Voice Biometrics Authentication Market By Type (Active Biometrics, Passive Biometrics) , By Deployment Mode (On-Premise, Cloud) By Enterprise Size (SME, Large Enterprise) By Industry Vertical (BFSI, Retail and E-commerce, Telecommunications and IT, Government and Defense, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2033
Voice Biometrics Authentication Market
The voice biometrics authentication market was valued at $1.9 billion in 2023 and is projected to reach $9.0 billion by 2033, growing at a CAGR of 16.5% from 2024 to 2033.
Voice biometrics authentication is a technology that utilizes the voice of an individual to confirm their identity. This technology distinguishes the voice of an individual from others by assessing the unique characteristics such as tone, pitch, cadence, and accent. This authentication method finds applications in different sectors such as financial services, call centers, healthcare, and law enforcement.
Increase in demand for seamless and contactless verification methods is a key driver of the voice biometrics authentication market. In addition, upsurge in the use of voice assistants such as Google Assistant or Amazon Alexa has fueled the adoption of voice biometrics, thereby augmenting the development of the market. To enhance the protection against frauds and synthetic speech generation, the assimilation of liveness detection technology into voice biometrics authentication is trending in the market. This assimilation determines the authenticity of voice sample and boosts security in different applications by analyzing factors such as background noise, speech dynamics, and voice inflections.
However, the evolving capabilities of frauds through AI-generated synthetic voices result in data security concerns, which hampers the development of the market. Moreover, the possibilities of false rejections and misidentifications due to technical challenges deter several organizations from adopting voice biometrics authentication solutions, thereby restraining the market growth. Contrarily, expansion of the autonomous vehicles industry is projected to present new avenues for the market as voice biometrics authentication is a crucial component of these vehicles for convenience and added safety. According to a 2024 survey by McKinsey—an American management consulting firm—by 2030, level 4 robo-taxis are anticipated to be commercially available at a large scale. Therefore, increase in the manufacturing of autonomous cars is an indicator of the promising future of the voice biometrics authentication market.
Segment ReviewThe voice biometrics authentication market is segmented into type, deployment mode, enterprise size, industry vertical, and region. On the basis of type, the market is bifurcated into active biometrics and passive biometrics. According to deployment mode, it is divided into on-premise and cloud. As per enterprise size, it is classified into SME and large enterprise. According to industry vertical, it is categorized into BFSI, retail & e-commerce, telecommunications & IT, government & defense, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsOn the basis of type, the active biometrics segment dominated the market in 2023.
According to deployment mode, the on-premise segment acquired a notable stake in the market in 2023.
As per enterprise size, the large enterprise segment was the highest shareholder in 2023.
According to industry vertical, the BFSI segment garnered the highest market share in 2023.
Region wise, North America was the highest revenue generator in 2023.
Competition AnalysisThe leading players operating in the global voice biometrics authentication market include Microsoft Corporation, Verint Systems Inc., Voice Biometrics Group, NICE Ltd., Auraya Inc., Phonexia SRO, BioCatch Ltd., Pindrop Security Inc., Aculab Inc., and LumenVox. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the competitive market.
Key Market SegmentsBy TypeActive Biometrics
Passive Biometrics
By Deployment ModeOn-Premise
Cloud
By Enterprise SizeSME
Large Enterprise
By Industry VerticalBFSI
Retail and E-commerce
Telecommunications and IT
Government and Defense
Others
By RegionNorth America
U.S.
Canada
Europe
France
Germany
Italy
Spain
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market PlayersMicrosoft Corporation
Verint Systems Inc
Voice Biometrics Group
NICE Ltd
Auraya Inc.
Phonexia SRO
BioCatch Ltd
Pindrop Security Inc.
Aculab Inc.
LumenVox