Voice Biometrics Market Size, Share, Growth Report 2032

Voice Biometrics Market Insights

Zion Market Research has published a report on the global Voice Biometrics Market, estimating its value at USD 1.37 Billion in 2023, with projections indicating that it will reach USD 10.38 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 22.5% over the forecast period 2024-2032.

The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Voice Biometrics Market industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.

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Voice Biometrics Market Size

The report offers valuation and analysis of Voice Biometrics market on a global as well as regional level. The study offers a comprehensive assessment of the industry competition, limitations, sales estimates, avenues, current & emerging trends, and industry-validated market data. The report offers historical data from 2018-2022 along with a forecast from 2024-2032 based on value (USD Billion).

Voice biometrics makes use of a person’s voice for identifying his/her unique biological features along with authenticating them. Additionally, voice biometrics enhances the end-user experience by offering seamless services. Cost-effectiveness, accuracy, and security are some of the major features of voice biometrics that have made voice biometrics the most popular across the world. Breakthroughs in machine learning and computations have made it possible for innovating new methods of customer authentication and voice biometrics is one of them.    

Growing popularity among various sectors such as social networking, entertainment industry, cloud computing, and building security is one of the major factors accountable to drive the growth of the voice biometrics market globally. Additionally, huge demand for high-level security in the financial sector and rising public awareness are also expected to provide growth to the market. A major factor hampering the growth of the market are issues related to privacy and high cost. Based on type, the passive voice biometrics segment is expected to grow at a higher CAGR during the forecast period owing to an increasing deployment by companies majorly in BFSI, retail and e-commerce, and telecommunications and IT verticals. Large enterprises have been showing a growing interest in the passive type of biometrics solutions. In terms of industry verticals, banking, financial services, and insurance vertical are estimated to account for the largest size in the voice biometrics market globally. Growing deployment of voice biometrics solutions has aided BFSI organizations to reduce frauds and other financial losses. Telecommunication and IT, and healthcare have achieved at ease accountability and greater transparency with the deployment of voice biometrics solutions.

Voice Biometrics Market: Growth Drivers

Large-scale application of voice biometrics in IVR-driven banking systems, medical research, telecom, online education, law enforcement, and emergency services will steer the expansion of voice biometrics industry over the forecast timeframe. In addition to this, escalating need for fraud detection in BFSI coupled with requirement of reducing identification charges will steer voice biometrics market size over 2024-2032. Rise in data thefts and fraud activities with onset of digitization has resulted in massive penetration of voice biometrics in various industries. Apparently, voice biometrics has penetrated the domains such as defense & military, personal computing, and healthcare. This is likely to perpetuate the expansion of voice biometrics industry over the predicted timespan.

Voice Biometrics Market: Report Scope

Regional Landscape

Asia Pacific Market To Register Highest Gains Over 2024-2032

The regional market growth over the assessment period can be credited to the swift digitization witnessed in BFSI, retail, and IT & Telecom sectors in emerging economies such as India and China. In addition to this, large numbers of firms are making use of voice biometrics to ensure the security of their premises as well as avoid identity as well as data thefts in order to avoid huge fiscal losses. Apparently, the need for avoiding criminal activities and enforcing strict security measures as well as ensuring the safety of premises has forced the firms to prioritize the use of voice biometrics as a vital authentication tool for visitors & staff, thereby prompting the increment in the regional market size.

Voice Biometrics Market Competitive Landscape

Key participants profiled in the study include

• SayPay Technologies INC.
• Agnito SL
• VoiceTrust Ag
• American Safety Council Inc.
• MASYS Technology
• Nuance Communications
• SpeechPro
• ValidSoft
• National Security Resources
• VoiceVault
• Uniphore
• Voice Security Systems
• Boid Ag.

The global Voice Biometrics Market is segmented as follows:

By Vertical:

• BFSI
• Automotive
• Government
• Healthcare
• Military
• Education

By Type:

• AI-Based
• Non-AI-Based

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa