Voice Biometrics Market Booms with 23.48% CAGR Forecast for 2023-28

Global Voice Biometrics Market Insights Report Overview

Dive into the latest insights on the Global Voice Biometrics Market with our comprehensive report, accurately curated by the experts at MarkNtel Advisors. Our report offers a thorough examination of the global landscape, providing valuable data, impartial analysis, and strategic insights to drive informed decision-making.

Report’s Study Period:

• Historical Period: 2018-21
• Base Year: 2022
• Forecasting Period: 2023-28

We accurately gather data from primary and secondary sources, capturing the industry’s historical fluctuations and trends, including market dynamics, consumer behavior, manufacturing insights, and more. Leveraging this data alongside the base year information, we project the industry’s trajectory into the future.

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Industry Driving Factor:

Proximity of False Negatives & False Positives in Voice Biometric Systems Hampering the Potentiality – Voice Biometric has a high prevalence of false negatives, i.e., denying access to authorized users, and false positives, incorrectly granting access to unauthorized users. These errors undermine user trust, impact system reliability, and raise legal & regulatory concerns. It also affects the reputation of voice biometric providers & creates a negative perception of the technology in the market. Owing to this, the technology may be seen as unreliable or inaccurate, which may deter potential customers from adopting voice biometrics, hence impacting the Voice Biometrics Market growth.

Segmentation Summary: Global Voice Biometrics Market

Our report delves into the intricate segmentation of the Voice Biometrics Market, providing insights into each subdivision’s trajectory, trends, and advancements. This analysis empowers stakeholders to navigate the industry landscape with precision, understanding the nuances of each segment.

-By Vertical

• Banking, Financial Services, & Insurance (BFSI)
• Government
• Healthcare
• Retail & E-commerce
• IT & Telecommunication
• Transportation & Logistics
• Others (Education, Hospitality, etc.)

The Healthcare segment experienced an increasing demand for voice biometrics solutions & is predicted to grasp a substantial market share due to the mandatory protection of sensitive data related to the consumer’s health. Countries like the US, Canada, India, Japan, etc., are enhancing their healthcare expenditure to improve the integration of digital security in the healthcare sector. In 2021, according to the Center for Medicare and Medicaid Services in the US, national health spending is projected to grow at an average annual rate of around 5.1% from 2021-2030. This expenditure encompasses investments in IT & computing services as well & is aimed at improving the storage & protection of patient data.

Consequently, with the rising investments & the need to safeguard confidential patient information, healthcare organizations have been adopting voice biometrics as an effective security measure. This trend is projected to continue in upcoming years, as the governments have announced their plans for improved investments in the forecast years.

-By Type

• Active Voice Biometrics – Market Size & Forecast 2018-2028, (USD Million)
• Passive Voice Biometrics – Market Size & Forecast 2018-2028, (USD Million)

-By Deployment

• On-Premise – Market Size & Forecast 2018-2028, (USD Million)
• Cloud – Market Size & Forecast 2018-2028, (USD Million)

-By Authentication Process

• Automated IVR- Market Size & Forecast 2018-2028, (USD Million)
• Agent-Assisted – Market Size & Forecast 2018-2028, (USD Million)
• Mobile Applications – Market Size & Forecast 2018-2028, (USD Million)
• Employee Authentication – Market Size & Forecast 2018-2028, (USD Million)

-By Application

• Authentication and Customer Verification – Market Size & Forecast 2018-2028, (USD Million)
• Forensic Voice Analysis and Criminal Investigation – Market Size & Forecast 2018-2028, (USD Million)
• Fraud Detection and Prevention – Market Size & Forecast 2018-2028, (USD Million)
• Risk and Emergency Management – Market Size & Forecast 2018-2028, (USD Million)
• Transaction Processing – Market Size & Forecast 2018-2028, (USD Million)
• Access Control – Market Size & Forecast 2018-2028, (USD Million)
• Workforce Management – Market Size & Forecast 2018-2028, (USD Million)
• Others (Vocal Passphrase, Speech Therapy, etc.) – Market Size & Forecast 2018-2028, (USD Million)

-By Enterprise Size

• Large Enterprises – Market Size & Forecast 2018-2028, (USD Million)
• Small & Medium Enterprises- Market Size & Forecast 2018-2028, (USD Million)

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Leading Competitor: Global Voice Biometrics Market

• Aculab Inc.
• Agnitio SL
• BioCatch Ltd
• LexisNexis Risk Solutions Inc.
• Nuance Communications Inc.
• One Vault
• Pindrop Security Inc.
• Phonexia SRO
• Uniphore Software Systems Pvt Ltd
• Verint Systems Inc.
• Voice Biometrics Group (VBG)
• VoicePass Technology
• ID R&D
• Others

Geographical Reach:

The Voice Biometrics Industry spans across various regions, each characterized by unique cultural, regulatory, and economic factors. Our regional analysis provides a comprehensive overview and forecast, considering these differences and assessing market players’ presence, consumer preferences, and more.

-By Region

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

For inquiries or further discussions, connect with our analyst today to unlock the full potential of the Voice Biometrics Industry.

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Key Focus Areas:

• What are the primary drivers and trends influencing the Voice Biometrics Industry’s growth, and how is the market structured?
• How are segments within the Voice Biometrics Industry defined, and what is the size of each segment?
• Which segments and geographical regions present the most promising growth opportunities?
• What does the competitive landscape look like, and how do key players position themselves within the market?

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