Voice Biometrics Market By End-use Industry (Financial Services, Healthcare), Organization Size (Large Enterprises, Small and Medium-sized Enterprises (SMEs)), Application (Authentication, Fraud Prevention), & Region for 2024-2031

Voice Biometrics Market Valuation – 2024-2031

The voice biometrics market is increasing due to traditional techniques, such as passwords and PINs, which are prone to hackers and theft. However, voice biometrics provide a more reliable and convenient solution. It examines a person’s distinctive vocal traits, such as pitch and tone, to confirm their identity. This makes it more difficult for scammers to act like real users. The market size surpasses USD 2273.86 Million valued in 2024 to reach a valuation of around USD 11418.14 Million by 2031.

Financial companies, for instance, are increasingly using voice biometrics to protect consumer accounts and transactions. But it’s more than just security. Voice biometrics can also enhance the consumer experience by enabling faster and more frictionless authentication. This is especially crucial as more customers connect with businesses via voice-activated devices. The rising demand for cost-effective and efficient voice biometrics is enabling the market to grow at a CAGR of 22.35% from 2024 to 2031.

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Voice Biometrics Market: Definition/ Overview

Voice biometrics is a type of security technology that uses a person’s unique voice features to identify or verify them. Unlike passwords and PINs, which may be forgotten or stolen, our voice patterns are unique to us. Voice biometrics examines these features, including pitch, tone, and even how we pronounce words. This study generates a voiceprint, akin to a fingerprint, which identifies a single speaker.

It is mostly used for secure access control. Banks and other financial institutions use voice authentication to verify consumers who phone customer care or access their online accounts. Beyond banking, cell phones can use voice biometrics to unlock devices or authorize payments. Even the smart speaker in your living room may utilize speech biometrics to differentiate between users and personalize their experiences.

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How Does the Enhanced Security Drive the Voice Biometrics Market?

The growing number of security breaches and fraud events is encouraging the use of voice biometrics as a more secure authentication mechanism. According to the Federal Trade Commission (FTC), customers reported 2.8 million fraud cases in 2021, with impostor scams being the most common type of fraud. Voice biometrics could be a tool to counteract such fraud, particularly in industries like banking and healthcare where safe identity verification is critical.

Furthermore, the financial sector is increasingly using speech biometrics to boost security and customer experience. According to a Nuance Communications report, voice biometrics has helped avert more than USD 2 Billion in fraud losses worldwide since 2016. According to the same survey, one in every four persons has been a victim of fraud in the last year, underscoring the urgent need for more secure authentication techniques in financial transactions, such as voice biometrics.

Will Accuracy and Reliability Concerns Impact the Growth of the Voice Biometrics Market?

Accuracy and reliability issues represent significant obstacles that hinder the expansion of the voice biometrics market. While advances in machine learning and artificial intelligence have enhanced voice recognition capabilities, obstacles still exist, particularly in noisy situations or with speakers who have accents, speech impediments, or fluctuating emotional states. Inconsistent performance under these settings results in authentication problems or erroneous rejections, compromising the user experience and corporate faith in the system.

Furthermore, the inaccuracies in voice biometrics have serious effects, particularly in high-risk situations like financial transactions or secure access to sensitive information. To maintain security and efficiency, both organizations and customers place a premium on reliable authentication techniques. If speech biometrics technologies cannot consistently give accurate results, they discourage widespread adoption and investment, especially in industries where precision and dependability are critical.

Category-Wise Acumens

How does the Robust Security Accelerate the Financial Services Segments for the Market?

The financial services segment is estimated to dominate the market during the forecast period. The growing frequency of cyber risks and fraud in financial transactions needs enhanced authentication solutions that are more secure than old approaches such as passwords and PINs. Voice biometrics is a unique and highly secure approach to authenticate identity using an individual’s voiceprint, which is difficult to reproduce or steal. This technology can considerably reduce the danger of unwanted access and fraudulent activity, safeguarding critical financial data and transactions.

The financial services industry is under constant pressure to meet severe regulatory standards and protect customer data. Implementing voice biometrics can help financial organizations meet legal requirements while also improving the overall client experience. Customers may safely access their accounts and make transactions using voice-based authentication, eliminating the need for complex passwords or physical tokens. This combination of increased security and improved user experience makes speech biometrics an appealing solution for financial services, accelerating its adoption and contributing to market growth.

Furthermore, the telecom sector is predicted to be the fastest-expanding market for voice biometrics. The proliferation of voice assistants embedded into smartphones and smart speakers is a major factor. These devices use voice recognition to comprehend user commands, and vocal biometrics may be a natural development of this technology. Consider using your voice to unlock your phone or authorize payments while preserving a level of security.

How does the High IT Infrastructure Propel the Large Enterprises in the Voice Biometrics Market?

The large enterprise segment is estimated to dominate the market during the forecast period. Large enterprises have complex IT infrastructures that necessitate strong and scalable security solutions to secure critical data and ensure smooth operations. Voice biometrics provides a sophisticated layer of protection by accurately and conveniently certifying users. With advanced IT infrastructures in place, large enterprises easily integrate voice biometrics into their existing systems, improving overall security and easing access control operations.

Furthermore, large enterprises manage enormous amounts of transactions and interactions, necessitating efficient and secure authentication techniques. Voice biometrics significantly increase operational efficiency by shortening the time and effort necessary for traditional authentication methods like passwords and security tokens. Large enterprises use their advanced IT infrastructures to apply voice biometrics at scale, taking advantage of the technology’s capacity to quickly and securely authenticate identities. This not only improves security but also makes for a more seamless and user-friendly experience for employees and consumers, accelerating the adoption of voice biometrics in the large enterprise segment and supporting market growth.

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Country/Region-wise Acumens

How Do the Leading Technology Companies Expand the Market in North America?

North America is estimated to dominate the voice biometrics market during the forecast period. North America, particularly the United States, leads the way in terms of voice biometrics use in the financial services industry. According to a Federal Reserve report, 76% of U.S. people utilized Internet banking in 2021, opening up a substantial possibility for speech biometric authentication. According to the American Bankers Association, 71% of Americans use mobile banking apps at least once a month, indicating a significant opportunity for speech biometric integration into mobile banking services.

Furthermore, governments in North America are increasingly using speech biometrics for a variety of purposes. The US Department of Homeland Security has been looking at speech biometrics for border control and immigration purposes. According to research from the National Institute of Standards and Technology (NIST), voice recognition accuracy has increased by 75% since 2013, making it a feasible alternative for government applications. The Canadian government has also been testing voice biometrics for telephone-based services, with intentions to expand its use to serve more than 12 million calls per year.

How does the High Rate of Adoption of Voice Biometrics Market Drive the Market in Asia Pacific?

The Asia-Pacific region is estimated to exhibit the highest growth within the market during the forecast period. The Asia Pacific region is experiencing an increase in mobile banking and digital payment use, producing a high demand for secure authentication technologies such as voice biometrics. According to a GSMA report, mobile money accounts in East Asia and the Pacific reached 183 million in 2021, representing a 14% growth over the previous year. In South Asia, the number of accounts increased by 11% to 305 million. Because of the growing rise of digital financial services, enhanced security measures, such as voice biometrics, are becoming increasingly important.
Furthermore, the growing frequency of cybersecurity incidents in the region is driving enterprises to use more secure authentication techniques. According to a Marsh and Microsoft analysis, 83% of Asia Pacific firms faced a cybersecurity incident in 2023. In India alone, the Indian Computer Emergency Response Team (CERT-In) reported over 1.4 million cybersecurity events in 2022, representing a 51% increase over 2021. The growing threat landscape is driving the adoption of speech biometrics as a more secure authentication mechanism.

Competitive Landscape

The voice biometrics market is a dynamic and competitive space, characterized by a diverse range of players vying for market share. These players are on the run for solidifying their presence through the adoption of strategic plans such as collaborations, mergers, acquisitions, and political support. The organizations are focusing on innovating their product line to serve the vast population in diverse regions.

Some of the prominent players operating in the voice biometrics market include:

• Nuance Communications, Inc.
• Verint Systems, Inc.
• NEC Corporation
• Phonexia
• Voice Biometrics Group (VBG)
• LumenVox LLC
• Auraya Systems Pty Ltd.
• ID R&D
• Pindrop Security
• Aculab PLC
• NICE Ltd
• BioCatch Ltd
• Agnitio SL
• One Vault
• Uniphore Software Systems Pvt Ltd

Latest Developments

• In January 2024, Phonexia, a speech biometrics startup, released a new forensic voice comparison solution. Phonexia Voice Inspector 5.1 has been announced and is only meant for usage by forensic professionals. According to the Czech company, the program gives accurate voice comparison regardless of spoken language and can distinguish people after only three seconds of conversational speech.
• In April 2024, Pindrop and three other smaller firms won the Federal Trade Commission’s (FTC) Voice Cloning Challenge. The revelation of the challenge results coincided with investors in India receiving proposals for stock purchases from Ashishkumar Chauhan, MD and CEO of the National Stock Exchange (NSE). The false film, which was shared on social media, resembled the NSE logo as well as Chauhan’s voice and appearance.
• In May 2022, LexisNexis® Risk Solutions, a branch of RELX, acquired BehavioSec®, a premier provider of advanced behavioral biometrics technology. The inclusion of BehavioSec’s technologies will strengthen LexisNexis Risk Technologies’ Business Services group and expand its range of device and digital identity-focused offerings, including the well-known LexisNexis® ThreatMetrix platform.
• In February 2022, Nuance Communications, Inc. (NASDAQ: NUAN) expanded its strategic alliance with Genesys®. This allows Genesys Cloud CX™ clients to seamlessly integrate Nuance Contact Center AI into their operations. This cooperation allows Genesys Cloud CX users to benefit from Nuance’s advanced technologies, such as conversational virtual assistants for voice and digital channels, as well as biometrics-based authentication and fraud protection solutions, to improve their customer experience.

Report Scope

Voice Biometrics Market, By Category

End-User Industry:

• Financial Services
• Healthcare
• Telecommunications

Organization Size:

• Large Enterprises
• Small and Medium-sized Enterprises (SMEs)

Application:

• Authentication
• Fraud Prevention
• Customer service

Region:

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

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