Voice Biometrics Market Size Worth $4.82Bn, Globally, by 2028 at 20.6% CAGR – Exclusive Report by The Insight Partners

NEW YORK , May 23, 2022 /PRNewswire/ — The Insight Partners published latest research study on “Voice Biometrics Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component (Solution and Services), Type (Active #Voice Biometrics and Passive Voice #Biometrics), Authentication Process (Automated IVR, Agent-assisted, Mobile Application, and Employee Authentication), Deployment (Cloud and On-premise), Vertical (BFSI, Retail & Commerce, Government & Defense, IT & Telecom, Healthcare & Life Sciences, Transportation & Logistics, Travel & Hospitality, Energy & Utilities, and Others), and Application (Authentication & Customer Verification, Forensic Voice Analysis & Criminal Investigation, Fraud Detection & Prevention, Risk & Emergency Management, Transaction Processing, Access Control, Workforce Management, and Others)”, the global voice biometrics market share is expected to grow from $1.31 Billion in 2021 to $4.82 Billion by 2028; it is estimated to grow at a CAGR of 20.6% from 2022 to 2028.

The Sample Pages Showcases Content Structure and Nature of Information Included in This Research Study Which Presents A Qualitative and Quantitative Analysis: https://www.theinsightpartners.com/sample/TIPRE00004086/

Voice Biometrics Market: Competitive Landscape and Key Developments

Aculab; Auraya, Inc; Aware Inc; Nuance Communications, Inc; Nice; Pindrop; Phonexia; SESTEK; Whispeak; and VERINT SYSTEMS INC are among the key players in the global Voice Biometrics market. The leading companies are focusing on expanding and diversifying their market presence and acquiring a new customer base, thereby tapping prevailing business opportunities.

Schedule A Pre-Sale Discussion with The Author Team in A Slot That You Prefer to Address Queries on Scope of The Study, Customization, Introduction to Research Methodology, Assistance on Technologies and Market Definitions: https://www.theinsightpartners.com/inquiry/TIPRE00004086/

In January 2022, Aware, Inc. entered into a strategic partnership with MIRACL, cybersecurity company specialized in single step, secure multi factor authentication.

The rise of modern technologies such as artificial intelligence (AI), machine learning (ML), cloud computing, and data analytics and the strong demand for preserving healthcare and financial data is propelling the growth of the voice biometrics market. End-use industries such as banking, financial services and insurance (BFSI), government and public sectors, and IT & telecom are experiencing growth due to increasing urbanization and digitalization worldwide. As a result, hackers are targeting the important information and resources used in these areas. Further, biometrics used as credentials require the usage of unalterable, robust, and extensive algorithms to validate individuals. The advantages of biometric authentication over speech recognition and the promising development of AI-based voice recognition technology that reduces the risk of replication or hacking provide top-notch biometric security

Impact of COVID-19 Pandemic on Global Voice Biometrics Market:

In 2020, the impact of the COVID-19 outbreak differed in every country across the European region, as few countries witnessed an increased number of recorded cases and subsequently faced strict and longer lockdown periods or social isolation. However, COVID-19 impact on Western European countries such as Germany, France, and the UK was comparatively moderate due to their robust healthcare systems. To protect citizens from the virus, the European governments made tremendous investments in incorporating technologies in healthcare systems to help identify signs of the COVID-19 virus. In 2021, the offices resumed operations due to a reduction in lockdown measures and an increased vaccination process.

Click Here to Avail Lucrative DISCOUNTS on Our Latest Research Reports. We Offer Student, Enterprise, and Special Periodic Discounts to Our Clientele. Please Fill the Form to Know DISCOUNTED PRICE

However, manufacturers were obliged to focus more on contactless biometrics technology over the last two years due to escalating hygiene concerns and the increased danger of the COVID-19 pandemic. Further, industry players are currently concentrating more on developing biometric systems based on touchless technologies such as the face, iris, vein, and voice recognition to maintain their position in the voice biometrics market.

Growing Demand for Fraud Detection and Prevention System to Propel Voice Biometrics Market Growth in Coming Years:

Banks constantly remain on top of the best authentication methods to combat online fraud. Authentication mechanisms based on knowledge, such as PINs, passwords, and one-time passwords, have been employed by banks in the past. Further, banking security was affected by the demand for contactless and seamless technologies due to the COVID-19 pandemic.

With the advent of digitization in the financial business, fraudulent activities are expanding alarmingly. Fraudsters with access to banking credentials get access to clients’ bank accounts due to high-profile data thefts, necessitating a second or third degree of protection in the entire financial authentication system. Banks and financial institutions benefit from speech biometrics technologies that intelligently identify users based on their voiceprints.

Have A 15-Minute-Long Discussion with The Lead Research Analyst and Author of The Report in A Time Slot Decided by You. You Will Be Briefed About the Contents of The Report and Queries Regarding the Scope of The Document Will Be Addressed as Well: https://www.theinsightpartners.com/speak-to-analyst/TIPRE00004086

The voice biometrics market simplifies market user identification and authentication while improving Know Your Customer (KYC) management due to automatic calibration, active and passive authentication, liveliness detection, and panic detection. For example, Barclays uses the phrase “My voice is my password” to verify the caller’s identification, which resulted in a 20-second reduction in user verification time. Similarly, prominent banks such as HSBC, Wells Fargo, Santander Bank, N. A., and Tangerine Bank are implementing speech recognition in their call centers to speed up the identification and verification process. Further, the voice biometrics market potentially helps to improve KYC procedures. People in multilingual countries such as South Asia, for instance, have diverse degrees of schooling in different parts of the country. Moreover, voice biometrics help includes such persons in a financial safety net because the solutions are language-independent. Thus, the growing demand for fraud detection and prevention system in the BFSI industry is driving the growth of the voice biometrics market.

Voice Biometrics Market: Authentication Process Overview

Based on authentication process, the voice biometrics market is segmented into automated IVR agent-assisted, mobile applications, and employee authentication. In 2021, the agent-assisted segment held the largest voice biometrics market share.

Immediate Delivery of Our Off-The-Shelf Reports and Latest Research Studies, Through Flexible and Convenient Payment Methods: https://www.theinsightpartners.com/buy/TIPRE00004086/

Browse Adjoining Reports:

Biometrics Technologies Market to 2027 – Global Analysis and Forecasts by Retail Type (Pre-Boarding and Post-Boarding); Shopping Type (Accessories, Alcohol, Beauty Products, Merchandise, and Others); Carrier Type (Full Service Carrier and Low Cost Carrier)

Biometrics Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Component (Hardware, Software); Application (Authentication, Access Control); End-User Industry (Government, Military and Defense, Healthcare, BFSI, Consumer Electronics, Travel and Immigration, Others) and Geography

Fraud Detection and Prevention Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Component (Solution and Services), Deployment (On-premises and Cloud), and End-user (BFSI, Healthcare, Manufacturing, Retail, Telecommunication, and Others)

Voice Analytics Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Component (Solution, Service); Deployment Mode (On-Premise, Cloud); Application (Call Monitoring, Sentiment Analysis, Risk and Fraud Detection, Others); End User Industry (Retail and Ecommerce, BFSI, Government, IT and Telecom, Others) and Geography

Treasury and Risk Management Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component (Solution and Services), Deployment (Cloud-based and On-premises), Enterprise Size (Small & Medium-Size Enterprises and Large Enterprises), Application (Account Management, Cash & Liquidity Management, Compliance & Risk Management, and Financial Resource Management), and End User (BFSI, IT & Telecom, Retail & E-commerce, Healthcare, Manufacturing & Automotive, and Others)

Advanced Authentication Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Authentication Methods (Smart Cards, Biometrics, Mobile Smart Credentials, Tokens, User-based Public Key Infrastructure, Other); End User (BFSI, Healthcare, Government, Defense, IT and Telecom, Other) and Geography

Incident and Emergency Management Market Forecast to 2028 – COVID-19 Impact and Global Analysis by Component (Solution, Service, Communication System); Vertical (Commercial and Industrial, Energy and Utilities, Healthcare and Life Sciences, Defense and Military, Transportation and Logistics, Government, Others) and Geography

Access Control Market to 2025 – Global Analysis and Forecasts by Type (Hardware, Software, and Services) and Application (BFSI, Residential, Commercial, Healthcare, Government & Transport, and Others)

Audio Communication Monitoring Market Forecast to 2028 – Covid-19 Impact and Global Analysis – by Solution & Service (Quality Analysis, Voice Biometric System, Loudness Metering & Monitoring, and Support and Maintenance Services); Enterprise (Small & Medium Enterprise and Large Enterprise); and Application (Transportation & Logistics, Government, Telecommunication & IT, Healthcare, Media & Entertainment, BFSI and Others)

About Us:

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

Contact Us:

If you have any queries about this report or if you would like further information, please contact us:

Contact Person: Sameer Joshi
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876
Press Release: https://www.theinsightpartners.com/pr/voice-biometrics-market

SOURCE The Insight Partners