March 31, 2020
Voice Biometrics

Latest research on Voice Biometrics Market 2027

Market Insights

In the forecast period, the voice biometrics market is set to grow at a CAGR of 23.5 per cent. The voice biometrics market is driven by increasing global adoption of internet banking and digital banking solutions. The financial institutions are moving rapidly to the online channels to improve customer experience and provide more personalized banking experience. These solutions enable financial institutions to provide more ways for customers to access their accounts, increase customer retention and satisfaction. However, as internet banking’s increasing adoption increases, the risk of online data breaches, identity fraud, and transaction fraud also increases. Banks are therefore looking for an advanced security solution that goes beyond the user name and password.

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Also serving as a major driver for market growth is the proliferation of enterprise mobility solutions, mobile apps and mobile business workforce. Additionally, the adoption of cloud-based biometric solutions further accelerates the company’s adoption. However, the market growth is inhibited by the data security and security issues associated with the biometric solution.

The market for voice biometrics is segmented into active voice biometrics, passive voice biometrics-based on the type. The majority share of revenue in 2018 was represented by the active voice biometric segment. Market growth is credited to the numerous benefits that the active voice biometric solution offers such as phase repetition and reduced enrollment friction. Whereas, during the forecast period, passive voice biometrics solutions are estimated to gain traction.

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During the forecast period, the voice biometrics market by component covers software and services to hold a larger market size. The segment of software outperforms the segment of services and, due to more adoption, would record higher growth in the future. It is expected that the voice biometrics software will drive the need for easier, faster, and convenient user authentication. It is expected that the overall market will be driven by an increasing number of online transactions and fraudulent activities and the need for a multi-layered security approach in vertical financial services. During the forecast period, the service segment is expected to record a faster growth rate.

Cloud deployment mode to hold a larger market size throughout the forecast period Cloud-based solutions help organizations reduce capital and operating expenditure, enabling them to achieve a significantly high-efficiency level at a minimal cost. Thus, the cloud’s largest market size is attributed to the cloud infrastructure’s ability to provide low-cost self-service applications.

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The voice biometrics market for the Asia Pacific is expected to grow significantly over the forecast period. Supporting government initiatives for data protection and security in the region are also encouraging organizations to opt for Voice Biometrics. The market is driven by the increasing incidence of data leakage among organizations and unauthorized access to data. In addition, it is also estimated that the increasing adoption of online banking solutions will drive market growth.

The prominent vendors of the voice biometrics market are AimBrain, Aculab, Auraya, LumenVox, LexisNexis Risk Solutions, Voice Biometrics Group, NICE, OneVault, Verint, Nuance Communications, Phonexia, Sestek, Pindrop, Uniphore, and VoicePIN.

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