According to a new market research report published by Acute Market Reports “Global Voice Biometrics Market (Component (Software, Service [Professional, Managed]); Type (Active Voice Biometrics, Passive Voice Biometrics); Deployment (On-Premise, Cloud); Application (Access Control and Authentication, Fraud Detection and Prevention, Forensic Voice Analysis and Criminal Investigation, Others); End-Use (BFSI, Government and Defense, Healthcare, Retail and e-commerce, Telecom and IT, Others)) – Growth, Future Prospects, Forecast and Competitive Analysis, 2019 – 2027”, the voice biometrics market is set to grow with a CAGR of 23.5% during the forecast period.
The voice biometrics market is driven by the growing adoption of internet banking and digital banking solutions across the globe. The financial institutes are rapidly shifting towards online channels to enhance the customer experience and provide a more personalized banking experience. These solutions enable the financial institutes to offer customers more ways to access their accounts, boost customer retention and satisfaction. However, as the increasing adoption of internet banking increases, the risk of online data breaches, identity fraud, and transaction fraud also rises. Therefore, the banks are seeking advance security solution that goes beyond user name and password.
The proliferation of the enterprise mobility solutions, mobile apps, and mobile business workforce is also serving as s a major driver for the growth of the market. Furthermore, the adoption of cloud-based biometric solutions is further accelerating the adoption among enterprises. However, the data safety and security issues associated with the biometric solution are inhibiting the market growth.
The voice biometrics market is segmented based on the type into active voice biometrics, passive voice biometrics. The active voice biometric segment accounted for the majority share of the revenue in 2018. The growth of the market is credited to the numerous benefits offers by the active voice biometric solution such as phase repetition, and reduction in enrollment friction. Whereas, the passive voice biometrics solutions are estimated to gain traction during the forecast period.
North America is Leading the Voice Biometrics Market
North America led the global voice biometrics market in 2018 with a market share of more than 42%. The increasing adoption of advanced technologies such as cloud computing, AI, and Big Data is serving as a major driver for the growth of the market. The growing incidences of data leakages and cyber-attacks in the region are further encouraging the adoption of voice biometric solutions among organizations.
Asia Pacific’s voice biometrics market is projected to grow extensively over the forecast period. The supportive government initiatives for the protection and safety of the data in the region are also encouraging the organizations to opt for Voice Biometrics. The market is driven by the rising incidences of data leakages and unauthorized data access among organizations. Furthermore, the growing adoption of online banking solutions is further estimated to drive market growth.
The prominent vendors of the voice biometrics market are AimBrain, Aculab, Auraya, LumenVox, LexisNexis Risk Solutions, Voice Biometrics Group, NICE, OneVault, Verint, Nuance Communications, Phonexia, Sestek, Pindrop, Uniphore, and VoicePIN.
Browse the full report at https://www.acutemarketreports.com/report/voice-biometrics-market
Services is Estimated to Grow Significantly During the Forecast Period
The voice biometrics market is segmented based on the component into software and services. The software segment accounted for more than 78% share of the revenue in 2018. The market growth is credited to the growing need among the organization to establish convenient, faster, and effective user authentication solutions. Furthermore, the rising number of online transactions and internet activities is further driving the demand for the software market. On the other hand, the services market is estimated to grow substantially during the forecast period.
Historical & Forecast Period
This research report presents the analysis of each segment from 2017 to 2027 considering 2018 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segment calculated for the forecast period from 2019 to 2027.
The Global Voice Biometrics Market is Segmented into:
|Segmentation||By Component Segment (2017–2027; US$ Bn)|
|By Type Segment (2017–2027; US$ Bn)|
|By Deployment Segment (2017–2027; US$ Bn)|
|By Application Segment (2017–2027; US$ Bn)|
|By End-Use Segment (2017–2027; US$ Bn)|
|By Geography Segment (2017–2027; US$ Bn)|
*Complete segmentation list is on a report page
Unique data points of this report
- Statistics on voice biometrics and spending worldwide
- Recent trends across different regions in terms of adoption of Voice Biometrics across applications
- Notable developments going on in the industry
- Attractive investment proposition for segments as well as geography
- A comparative scenario for all the segments for years 2018 (actual) and 2027 (forecast)
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