Voice Biometrics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Solution and Services), Type (Active Voice Biometrics and Passive Voice Biometrics), Authentication Process (Automated IVR, Agent-assisted, Mobile Application, an

Voice Biometrics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Solution and Services), Type (Active Voice Biometrics and Passive Voice Biometrics), Authentication Process (Automated IVR, Agent-assisted, Mobile Application, and Employee Authentication), Deployment (Cloud and On-premise), Vertical (BFSI, Retail & Commerce, Government & Defense, IT & Telecom, Healthcare & Life Sciences, Transportation & Logistics, Travel & Hospitality, Energy & Utilities, and Others), and Application (Authentication & Customer Verification, Forensic Voice Analysis & Criminal Investigation, Fraud Detection & Prevention, Risk & Emergency Management, Transaction Processing, Access Control, Workforce Management, and Others)

The global voice biometrics market share is expected to grow from US$ 1,319.23 million in 2021 to US$ 4,823.85 million by 2028; the voice biometrics market size is estimated to grow at a CAGR of 20.6% from 2022 to 2028.

Voice biometrics simplifies user identification and authentication while improving Know Your Customer (KYC) management through automatic calibration, active and passive authentication, liveliness detection, and panic detection. For example, Barclays uses the phrase My voice is my password to verify the caller's identification, which resulted in a 20-second reduction in user verification time. Similarly, prominent banks such as HSBC, Wells Fargo, Santander Bank, N. A., and Tangerine Bank are implementing speech recognition in their call centers to speed up the identification and verification process. Further, voice biometrics potentially help to improve KYC procedures. People in multilingual countries such as South Asia, for instance, have diverse degrees of schooling in different parts of the country. Voice biometrics help include such persons in a financial safety net because the solutions are language-independent. Thus, the growing demand for fraud detection and prevention systems in the BFSI industry is driving the growth of voice biometrics.

In banking, voice biometric authentication is based on vocal patterns, with each person having distinct phonetic and morphological characteristics that artificial intelligence (AI) can detect. The approaches are more convenient and speed up the operations as the voice biometrics is contactless. Because there is a larger requirement for security than ever before, biometric authentication is rising to the top of the financial technology landscape. Furthermore, because of the widespread acceptance of online banking, mobile and e-banking are increasingly being utilized regularly to transfer and complete transactions, opening up possible channels for cybercriminals to access a user's account and steal money. The need to deliver safe banking services through mobile applications persists as financial service providers invest in mobile app services, which is having a positive impact on the growth of the voice biometrics market.

Users are utilizing voice biometric authentication methods to authenticate themselves while entering into mobile apps and validate online transactions, such as money transfers, online payments, and account settings updates. Users then confirm transactions using their voice rather than dedicated commands quickly and securely. In two-factor systems, voice biometrics is utilized as one of the authentication processes. It is combined with another biometric factor, such as a person's retina, fingerprint, or face, or knowledge-based authentication approaches, such as a password or a passphrase. For banks, the adoption of speech biometric authentication technology is relatively simple from a technical standpoint. As a result, banks are not required to offer new equipment to consumers to authenticate them using voice biometrics. Furthermore, voice verification software can be integrated with the bank's current internal telephone system (PBX) and controlled either on-premises or cloud storage in the voice biometrics market.

The global lockdown due to the COVID-19 pandemic caused a modest slowdown in the voice biometrics market in 2020. Almost every industry got negatively impacted by the COVID-19 pandemic, which exacerbated the situation. The lockdown negatively influenced global production, supply networks, logistics, and the continuity of operations in different industries. Manufacturing, transportation and logistics, and retail and consumer products were the industries, which faced maximum problems. The availability of necessary items was disrupted due to a lack of staff to operate production lines, supply chains, and transportation. In early 2021, the condition was under control, while the voice biometrics market solutions and services was rising due to the increased need for improved customer experience and the development of individualized relationships with prospects. Several industries implemented a wide range of voice biometrics products and services to support digital transformation programs that addressed mission-critical procedures, improved operations, and validated user identification.

Aculab; Auraya, Inc; Aware Inc; Nuance Communications, Inc; Nice; Pindrop; Phonexia; SESTEK; Whispeak; and VERINT SYSTEMS INC. are a few key companies operating in the voice biometrics market. The report comprises secondary research work on other companies that hold a significant voice biometrics market share.

The overall voice biometrics market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the voice biometrics market. The process also serves the purpose of obtaining an overview and forecast for the voice biometrics market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the voice biometrics market. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the voice biometrics market.

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List of Companies – Voice Biometrics Market:

1. Aculab
2. Auraya, Inc.
3. Aware Inc.
4. Nuance Communications, Inc.
5. NICE Ltd
6. Pindrop
7. Phonexia
8. SESTEK
9. Verint Systems, Inc.
10. Whispeak