North America Voice Biometrics Market Size, Share & Trends Analysis Report By Type, By Component (Solutions and Services), By Deployment Model, By Application, By Enterprise Size, By End User, By Country and Growth Forecast, 2024 - 2031

North America Voice Biometrics Market Size, Share & Trends Analysis Report By Type, By Component (Solutions and Services), By Deployment Model, By Application, By Enterprise Size, By End User, By Country and Growth Forecast, 2024 - 2031

The North America Voice Biometrics Market would witness market growth of 17.7% CAGR during the forecast period (2024-2031).

The US market dominated the North America Voice Biometrics Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $2,328.9 million by 2031. The Canada market is exhibiting a CAGR of 20.1% during (2024 - 2031). Additionally, The Mexico market would experience a CAGR of 19.3% during (2024 - 2031).

Voice biometrics is widely applicable across several sectors, providing solutions for both security and personalization. The banking and financial services industry is one of the most prominent adopters of voice biometrics. With the growing threat of identity theft and fraud, financial institutions are turning to voice recognition technology to strengthen customer authentication methods. Through voice biometrics, customers can securely access their accounts, conduct transactions, and interact with customer service representatives without remembering passwords or security questions.

Additionally, this provides a more secure and convenient method of authentication that reduces the risks of unauthorized access. Customers authenticate themselves through their voice when interacting with automated systems or customer service agents. Mobile payment systems integrate voice biometrics for secure and seamless transactions.

The significant growth in e-commerce in Mexico and the substantial investments in healthcare in Canada are influencing the expansion of various technological industries, including voice biometrics. Mexico has emerged as one of the leaders in e-commerce growth, with the International Trade Administration (ITA) reporting a 23% increase in the e-commerce sector value in 2022, reaching USD 26.2 billion. As Mexico continues to experience significant digital transformation, the e-commerce sector is booming, with 63 million Mexicans using e-commerce platforms in 2022, an increase of 5.5 million compared to the previous year. This rapid expansion indicates a shift towards online shopping, mobile commerce, and digital transactions nationwide. As e-commerce grows, businesses are under increasing pressure to secure online transactions, safeguard customer data, and provide frictionless authentication processes.

Based on Type, the market is segmented into Active Biometrics and Passive Biometrics. Based on Component, the market is segmented into Solutions and Services. Based on Deployment Model, the market is segmented into Cloud and On-premise. Based on Application, the market is segmented into Access Control and Authentication, Fraud Detection & Prevention, and Forensic Voice Analysis and Criminal Investigation. Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises (SMEs). Based on End User, the market is segmented into BFSI, Healthcare & Life Sciences, Retail & E-commerce, Telecom & IT, Government & Defense, and Other End User. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.

List of Key Companies Profiled

• Nuance Communications, Inc. (Microsoft Corporation)
• Verint Systems, Inc.
• NICE Ltd.
• Fortra, LLC (HGGC)
• Aware, Inc.
• BioCatch Ltd.
• RELX PLC (LexisNexis Risk Solutions, Inc.)
• Pindrop Security
• Phonexia
• VoicePin.com

North America Voice Biometrics Market Report Segmentation

By Type

• Active Biometrics
• Passive Biometrics

By Component

• Solutions
• Services

By Deployment Model

• Cloud
• On-premise

By Application

• Access Control and Authentication
• Fraud Detection & Prevention
• Forensic Voice Analysis and Criminal Investigation

By Enterprise Size

• Large Enterprises
• Small & Medium Enterprises (SMEs)

By End User

• BFSI
• Healthcare & Life Sciences
• Retail & E-commerce
• Telecom & IT
• Government & Defense
• Other End User

By Country

• US
• Canada
• Mexico
• Rest of North America