Voice Biometric Market Share, Size, Trends, Industry Analysis Report, By Application; By Type (Active Voice Biometric, Passive Voice Biometric); By Component; By Vertical; By Region; Segment Forecast, 2022 - 2030

Voice Biometric Market Share, Size, Trends, Industry Analysis Report, By Application; By Type (Active Voice Biometric, Passive Voice Biometric); By Component; By Vertical; By Region; Segment Forecast, 2022 - 2030

The global voice biometric market size is expected to reach USD 7,348.7 million by 2030, according to a new study by Polaris Market Research. The report “Voice Biometric Market Share, Size, Trends, Industry Analysis Report, By Application; By Type (Active Voice Biometric, Passive Voice Biometric); By Component; By Vertical; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Factors influencing the market’s expansion are the use of advanced technology such as AI, IoT, and cloud computing services. Voice biometrics, which is preferred for their advantages of user-friendly convenience and enormous accuracy, have had their security barriers expanded by the introduction of deep learning techniques and AI. For instance, in September 2021, the introduction of Voice Biometrics software was announced by Gnani.ai. The biometric system known as armour365 promises ground-breaking functionality to address new and growing concerns in fraud prevention and data protection.

Technological advancements in the realm of bioelectronics and expanding market penetration of electronic devices in healthcare are anticipated to propel the worldwide market. The adoption of nanotechnology is a key factor in the growth of the market due to its streamlines and enhanced difficult chip-designing process. For instance, In February 2018, Nuance introduced an AI virtual assistant for healthcare and life sciences to enhance clinical workflow. For about 500,000 professionals, the recently revealed Dragon Medical Virtual Assistant is intended to assist in streamlining a wide range of clinical operations. These advancements in technology along with the adoption of it for voice biometrics are propelling the market growth during the forecast period.

Additionally, the adoption of voice biometrics for call centers along with technological advancement is boosting the growth. For instance, in July 2021, Thales unveiled a brand-new speech biometric solution as a component of its Digital Identity Service Platform for authentication and onboarding. The new technology fits seamlessly with the enrolment procedures used by call centers.

Voice Biometric Market Report Highlights

Cloud segment is anticipated to grow at a significant CAGR over the forecast period. Instead of being stored on the device, the private server is kept in the cloud for biometric data.

Active Voice Biometrics segment accounted for a considerable revenue share as it requires users to repeat a phrase or a set of words. This is because it takes longer for the system to establish each user’s voice print.

North America is expected to dominate the market over the projected period. The market is anticipated to grow as a result of rising awareness of the technology.

The global players include Auraya Inc., Aculab, BioCatch, LexisNexis Risk Solutions, One Vault, Phonexia SRO, Pindrop Security, Uniphore Software, Verint Systems, and Voice Biometrics

Polaris Market Research has segmented the voice biometric market report based on component, type, application, vertical, and region:

Voice Biometric, Component Outlook (Revenue – USD Million, 2018 – 2030)

Solutions

Software

Platform

Services

Professional Services

Consulting

System Integration and Implementation

Support and Maintenance

Managed Services

Voice Biometric, Type Outlook (Revenue – USD Million, 2018 – 2030)

Active Voice Biometrics

Passive Voice Biometrics

Voice Biometric, Applications Outlook (Revenue – USD Million, 2018 – 2030)

Forensic Voice Analysis

Access Security

Authentication and Customer Verification

Risk and Emergency Management

Transaction Processing

Speech-enabled Password Reset

Others

Voice Biometric, Vertical Outlook (Revenue – USD Million, 2018 – 2030)

Banking, Financial Services, and Insurance (BFSI)

Retail and E-commerce

Telecommunications and IT

Government and Defense

Healthcare and Life Sciences

Transportation and Logistics

Travel and Hospitality

Energy and Utilities

Other Industry Verticals

Voice Biometric, Regional Outlook (Revenue – USD Million, 2018 – 2030)

North America

U.S

Canada

Europe

Germany

UK

France

Italy

Spain

Russia

Netherlands

Asia Pacific

China

India

Japan

South Korea

Indonesia

Malaysia

Latin America

Argentina

Brazil

Mexico

Middle East & Africa

UAE

Saudi Arabia

Israel

South Africa