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Market Summary



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The Global Voice Biometrics Market is projected to grow at a CAGR of 22.0% from USD 983.4 million in 2019 to USD 4.83 billion in 2027. The Voice Biometrics market is slowly gaining traction owing to the increasing needs of more robust and secure methods for operating and accessing components, credible information, and confidential statistics in technology-driven systems used across various end-user industries.

Owing to the rise in number and complexity of cyber-attacks and malware encountered while using Internet-driven technologies, preliminary line of defense such as username and passwords have proved to be insufficient which helped in the growth of Voice Biometrics market.

Dragon NaturallySpeaking by Dragon Systems, Nuance Communications are some of the highest demanding voice biometrics that have been preferred by the end-users. Besides, growing implementation of voice matching services in the voice assistant devices has created a tremendous enforcement in the market as many prominent voice assistant companies namely, Apple, Google, Microsoft, Amazon, Mycroft are investing extensively in the R&D of voice matching or biometrics through voice matches. Social networking sites including Facebook, Twitter, LinkedIn, and others are working on advancing the speech recognition in such a way that the voice input taken through the speech recognition facility can be implemented as the voice matching feature as well, which will bring down the complexities of manual customer authentication procedures.

Many advantageous characteristics of the fingerprint biometric authentication and facial recognition create the primary hindrance for the market. However, noteworthy convenience of biometric process over voice recognition facility along with the promising development of AI-based voice recognition technology which diminishes the chances of replication or hacking and offer a topnotch biometric security, is expected to create a capability to outperform any other form of biometric facilities.

The major driving factors for the voice biometrics market include increasing complexity of cyber-attacks, creating a need for a stronger defense system. Additionally, the advent of advanced technologies such as AI ML, cloud computing and Data Analytics, and the increasing need for preserving healthcare and financial data will create significant opportunities for the vendors of in the voice biometrics market. The voice biometrics market comprises of different Applications such as forensic voice analysis, access security, payments, and others. The voice biometrics market end-user comprises of industries such as Government, BFSI, Consumer Electronics, Healthcare, Transport/Logistics, Defense & Security, and Others.

The advent of technologies like Machine Learning, Artificial Intelligence, and Internet of things has significantly contributed to the complexity of cyber threats as well as an increased number of interface point of contacts like electronic devices which have exposed a large number of internet users towards such risks. Voice Biometrics offer superior accuracy and security owing to their innate connection to physical features like pitch, amplitude, quality of user's voice. These features are remarkably difficult to be reproduced by hackers. This helps Voice Biometrics in being a better line of defense against cyber-attacks.

The voice biometrics market is much fragmented with some of its key players. Some of the key players on the global scale are Google, Facebook, Amazon, Apple, Nuance Communications, NICE, AimBrain, Voice Biometrics Group, Verint, OneVault, LumenVox, Phonexia, Uniphore, VoicePIN, Auraya, LexisNexis Risk Solutions Sestek, VoiceVault, Inc, Raytheon Company. Owing to the extremely competitive nature of the market, these key players often indulge in strategic developments like mergers, acquisitions, and new Application launches to boost sales and dominate the market. Recently, Nuance communications acquired Spanish voice biometrics firm Agnitio, which is expected to help the company grow further and expand its business.

End User Industry Outlook:



There are various industries, which have wide arena of applications for voice biometrics. Some of the mentionable end-user industries are BFSI, government sector, transportation and logistics, consumer electronics, healthcare, defense & security among others. Among these end-user industries, BFSI occupies a significant share of the market. The market share held by this industry is attributed to its high emphasis on security and safety of customer information. It also has significant scope for application in the healthcare sector. The underlying reason being data breach is a major concern in the healthcare that can be prevented by incorporating this technology, which minimizes the risk of unauthorized access of third parties to the care user data. Such wide arena of applications of the technology in the functioning of various end-user industries is supporting the growth of the sector.

Component Type Outlook:



Biometrics is becoming more familiar with its secure and convenient process of personal authentication. The voice biometrics is an advanced mode of biometrics where the human voice is taken into consideration for authenticating personal identification. Now just like the other biometric procedures, the voice biometric system requires a hardware to gather the voice as the input, which is further analyzed through various machine learning techniques to decode the pattern of the sound, encoded by a software interface. The voice is stored internally as a specimen, and whenever that voice biometric system is used for recognition of the personal identity, the software system then matches the input voices with the internal database containing the specimen voice. The components are typically divided into software and services based on the significant constituent parts of the product offerings by the companies in this market. The prominent players in the market provide either only the software solution or a full-fledged service itself based on the requirement and the purpose of the use of voice biometrics.

Applications Outlook:



In the era of digital platform and wide use of IoT devices, verification and authentication have been requisite for all the connected resources for information & credit safety. Also, the existing conventional technique of authenticating personal identification is incapable of providing security as they can easily be replicated and stolen. Those older forms of authentication techniques are of no use to implement in the security screening, and the companies worldwide seek for the modern digital biometrics in their business process.

Apart from the context of the security and authentication, voice analysis also holds a prominent use to identify the unique individual amongst millions of people associated in any particular aspect. Various applications that require voice biometrics and increasing use of the voice biometrics systems in many end-use verticals are the prime propelling factor for this market. Growing marketing strategy in such applications by the voice biometrics manufacturers and rising investment in the potential and newer applications that have a high chance to require the voice biometrics are the key influencers for this market.

Regional Outlook:



The Asia Pacific has an active potential Voice Biometrics markets. Due to rapid urbanization and global digitization, end-user industry sectors like BFSI, IT& Telecom and Retail are increasing, which is expected to supplement the growth of Voice Biometrics market.

Asia Pacific region has become a focal point of attraction for many multinational companies previously concentrated in the North America and Europe region, trying to expand their business.

North America is expected to significant revenue-generating region of the Voice Biometrics Market as the presence of well-established end-user industries as well as the high density of key players in this region.

Market-O-Nomics

As of 2018, Consumer Electronics segment is the expected to have the highest CAGR of 24% among of the global Voice Biometrics as the increasing numbers of consumer and goods retail companies are adopting biometrics technologies to provide best available security options.

The Access security segment is expected to register the highest CAGR of 23.7% owing to high awareness among enterprises regarding maintaining the confidentiality of their data as well as countering cyber-attacks and malware targeted at their data while using cloud computing services.

BFSI segment is expected to be valued a significant amount by 2027 owing to a large number of enterprises implementing biometrics due to the nature of this end-use as well as security being of paramount importance in this segment.

The voice forensic deployment on the cloud is increasing due to the several benefits offered by the cloud such as quick implementation, reduced operating cost, 24X7 availability, data accessibility, scalability and usability

Extensive research and innovation are also expected to grow the Voice Biometrics market as the market is highly fragmented in nature and Companies are investing heavily in such activities to continually roll out innovative Applications to capture the majority of the market.

Expanding the spectrum of end-users and applications is expected to significantly help the market is gaining traction as more and more uses come up.

Asia-Pacific regional segment of the Voice Biometrics market is expected to remain a growing segment during 2019-2026, at a CAGR of 23.8% owing it to the vast potential in the untapped market like China, Japan, and India where end-user sectors are increasing.

North America is expected to capture almost 25.7% of the Voice Biometrics market due to the presence of well-established companies end-user industries as well as high awareness among organization regarding prevalent cyber-attacks.

Companies considered and profiled in this market study



In October 2019, Nuance Communications, Inc. announced Nuance Gatekeeper, one of the most advanced biometrics solution for authenticating all the customers & enabling fraud detection. Available as a fully scalable cloud service form, the solution enables enterprises to confirm the identity of customers & detect the potential fraudsters over voice & text channels using an unparalleled set of characteristics & traits about all the individuals.

In June 2018, Nuance Communications, Inc. announced that Česká spořitelna a Czech Republic bank, owned by Erste Bank Group AG, was the first company in the country who made the mobile banking easier & safer by incorporating Nuance’s voice biometric technology.

In January 2020, LumenVox, a leading brand in speech & authentication solutions, aanounced their most advanced suite of biometric authentication technologies, naming Version 8. Version 8 implements the power of artificial intelligence (AI) and biometrics to simplify and authenticate the customer-agent interaction.

On January 2020, Auraya Systems upgraded capabilities for its voice biometric fraud detector dubbed Eva, which enables real-time seamless fraud detection and management, the company announced.

In December 2019, LumenVox announced new capabilities to compliment voice biometrics announced by Sensory, AWS.

In November 2019, Verint Systems Inc., The Customer Engagement Company, in partnership with Inspiro Relia, Inc., optimized the quality of RCBC Bankard’s call centre operations with the implementation of the innovative voice biometrics solution by Verient, part of its Identity Authentication & Fraud Detection (IAFD) offering

In February 2018, Nuance Communications introduced a new biometric security solution for fraud prevention and authentication to its Omni-Channel Customer Engagement Platform. ConversationPrint and Intelligent Detectors together now offer a comprehensive AI-based approach, for detecting omnichannel frauds through voice and face or behavioral biometrics.

In July 2017, NICE introduced Actimize Fraud Essentials Cloud solution dedicated to the small and medium-sized financial organizations for detecting fraud in a cost-effective way.

Google, Facebook, Amazon, Apple, Nuance Communications, NICE , AimBrain, Voice Biometrics Group, Verint, OneVault, LumenVox, Phonexia , Uniphore, VoicePIN, Auraya, LexisNexis Risk Solutions Sestek, VoiceVault, Inc, Raytheon Company, among others are leading players involved on the global Voice Biometrics market.

Start-up Traction



In February 2020, Pindrop, a company dealing in voice security & authentication, announced the launch of Deep Voice 3, a new version of the leading voice recognition technology available in the market. Built on advanced machine learning (ML) & deep neural networks, the Deep Voice 3 is designed to more accurately recognize the voice of callers at a contact center with even less speech spoken.

In January 2019, Pindrop at Chinese Electronics Show (CES) 2019 announced the launch of Voice Identity Platform which extended its proven enterprise-grade technology beyond the call center level and into the Internet of Things (IoT), smart homes & offices, voice assistants, and connected cars.

The Voice Biometrics Market industry poses significant amount of opportunities for small manufacturers and startups to come up with cost-effective solutions in manufacturing of Voice Biometrics products. There is a continuous growth in demand from the customers’ end, which can encourage several startups to launch innovative products in this market.

Deals Landscape



Mergers and Acquisitions are an integral part of this industry. These mergers and acquisitions help us decide the strategic initiatives taken up by the leading players as well as growing companies dealing in this market.

Expert Insights:



Reports and Data forecasts in the Voice Biometrics industry having considered the interviews with some of most the prestigious personalities and experts in this market. According to the industry experts, the Voice Biometrics market is slowly gaining traction owing to the increasing needs of more robust and secure methods for operating and accessing components, credible information, and confidential statistics in technology-driven systems used across various end-user industries. Owing to the rise in the number and complexity of cyber-attacks and malware encountered while using Internet-driven technologies, preliminary line of defense such as username and passwords have proved to be insufficient, which helped in the growth of Voice Biometrics market.

Segments covered in the report



This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the market trends in each of the sub-segments from 2020 to 2027. The scope of the report can be defined as:

For the purpose of this report, Reports and Data has segmented the Voice Biometrics market on the basis of application, component type, deployment type, size type, end user industry and region:

Application Outlook (Revenue, USD Billion; 2017-2027)

Forensic Voice Analysis

Access Security Authentication and Customer Verification Fraud Detection

Payments Transaction Processing Speech enabled password reset

Others (Vocal Passphrase etc.)

Component Type Outlook (Revenue, USD Billion; 2017-2027)

Software

Services

Deployment Type Outlook (Revenue, USD Billion; 2017-2027)

On-Premises

Cloud

Size Type Outlook (Revenue, USD Billion; 2017-2027)

Large Enterprises

Small and Medium Scale Enterprises

End User Industry Outlook (Revenue, USD Billion; 2017-2027)

Government

Banking and Finance

Consumer Electronics

Healthcare

Transport/Logistics

Defense & Security

Others

Regional Outlook (Revenue, USD Billion; 2017-2027)

North America U.S Canada

Europe Germany U.K France BENELUX Rest of Europe

Asia Pacific China India Japan Rest of APAC

MEA Saudi Arabia UAE Rest of MEA

Latin America Brazil Rest of LATAM

