Global Voice Biometrics Market Outlook 2019-2024: Anticipating a CAGR of 23.7% During the Forecast Period with Passive Voice Biometrics Growing at a High Rate

News provided by

May 13, 2019, 09:00 ET

DUBLIN, May 13, 2019 /PRNewswire/ -- The "Voice Biometrics Market by Application, Component, Type, Deployment, Organization Size, Industry Vertical, Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The global voice biometrics market is expected to grow from USD 984 million in 2019 to USD 2,845 million by 2024, at a Compound Annual Growth Rate (CAGR) of 23.7% during the forecast period.

Major growth factors for the market include an increasing demand for robust fraud detection and prevention systems across the BFSI industry and need for reducing authentication and identification costs. However, the security and privacy issues with new advanced technologies would limit the market growth.

The voice biometrics market comprises major solution providers such as Nuance Communications (US), NICE (Israel), Verint (US), AimBrain (UK), Voice Biometrics Group (US), Phonexia (Czech Republic), OneVault (South Africa), SESTEK (Turkey), LumenVox (US), LexisNexis Risk Solutions (US), VoicePIN (Poland), Uniphore (India), Pindrop (US), Aculab (UK), and Auraya (Australia).

The study includes an in-depth competitive analysis of these key players in the voice biometrics market with their company profiles, recent developments, and key market strategies.

"Passive voice biometrics segment to grow at a higher CAGR during the forecast period"

Based on type, the voice biometrics market is divided into active and passive voice biometrics. Passive voice biometrics verifies the customer identity during a natural conversation with a customer representative or call center agent. The technique is considered as a superior one, as it authenticates the user without a passphrase.

As compared to active voice biometrics technique, the technique requires more storage capacity and processing power. The passive voice biometrics segment is expected to grow at a higher CAGR due to an increasing deployment by companies majorly in BFSI, retail and eCommerce, and telecommunications and IT verticals. Large enterprises have been showing an increasing interest for the passive type of biometrics solutions.

"Large enterprises to hold a higher market share during the forecast period"

Organizations have been gradually recognizing the importance of voice biometrics software and have started deploying them as per their needs and available resources. Large enterprises have their security infrastructure, such as MFA, for their employees and visitors.

The security infrastructure may include hardware and software components, which can be installed on-premises. Active and passive voice biometrics offerings enable enterprises to deploy such solutions across channels, such as IVR, live agents, and mobile. The availability of sufficient fund for the on-premises deployment type and a need for MFA security architecture have increased the adoption of such solutions among large enterprises.

"Voice biometrics market in Asia Pacific (APAC) to grow at the highest CAGR during the forecast period"

The high growth in the APAC market is attributed to the significant growth potential, growing retail market, and increasing digitalization in the region with an increasing need for remaining globally competitive. Furthermore, the inclination of APAC countries toward emerging technologies such as Artificial Intelligence (AI) is also expected to fuel the growth of the voice biometrics market.

However, the lack of technological awareness, privacy issues, and limited technical expertise in advanced technologies remain significant hurdles in the voice biometrics adoption across the region. The cloud-based voice biometrics software presents an optimal solution for these countries by minimizing integration complexities and installation costs.

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Market Opportunities in the Voice Biometrics Market
4.2 Market By Application (2019-2024)
4.3 Market By Type
4.4 Market Share Across Regions

5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Demand for Robust Fraud Detection and Prevention Systems Across the BFSI Industry
5.2.1.2 Need for Reducing Authentication and Identification Costs
5.2.2 Restraints
5.2.2.1 Security and Privacy Issues With New Advanced Technologies
5.2.2.2 Low Cybersecurity Budget of Organizations and High Installation Costs
5.2.3 Opportunities
5.2.3.1 Advent of Advanced Technologies, Such as AI and DNN
5.2.3.2 Need for Safeguarding the Privacy of Healthcare Data
5.2.4 Challenges
5.2.4.1 Lack of Accuracy in Authenticating Users
5.3 Industry Trends
5.3.1 Voice Biometrics Innovations
5.3.1.1 Using AI-Enabled Technologies, Such as Machine Learning and Deep Learning to Comply With Regulations and Compliances
5.3.1.2 Aiops for Change-Tolerant Algorithms
5.3.1.3 Artificial Intelligence for Analyzing Users' Data
5.3.2 Voice Biometrics Market: Use Cases
5.3.2.1 Detecting Fraud With Voice Biometrics From Nuance Communications
5.3.2.2 Preventing Frauds and Delivering Better Service With NICE RTA Solution
5.3.3 Regulatory Implications
5.3.3.1 General Data Protection Regulation
5.3.3.2 Sarbanes-Oxley Act
5.3.3.3 Basel
5.3.3.4 Governance, Risk and Compliance Standards
5.3.3.5 EU Data Protection Regulation
5.3.3.6 Health Information Technology for Economic and Clinical Health
5.3.3.7 Health Insurance Portability and Accountability Act

6 Voice Biometrics Market By Component
6.1 Introduction
6.2 Software
6.2.1 Need for Easy, Faster, and Convenient User Authentication Drives the Growth of Voice Biometrics
6.3 Services
6.3.1 Professional Services
6.3.1.1 Consulting
6.3.1.1.1 Need for Enhanced Strategic Outlook, Improved Performance Efficiencies, and Business Transformation to Drive the Consulting Services
6.3.1.2 Training and Education
6.3.1.2.1 Need for Guidance in Implementing Voice Biometrics Solutions to Foster the Growth of Education and Training Services
6.3.1.3 Deployment and Integration
6.3.1.3.1 Rise in the Adoption of Voice Biometrics Solutions With Inherent Need to Align Solution to the Client Environment to Drive the Deployment and Integration Services
6.3.1.4 Support and Maintenance
6.3.1.4.1 Complexity of Operations and the Need for Regular Assistance During the Software Lifecycle to Foster the Growth of Support and Maintenance Services
6.3.2 Managed Services
6.3.2.1 Need to Comply With Stringent Regulations Driving Managed Services

7 Voice Biometrics Market By Application
7.1 Introduction
7.2 Access Control and Authentication
7.2.1 Enhanced Security for Accessing Personal Information to Drive the Adoption of Voice Biometrics Solutions
7.3 Fraud Detection and Prevention
7.3.1 Customer Authentication During Live Conversation to Increase the Significance of Voice Biometrics Solutions
7.4 Forensic Voice Analysis and Criminal Investigation
7.4.1 Speaker Identification Capability to Drive the Need for Voice Biometrics in Forensic Voice Analysis and Criminal Investigation
7.5 Others

8 Voice Biometrics Market By Type
8.1 Introduction
8.2 Active Voice Biometrics
8.2.1 Benefits of Lowered Data, Storage Capacity, and Processing Power Requirement, to Increase the Adoption of Active Voice Biometrics
8.3 Passive Voice Biometrics
8.3.1 Advantage of Customer Authentication During Live Conversation Increasing the Significance of Passive Voice Biometrics

9 Voice Biometrics Market By Organization Size
9.1 Introduction
9.2 Small and Medium-Sized Enterprises
9.2.1 Need for Viable Cloud-Based Biometrics Solutions to Drive the Adoption of Voice Biometrics in Small and Medium-Sized Enterprises
9.3 Large Enterprises
9.3.1 Increasing Adoption of Advanced Technologies to Drive the Adoption of Voice Biometrics in Large Enterprises

10 Voice Biometrics Market By Deployment Model
10.1 Introduction
10.2 Cloud
10.2.1 Rapid Implementation, Reduced Operational Cost, 247 Data Accessibility, Scalability, and Ease of Use to Drive the Adoption of Cloud-Based Voice Biometrics Solutions
10.3 On-Premises
10.3.1 Flexibility to Customize Solutions to Be the Key Factor Driving the Growth of On-Premises Voice Biometrics Solutions

11 Voice Biometrics Market By Industry Vertical
11.1 Introduction
11.2 Banking, Financial Services, and Insurance
11.2.1 Need for Enhanced, User-Friendly Authentication Techniques to Boost the Adoption of Voice Biometrics By Financial Organizations
11.3 Retail and eCommerce
11.3.1 Focus on Secured Financial Transactions to Drive the Adoption of Voice Biometrics Solutions in Retail
11.4 Telecommunications and IT
11.4.1 Need to Protect Large Volumes of Sensitive Data to Drive the Adoption of Voice Biometrics Solutions in Telecommunications and IT
11.5 Government and Defense
11.5.1 Increasing Focus on Verifying People's Identification to Drive the Market in the Vertical
11.6 Healthcare
11.6.1 Mandatory Protection of Sensitive Data to Boost the Adoption of Voice Biometrics Solutions in Healthcare Vertical
11.7 Others

12 Geographic Analysis
12.1 Introduction
12.2 North America
12.2.1 United States
12.2.1.1 Rapid Technology and Infrastructure Developments in the US to Lead High Adoption of Voice Biometrics Solutions
12.2.2 Canada
12.2.2.1 Increasing Adoption of AI Technology Among Banking and Telecom Industries to Boost the Adoption of Voice Biometrics in Canada
12.3 Europe
12.3.1 United Kingdom
12.3.1.1 Increasing Investments in Research and Development to Boost the Market Growth in the United Kingdom
12.3.2 Germany
12.3.2.1 Increasing Need for Migrant Authentication to Spur Demand for Voice Biometric Solutions in Germany
12.3.3 France
12.3.3.1 Growing Security Concerns to Spur Demand for Voice Biometrics Solutions in France
12.3.4 Rest of Europe
12.4 Asia Pacific
12.4.1 China
12.4.1.1 Increasing Demand for Enhanced Security for Preventing Criminal Activities to Enhance the Market Growth in China
12.4.2 Australia and New Zealand
12.4.2.1 Voice Biometrics Solution Providers' Growing Focus in Australia and New Zealand to Drive Market Growth
12.4.3 India
12.4.3.1 Rapidly Increasing Use of Internet to Spur the Demand for Voice Biometrics Solutions in India
12.4.4 Singapore
12.4.4.1 Growing Need for Secured Financial Transactions to Enhance the Deployment of Voice Biometrics Solutions in Singapore
12.4.5 Rest of Asia Pacific
12.5 Middle East and Africa
12.5.1 Africa
12.5.1.1 Growing Demand Among Financial and Telecom Organizations to Drive the Voice Biometrics Technology in African Region
12.5.2 Middle East
12.5.2.1 Growing Demand From Banking and Financial Organizations Would Drive the Market
12.6 Latin America
12.6.1 Brazil
12.6.1.1 Emerging Start-ups in Brazil to Drive the Voice Biometrics Market
12.6.2 Mexico
12.6.2.1 Growing Use of New Technologies to Secure Financial and Personal Data to Create the Demand for Voice Biometrics Solutions in Mexico
12.6.3 Rest of Latin America

13 Competitive Landscape
13.1 Microquadrant Overview
13.1.1 Visionaries
13.1.2 Innovators
13.1.3 Dynamic Differentiators
13.1.4 Emerging Companies
13.2 Competitive Benchmarking
13.2.1 Strength of Product Portfolio Adopted By Major Players in the Market
13.2.2 Business Strategy Excellence Adopted By Major Players in the Market
13.3 Market Ranking

14 Company Profiles
14.1 Introduction
14.2 Nuance Communications
14.3 NICE
14.4 Verint
14.5 Phonexia
14.6 Pindrop
14.7 AimBrain
14.8 Voice Biometrics Group
14.9 Aculab
14.10 Auraya
14.11 Uniphore
14.12 VoicePIN
14.13 LexisNexis Risk Solutions
14.14 LumenVox
14.15 OneVault
14.16 SESTEK

For more information about this report visit https://www.researchandmarkets.com/r/xnubfk

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

Media Contact:

Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

SOURCE Research and Markets