mobile Applications – Market Size & Forecast 2019-2030, (USD Million)
- Employee Authentication – Market Size & Forecast 2019-2030, (USD Million)
By Application
- Authentication and Customer Verification – Market Size & Forecast 2019-2030, (USD Million)
- Forensic Voice Analysis and Criminal Investigation – Market Size & Forecast 2019-2030, (USD Million)
- Fraud Detection and Prevention – Market Size & Forecast 2019-2030, (USD Million)
- Risk and Emergency Management – Market Size & Forecast 2019-2030, (USD Million)
- Transaction Processing – Market Size & Forecast 2019-2030, (USD Million)
- Access Control – Market Size & Forecast 2019-2030, (USD Million)
- Workforce Management – Market Size & Forecast 2019-2030, (USD Million)
- Others (Vocal Passphrase, Speech Therapy, etc.) – Market Size & Forecast 2019-2030, (USD Million)
By Vertical
- Banking, Financial Services, & Insurance (BFSI)- Market Size & Forecast 2019-2030, (USD Million)
- Government – Market Size & Forecast 2019-2030, (USD Million)
- Healthcare- Market Size & Forecast 2019-2030, (USD Million)
- Retail & E-commerce- Market Size & Forecast 2019-2030, (USD Million)
- IT & Telecommunication – Market Size & Forecast 2019-2030, (USD Million)
- Transportation & Logistics – Market Size & Forecast 2019-2030, (USD Million)
- Others (Education, Hospitality, etc.) – Market Size & Forecast 2019-2030, (USD Million)
By Enterprise Size
- Large Enterprises – Market Size & Forecast 2019-2030, (USD Million)
- Small & Medium Enterprises- Market Size & Forecast 2019-2030, (USD Million)
Geographical Analysis into the Voice Biometrics Market:
The Voice Biometrics market is categorized based regional:
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
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Competitive Landscape and Voice Biometrics Market Share Analysis:
The competitive landscape of the Voice Biometrics Market includes comprehensive details about competitors. These details encompass company overviews, financial performance, revenue generation, market potential, investments in research and development, new market strategies, production facilities, strengths and weaknesses, product launches, ongoing trials, approvals, patents, product range, dominant applications, and technology life cycle.
- Aculab Inc.
- Agnitio SL
- BioCatch Ltd
- LexisNexis Risk Solutions Inc.
- Nuance Communications Inc.
- One Vault
- Pindrop Security Inc.
- Phonexia SRO
- Uniphore Software Systems Pvt Ltd
- Verint Systems Inc.
- Voice Biometricss Group [VBG]
- VoicePass Technology
- ID R&D
- Others
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Questions Addressed in this Study
- What factors are driving the Voice Biometrics Market growth?
- How is the Voice Biometrics Market expected to grow over the next five years?
- What are the key insights into the current trends in the Voice Biometrics Market?
- What is the current size of the Voice Biometrics Market, and how is it projected to change in the future?
- What is the future outlook for the Voice Biometrics Market in terms of technological advancements and market expansion?
Why choose MarkNtel?
MarkNtel Advisors is a leading market research company, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.
Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 14.8 diverse industrial verticals.
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