Market overview:

The Voice Biometrics Market was valued at $1.84 billion in 2020 and is estimated to reach $4.41 billion by 2026, with a CAGR of 23.7% from 2022 to 2027.

Vocal biometrics analyzes a person's tone, voice, and sound in order to recognize their identity. It offers a significant security benefit over passwords because a password can be readily monitored or compromised. Like a fingerprint, a person's voice is distinctive and individual. Vocal biometrics uses dependent text and independent text models to distinguish between sounds. One of the key drivers of the expansion of the worldwide voice biometrics market is the rising popularity of numerous industries, including the entertainment sector, cloud computing, social networking, and building security.

In order to stop fraud, speech recognition is frequently utilized in call centers and banks. A number of companies, including Verint, have created solutions that passively authenticate callers in real-time without the use of a password using voice biometrics. This process is quicker, more comfortable, and comparatively more secure than traditional techniques.

The main applications for voice biometrics now are in banking, finance, and insurance. The current state of consumer verification and fraudster deterrence using solutions from banking and financial contact centers is ineffective. Due to insufficient security measures, the financial industry has little engagement with smartphones. Over the past four years, fraud assaults against financial institutions have increased by 269%, more than most other investigated industries, according to Pindrop Labs, a pioneer in the provision of voice biometrics solutions. Account additions and defaults have an impact on customer trust in a brand.

The PIN number will eventually become obsolete, according to FinTech researchers. Due to the increased need for security, the financial industry continues to be at the forefront of implementing innovative technologies for digital security, such as voice biometrics. Both the simultaneous rise in fraud and the use of technologies like mobile banking are the key causes of this. In order to enable clients to conduct transactions without the use of passwords or magnetic cards, HSBC announced the deployment of mobile speech recognition apps and ATMs in 2018.

Market Drivers and Restraints:

The market should also be stimulated by the financial sector's high demand for high-level security and growing public awareness. Proper access control and authentication are very necessary given the growing shift towards digitalization in practically every industry vertical. Given that it differs for each person, voice biometrics provides one such security option. The expansion of the worldwide voice biometrics market has been aided by the rising investments made by numerous companies to enhance data protection in general. Additionally, it is anticipated that ongoing technological advancements will increase the procedure involved in using these speech biometrics even more.

On the other hand, the global speech biometrics industry is being hampered by concerns about hacking, privacy, and excessive costs.

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https://www.marketdataforecast.com/market-reports/voice-biometrics-market

The report is segmented as follows:

The Voice Biometrics Market is segmented by Application; the Market is segmented by Component; the Market is segmented by Type; the Market is segmented by Deployment; the Market is segmented by Organization Size; the Market is segmented by Industry Vertical:

By Application (Access Control & Authentication, Fraud Detection & Prevention, Forensic Analysis & Criminal Investigation)

By Component (Software and Services)

By Type (Active and Passive)

By Deployment (On-Premises and Cloud)

By Organization Size (SME and Large)

By Industry Vertical (BFSI, Government & Defense, Telecom and IT, Healthcare, Retail & E-Commerce, Others)

Regional Segmentation:

Due to the presence of important companies, early acceptance of technology, and rising investments to assure security at the organizational level, the North American voice biometrics market had the lion's share of the global industry. In the anticipated term, it is expected that the Asia Pacific voice biometrics market would grow at an impressive rate.

Impact of COVID-19 pandemic on the market:

In 2020, the voice biometrics market saw a little pause as a result of the worldwide COVID-19 pandemic lockdown. The COVID-19 epidemic had a detrimental effect on almost every business, which made matters worse. Global manufacturing, supply chains, logistics, and the continuity of business operations were all adversely affected by the shutdown. The industries with the most issues were manufacturing, transportation & logistics, retail, and consumer goods. The inability to operate production lines, supply chains, and transportation caused a disruption in the availability of essential products. Early in 2021, the condition was under control, and demand for voice biometrics market solutions and services was growing as a result of the increased demand for better customer experiences and the creation of tailored interactions with potential customers. In order to support digital transformation initiatives that addressed mission-critical processes, enhanced operations, and confirmed user identification, a number of industries introduced a wide range of speech biometrics products and services.

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