Voice Biometrics Market
Growth Factors of Voice Biometrics Market
The voice biometrics market size was valued at USD 1.85 billion in 2023, and the market is now projected to grow from USD 2.30 billion in 2024 to USD 15.69 billion by 2032, exhibiting a CAGR of 27.1% during the forecast period of 2023-2030.
The COVID-19 pandemic created significant opportunities on the voice biometrics market growth as curbing coronavirus outbreak was prioritized. The COVID-19 pandemic rapidly increased fraudulent activities, such as identification robbery and account takeover assaults throughout the globe. During the outbreak, voice biometrics generation became a crucial answer because of its potential to identify customers based totally on their voice patterns.
The voice biometrics share globally has been contributed due to the increasing Demand for robust fraud detection. The increasing price of financial fraud demands better and more effective defense answers, including voice biometrics with robust machine learning (ML), record analytics, and predictive capability. Rapid tendencies in biometrics might also no longer require customers to reply to security questions.
Furthermore, there’s been a notable trend of rising prevalence of deepfake technology. Deepfakes are an increasingly more complicated and critical challenge that is advanced using AI to generate artificial pics, movies, or sounds. Deepfakes can be used to breach structures and compromise the information of organizations as well as individuals.
Comprehensive Analysis of Voice Biometrics Market
The voice biometrics market and hardware and software IT services industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the hardware and software IT services industry. These segmentations are methodically segregated by types of type, by deployment, enterprise type, and vertical. The types include, Active and Passive. By deployment, On-premises and Cloud-Based, and by enterprises, Small and Medium-sized Enterprises (SMEs) and Large Enterprises. However, the vertical is such as BFSI, Healthcare, Government & Defense, IT & Telecom, Retail & E-commerce, and Others.
The North American region is conducive to the global voice biometrics market, owing to strict regulatory environment. The important percentage is because of the strict regulatory surroundings, accelerated instances of identity theft, and strong adoption of biometric authentication and identity. All those factors have fueled the adoption of superior verification answers on this location.
The top players in the market play a crucial role in the hardware and software IT services industry assuring industrial prospectus growth and setting market standards. These players include, Nuance Communications, Inc. (U.S.), ID R&D (U.S.), LumenVox (U.S.), AccuraScan (India), ValidSoft Group (U.S.), Phonexia (Czech Republic), VERIDAS (Spain), Aware, Inc. (U.S.), Fortra, LLC. (U.S.), and 3SC (India) these market players provide a level-playing competitive landscape.
In July 2023, Smartz Solutions, an employee engagement software development organization, announced the release of a brand new voice biometric platform to combat the upward push of fraud across the world inside the BFSI sector.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019 – 2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024 – 2032
Historical Period 2019 – 2022
Growth Rate CAGR of 27.1% from 2024 to 2032
Unit Value (USD Billion)
Segmentation By Type
- Active
- Passive
By Deployment Mode
- On-premises
- Cloud-Based
By Enterprise Type
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
By Vertical
- BFSI
- Healthcare
- Government & Defense
- IT & Telecom
- Retail & E-commerce
- Others (Education, Energy & Utilities)
By Region
- North America (By Type, Deployment Mode, Enterprise Type, Vertical, and Country)
- U.S.
- Canada
- Mexico
- South America (By Type, Deployment Mode, Enterprise Type, Vertical, and Country)
- Brazil
- Argentina
- Rest of South America
- Europe (By Type, Deployment Mode, Enterprise Type, Vertical, and Country)
- U.K.
- Germany
- France
- Italy
- Spain
- Russia
- Benelux
- Nordics
- Rest of Europe
- Middle East & Africa (By Type, Deployment Mode, Enterprise Type, Vertical, and Country)
- Turkey
- Israel
- GCC
- North Africa
- South Africa
- Rest of the Middle East & Africa
- Asia Pacific (By Type, Deployment Mode, Enterprise Type, Vertical, and Country)
- China
- Japan
- India
- South Korea
- ASEAN
- Oceania
- Rest of Asia Pacific
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- 1. Introduction
- 1.1. Definition, By Segment
- 1.2. Research Methodology/Approach
- 1.3. Data Sources
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Macro and Micro Economic Indicators
- 3.2. Drivers, Restraints, Opportunities and Trends
- 3.3. Impact of Generative AI
- 4. Competition Landscape
- 4.1. Business Strategies Adopted by Key Players
- 4.2. Consolidated SWOT Analysis of Key Players
- 4.3. Global Voice Biometrics Key Players Market Share/Ranking, 2023
- 5. Global Voice Biometrics Market Size Estimates and Forecasts, By Segments, 2019-2032
- 5.1. Key Findings
- 5.2. By Type (USD)
- 5.2.1. Active
- 5.2.2. Passive
- 5.3. By Deployment Mode (USD)
- 5.3.1. On-premises
- 5.3.2. Cloud-Based
- 5.4. By Enterprise Type (USD)
- 5.4.1. Small and Medium-sized Enterprises (SMEs)
- 5.4.2. Large Enterprises
- 5.5. By Vertical (USD)
- 5.5.1. BFSI
- 5.5.2. Healthcare
- 5.5.3. Government & Defense
- 5.5.4. IT & Telecom
- 5.5.5. Retail & E-commerce
- 5.5.6. Others (Education, Energy & Utilities, etc.)
- 5.6. By Region (USD)
- 5.6.1. North America
- 5.6.2. South America
- 5.6.3. Europe
- 5.6.4. Middle East & Africa
- 5.6.5. Asia Pacific
- 6. North America Voice Biometrics Market Size Estimates and Forecasts, By Segments, 2019-2032
- 6.1. Key Findings
- 6.2. By Type (USD)
- 6.2.1. Active
- 6.2.2. Passive
- 6.3. By Deployment Mode (USD)
- 6.3.1. On-premises
- 6.3.2. Cloud-Based
- 6.4. By Enterprise Type (USD)
- 6.4.1. Small and Medium-sized Enterprises (SMEs)
- 6.4.2. Large Enterprises
- 6.5. By Vertical (USD)
- 6.5.1. BFSI
- 6.5.2. Healthcare
- 6.5.3. Government & Defense
- 6.5.4. IT & Telecom
- 6.5.5. Retail & E-commerce
- 6.5.6. Others (Education, Energy & Utilities, etc.)
- 6.6. By Country (USD)
- 6.6.1. United States
- 6.6.2. Canada
- 6.6.3. Mexico
- 7. South America Voice Biometrics Market Size Estimates and Forecasts, By Segments, 2019-2032
- 7.1. Key Findings
- 7.2. By Type (USD)
- 7.2.1. Active
- 7.2.2. Passive
- 7.3. By Deployment Mode (USD)
- 7.3.1. On-premises
- 7.3.2. Cloud-Based
- 7.4. By Enterprise Type (USD)
- 7.4.1. Small and Medium-sized Enterprises (SMEs)
- 7.4.2. Large Enterprises
- 7.5. By Vertical (USD)
- 7.5.1. BFSI
- 7.5.2. Healthcare
- 7.5.3. Government & Defense
- 7.5.4. IT & Telecom
- 7.5.5. Retail & E-commerce
- 7.5.6. Others (Education, Energy & Utilities, etc.)
- 7.6. By Country (USD)
- 7.6.1. Brazil
- 7.6.2. Argentina
- 7.6.3. Rest of South America
- 8. Europe Voice Biometrics Market Size Estimates and Forecasts, By Segments, 2019-2032
- 8.1. Key Findings
- 8.2. By Type (USD)
- 8.2.1. Active
- 8.2.2. Passive
- 8.3. By Deployment Mode (USD)
- 8.3.1. On-premises
- 8.3.2. Cloud-Based
- 8.4. By Enterprise Type (USD)
- 8.4.1. Small and Medium-sized Enterprises (SMEs)
- 8.4.2. Large Enterprises
- 8.5. By Vertical (USD)
- 8.5.1. BFSI
- 8.5.2. Healthcare
- 8.5.3. Government & Defense
- 8.5.4. IT & Telecom
- 8.5.5. Retail & E-commerce
- 8.5.6. Others (Education, Energy & Utilities, etc.)
- 8.6. By Country (USD)
- 8.6.1. United Kingdom
- 8.6.2. Germany
- 8.6.3. France
- 8.6.4. Italy
- 8.6.5. Spain
- 8.6.6. Russia
- 8.6.7. Benelux
- 8.6.8. Nordics
- 8.6.9. Rest of Europe
- 9. Middle East & Africa Voice Biometrics Market Size Estimates and Forecasts, By Segments, 2019-2032
- 9.1. Key Findings
- 9.2. By Type (USD)
- 9.2.1. Active
- 9.2.2. Passive
- 9.3. By Deployment Mode (USD)
- 9.3.1. On-premises
- 9.3.2. Cloud-Based
- 9.4. By Enterprise Type (USD)
- 9.4.1. Small and Medium-sized Enterprises (SMEs)
- 9.4.2. Large Enterprises
- 9.5. By Vertical (USD)
- 9.5.1. BFSI
- 9.5.2. Healthcare
- 9.5.3. Government & Defense
- 9.5.4. IT & Telecom
- 9.5.5. Retail & E-commerce
- 9.5.6. Others (Education, Energy & Utilities, etc.)
- 9.6. By Country (USD)
- 9.6.1. Turkey
- 9.6.2. Israel
- 9.6.3. GCC
- 9.6.4. North Africa
- 9.6.5. South Africa
- 9.6.6. Rest of MEA
- 10. Asia Pacific Voice Biometrics Market Size Estimates and Forecasts, By Segments, 2019-2032
- 10.1. Key Findings
- 10.2. By Type (USD)
- 10.2.1. Active
- 10.2.2. Passive
- 10.3. By Deployment Mode (USD)
- 10.3.1. On-premises
- 10.3.2. Cloud-Based
- 10.4. By Enterprise Type (USD)
- 10.4.1. Small and Medium-sized Enterprises (SMEs)
- 10.4.2. Large Enterprises
- 10.5. By Vertical (USD)
- 10.5.1. BFSI
- 10.5.2. Healthcare
- 10.5.3. Government & Defense
- 10.5.4. IT & Telecom
- 10.5.5. Retail & E-commerce
- 10.5.6. Others (Education, Energy & Utilities, etc.)
- 10.6. By Country (USD)
- 10.6.1. China
- 10.6.2. India
- 10.6.3. Japan
- 10.6.4. South Korea
- 10.6.5. ASEAN
- 10.6.6. Oceania
- 10.6.7. Rest of Asia Pacific
- 11. Company Profiles for Top 10 Players
- 11.1. Nuance Communications, Inc.
- 11.1.1. Overview
- 11.1.1.1. Key Management
- 11.1.1.2. Headquarters
- 11.1.1.3. Offerings/Business Segments
- 11.1.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.1.2.1. Employee Size
- 11.1.2.2. Past and Current Revenue
- 11.1.2.3. Geographical Share
- 11.1.2.4. Business Segment Share
- 11.1.2.5. Recent Developments
- 11.2. ID R&D
- 11.2.1. Overview
- 11.2.1.1. Key Management
- 11.2.1.2. Headquarters
- 11.2.1.3. Offerings/Business Segments
- 11.2.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.2.2.1. Employee Size
- 11.2.2.2. Past and Current Revenue
- 11.2.2.3. Geographical Share
- 11.2.2.4. Business Segment Share
- 11.2.2.5. Recent Developments
- 11.3. LumenVox
- 11.3.1. Overview
- 11.3.1.1. Key Management
- 11.3.1.2. Headquarters
- 11.3.1.3. Offerings/Business Segments
- 11.3.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.3.2.1. Employee Size
- 11.3.2.2. Past and Current Revenue
- 11.3.2.3. Geographical Share
- 11.3.2.4. Business Segment Share
- 11.3.2.5. Recent Developments
- 11.4. AccuraScan
- 11.4.1. Overview
- 11.4.1.1. Key Management
- 11.4.1.2. Headquarters
- 11.4.1.3. Offerings/Business Segments
- 11.4.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.4.2.1. Employee Size
- 11.4.2.2. Past and Current Revenue
- 11.4.2.3. Geographical Share
- 11.4.2.4. Business Segment Share
- 11.4.2.5. Recent Developments
- 11.5. ValidSoft Group
- 11.5.1. Overview
- 11.5.1.1. Key Management
- 11.5.1.2. Headquarters
- 11.5.1.3. Offerings/Business Segments
- 11.5.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.5.2.1. Employee Size
- 11.5.2.2. Past and Current Revenue
- 11.5.2.3. Geographical Share
- 11.5.2.4. Business Segment Share
- 11.5.2.5. Recent Developments
- 11.6. Phonexia
- 11.6.1. Overview
- 11.6.1.1. Key Management
- 11.6.1.2. Headquarters
- 11.6.1.3. Offerings/Business Segments
- 11.6.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.6.2.1. Employee Size
- 11.6.2.2. Past and Current Revenue
- 11.6.2.3. Geographical Share
- 11.6.2.4. Business Segment Share
- 11.6.2.5. Recent Developments
- 11.7. VERIDAS
- 11.7.1. Overview
- 11.7.1.1. Key Management
- 11.7.1.2. Headquarters
- 11.7.1.3. Offerings/Business Segments
- 11.7.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.7.2.1. Employee Size
- 11.7.2.2. Past and Current Revenue
- 11.7.2.3. Geographical Share
- 11.7.2.4. Business Segment Share
- 11.7.2.5. Recent Developments
- 11.8. Aware, Inc.
- 11.8.1. Overview
- 11.8.1.1. Key Management
- 11.8.1.2. Headquarters
- 11.8.1.3. Offerings/Business Segments
- 11.8.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.8.2.1. Employee Size
- 11.8.2.2. Past and Current Revenue
- 11.8.2.3. Geographical Share
- 11.8.2.4. Business Segment Share
- 11.8.2.5. Recent Developments
- 11.9. Fortra, LLC.
- 11.9.1. Overview
- 11.9.1.1. Key Management
- 11.9.1.2. Headquarters
- 11.9.1.3. Offerings/Business Segments
- 11.9.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.9.2.1. Employee Size
- 11.9.2.2. Past and Current Revenue
- 11.9.2.3. Geographical Share
- 11.9.2.4. Business Segment Share
- 11.9.2.5. Recent Developments
- 11.10. 3SC
- 11.10.1. Overview
- 11.10.1.1. Key Management
- 11.10.1.2. Headquarters
- 11.10.1.3. Offerings/Business Segments
- 11.10.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.10.2.1. Employee Size
- 11.10.2.2. Past and Current Revenue
- 11.10.2.3. Geographical Share
- 11.10.2.4. Business Segment Share
- 11.10.2.5. Recent Developments
- 12. Key Takeaways
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