Shaping the Future: Voice Biometrics Market Trends and Forecasts for 2030

Global Voice Biometrics Market Overview:

According to MarkNtel Advisors study 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.

Key Findings of the Study: Voice Biometrics market

Global Voice Biometrics Market Opportunity:

Digital Health Innovations in Asia-Pacific to Open New Doors for the Players – The countries in the Asia-Pacific region, such as Singapore, India, South Korea, etc., are witnessing significant growth in digital health innovations due to substantial funding & a growing ecosystem of digital health ventures. COVID-19 has further enhanced digitalization in the healthcare sector, which has led to increased usage of applications such as telehealth, remote patient monitoring, etc. Therefore, to cater to this opportunity, many companies, such as RxDefine, Amazon, etc., launched telehealth applications in 2022. Similarly, companies like Milestone, Cadence, etc., unveiled their remote patient monitoring applications in 2022. The surge of telehealth & remote patient monitoring has created substantial demand for patient authentication processes, and this is creating new opportunities for market players to extend their voice biometric solutions to healthcare service providers.

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Scope of the Voice Biometrics Market Report Segmentation

-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)

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Geographical analysis:

-By Region

North America
South America
Europe
Asia-Pacific
The Middle East & Africa

North American region is renowned for being an early adopter of cutting-edge technologies, like voice authentication, in numerous industries. Owing to this, the region presented significant growth opportunities for market players to introduce cutting-edge features in voice biometrics solutions. This was further supported by the strong presence of industries like banking, financial services, and insurance (BFSI) in the region.

Global Voice Biometrics Industry Recent Development:

2022: LexisNexis® Risk Solutions, a division of RELX, has completed the acquisition of BehavioSec®, a leading provider of advanced behavioral biometrics technology. The addition of BehavioSec's solutions would bolster LexisNexis Risk Solutions' Business Services group & enhance its range of device & digital identity-focused offerings, including the renowned LexisNexis® ThreatMetrix® platform.
2022: Nuance Communications, Inc. (NASDAQ: NUAN) has expanded its strategic partnership with Genesys®, enabling Genesys Cloud CX™ customers to seamlessly integrate Nuance Contact Center AI into their operations. This collaboration empowers Genesys Cloud CX users to leverage Nuance's advanced technology, including conversational virtual assistants for voice & digital channels, as well as biometrics-based authentication & fraud prevention solutions to enhance their customer experience.

Current Landscape of Voice Biometrics Market

The report delineates key market participants and thoroughly assesses their strategic approaches, trends, innovations, and manufacturing infrastructure, enabling a forecast of their market impact over the next five years. The meticulously researched data presented holds the potential to distinguish even nascent market entrants in the long term. Armed with pertinent data and actionable insights, our research report delivers a comprehensive overview of the market, empowering investors and stakeholders to establish a robust presence in the Voice Biometrics market. The research report profiles major players, including

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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 Biometrics Group (VBG)
VoicePass Technology
ID R&D
Others

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