Voice Biometrics Market By Type (Active Biometrics, Passive Biometrics) , By Deployment Model (On-Premises, Cloud) By Enterprise Size (Small and Medium Enterprises, Large Enterprises) By Industry Vertical (BFSI, Retail and E-commerce, Telecommunications a

Voice Biometrics Market By Type (Active Biometrics, Passive Biometrics) , By Deployment Model (On-Premises, Cloud) By Enterprise Size (Small and Medium Enterprises, Large Enterprises) By Industry Vertical (BFSI, Retail and E-commerce, Telecommunications and IT, Government and Defense, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2032

The voice biometrics market was valued at $2.5 billion in 2023, and is projected to reach $11.5 billion by 2032, growing at a CAGR of 18.7% from 2024 to 2032.

Voice biometrics is a state-of-the-art speaker recognition software that identifies and verifies individuals based on their unique vocal characteristics. This method leverages the distinct features of a person's voice—such as pitch, tone, cadence, and vocal tract shape—to create a voiceprint or voice signature. These voiceprints are used for authentication, often in applications like secure access, fraud prevention, and customer service automation.

The global voice biometrics market is witnessing rapid growth due to factors such as alarming rise in risk of cyber threats and increase in focus of organizations to deploy robust and user-friendly authentication methods such as voice biometrics. As per a study by Aite Novarica—a global leader in financial services technology research—call centers are responsible for approximately 60% of fraud losses from account takeovers. This is attributed to the fact that fraudsters often talk to an agent when attempting to change passwords or contact information. Thus, financial institutions are major adopters of voice biometrics as they are highly vulnerable to frauds and seek stronger protection methods. Furthermore, rapid proliferation of mobile banking and digital payment platforms has created a need for voice biometrics, thereby augmenting the market growth. Moreover, governments and regulatory bodies in many regions are mandating stringent security measures to protect sensitive information, prompting businesses to adopt advanced technologies like voice biometrics, which significantly contributes toward the market growth. In addition, increase in penetration of smartphones and IoT devices with built-in microphones enables the widespread deployment of voice biometric systems in consumer applications, such as smart home devices and virtual assistants, which fuels the market growth. However, high cost associated with the deployment of voice biometrics acts as the key deterrent factor of the global market. Moreover, limited awareness about voice biometrics and its benefits, combined with lack of advanced infrastructure, hinders the market growth. On the contrary, the integration of AI and ML has significantly improved the accuracy and efficiency of voice recognition systems, enabling better analysis of voice patterns and faster processing times. Such developments are expected to offer lucrative opportunities for the expansion of the global market during the forecast period.

The voice biometrics market is segmented into by type, deployment model, enterprise size, industry vertical, and region. On the basis of type, the market is divided into active biometrics and passive biometrics. As per deployment model, it is segregated into on-premises and cloud. Depending on enterprise size, it is bifurcated into small & medium enterprises and large enterprises. By industry vertical, it is classified into BFSI, retail & e-commerce, telecommunications & IT, government & defense, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Key Findings

By type, the active biometrics segment held the largest market share in 2023.

On the basis of deployment model, the cloud segment was the major shareholder in 2023.

Depending on enterprise size, the large enterprises segment garnered the largest share in 2023.

As per industry vertical, the BFSI segment dominated the market, in terms of share, in 2023.

Region wise, North America emerged as the most lucrative market for voice biometrics in 2023.

Competition Analysis

Competitive analysis and profiles of the major players in the global voice biometrics market include Nuance Communications Inc., Verint Systems Inc., Voice Biometrics Group, NICE Ltd, Auraya Inc., Phonexia SRO, BioCatch Ltd, Pindrop Security Inc., Aculab Inc., and OneValult. 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 Segments

By Type

Active Biometrics
Passive Biometrics

By Deployment Model

On-Premises
Cloud

By Enterprise Size

Small and Medium Enterprises
Large Enterprises

By Industry Vertical

BFSI
Retail and E-commerce
Telecommunications and IT
Government and Defense
Others

By Region

North 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 Players

Nuance Communications Inc.
Verint Systems Inc.
Voice Biometrics Group
NICE Ltd
Auraya Inc.
Phonexia SRO
BioCatch Ltd
Pindrop Security Inc.
Aculab Inc.
OneValult