Voice Biometrics Market Revenues to Expand at a CAGR of 23.7% by 2024
According to a new market research
report "Voice Biometrics Market by Application (Access Control
& Authentication, Fraud Detection & Prevention, Forensic Voice Analysis
& Criminal Investigation), Component, Type, Deployment, Organization Size,
Industry Vertical, Region - Global Forecast to 2024", The global voice biometrics market size 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.
The key
factors driving the voice biometrics market include an increasing demand for
robust fraud detection and prevention systems across the BFSI industry vertical
and need for reducing authentication and identification costs.
Key Voice Biometrics Market Players
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 the in-depth competitive analysis of the key players
in the voice biometrics market with their company profiles, recent
developments, and key market strategies. INQUIRY
Browse 81
market data Tables and 32 Figures spread through 136 Pages and
in-depth TOC on "Voice Biometrics Market - Global Forecast to
2024"
Request PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=104503105
Access control and authentication application segment to hold the
largest market size during the forecast period
A growing need for advanced access control and authentication systems
across industry verticals has been driving the demand of voice biometrics
solutions. The technology analyzes voice patterns to create unique
identification of every individual based on about 100 physical and behavioral factors,
including pronunciation, accent, emphasis, as well as physical characteristics
of vocal tract, mouth, and nasal passages. An increasing use of voice
biometrics across retail, defense, and automotive industries is expected to
boost the growth of access control and authentication segment.
Banking,
Financial Services, and Insurance (BFSI) vertical to hold the largest market
size during the forecast period
The voice biometrics market by industry vertical covers major
verticals: BFSI, telecommunications and IT, healthcare, retail and eCommerce,
and government and defense, and others. The BFSI vertical is estimated to
account for the largest size in the voice biometrics market in 2019. Increasing
deployment of voice biometrics solutions has enabled BFSI organizations to
reduce frauds and other financial losses. Telecommunication and IT, and
healthcare have achieved easier accountability and greater transparency with
the deployment of voice biometrics solutions.
Asia Pacific
(APAC) to grow at the highest CAGR during the forecast period
North America is expected to account for the largest market size in the
voice biometrics market by region during the forecast period. The region houses
many key vendors, such as Nuance Communications, Verint, and Pindrop. APAC is
expected to grow at the highest CAGR during the forecast period with increasing
investments in strengthening security infrastructure. An increasing demand for
cloud-based solutions from retail and eCommerce and healthcare verticals is
expected to drive the voice biometrics market in the region.
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