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
[136 Pages Report] Voice biometrics is a user verification technology that identifies unique voice patterns through speaker’s real-time conversations or voiceprints captured through various physical and behavioral factors, such as tone, pronunciation, speed of speech, emphasis patterns, and accent of the speakers. Voice biometrics helps to prevent unauthorized access to IT resources and other various security-sensitive areas. The technology is being used in multiple application areas, such as access control and authentication, fraud detection and prevention, forensic voice analysis, and criminal investigation. It can be used to authenticate high-risk sessions, including remote login, unusual transactions, and password changes, in a way that is transparent and friction-free for the end-users.
The global voice biometrics market size is expected to grow from USD 0.98 billion in 2019 to USD 2.84 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 23.7% during the forecast period. Factors such as increasing demand for robust fraud detection and prevention systems across the BFSI industry and the need for reducing authentication and identification costs are driving the adoption of voice biometrics solutions across the world
By Application, the ‘Access Control and Authentication’ segment is expected to hold the largest market size while the ‘Forensic Voice Analysis and Criminal Investigation’ sector is projected to grow at the highest CAGR during the forecast period.
The voice biometrics solutions are used across various application areas, including access control and authentication, fraud detection and prevention, forensic voice analysis and criminal investigation, and others. The access control and authentication segment are expected to hold the largest market size during the forecast period. An increasing need for customer identity authentication across call centers is expected to spur the demand for voice biometrics solutions across the world.
By Deployment Model, the ‘Cloud’ segment is expected to lead the market during the forecast period.
The voice biometrics market has been segmented based on the deployment model into cloud and on-premises deployment. A cloud-based deployment model offers scalability, speed, 24/7 services, and IT security. The demand for SaaS-based security solutions is rapidly increasing, as the central delivery model meets different IT security needs.
By Industry vertical, the ‘Healthcare Industry’ vertical is expected to grow at the highest CAGR during the forecast period.
The market size of the healthcare industry vertical is expected to grow at the highest CAGR during the forecast period. Ease of handling processes and reduction in requirement of resources is expected to drive the demand for voice biometrics solutions across the world
North America to lead the market during the forecast period.
Increasing the implementation of advanced solutions to offer a better shopping experience is fuelling the growth of the voice biometrics market. Banking, financial, and telecom service providers are among the significant adopters of voice biometrics solutions and services. The Increasing use of smartphones and AI (Artificial Intelligence) and ML (Machine Learning) technologies are contributing to the growth of the global voice biometrics market.
In terms of market size, North America is estimated to hold the largest size in the overall voice biometrics market. At the same time, APAC is expected to grow with the highest CAGR during the forecast period.
Market Dynamics
Driver: Need for reducing authentication and identification costs
Today’s enterprises need an advanced authentication system that provides a seamless customer authentication process at low operational cost while ensuring better customer experience. In the call center/IVR system, traditional user authentication includes the customer answering a comprehensive list of questions to help the call center verify the identity. This leads to prolonged call handling time and immense customer dissatisfaction. Voice biometrics can automate the authentication process by eliminating the time required by a live agent to authenticate calls by enabling customers to verify themselves using their voice as a password for resolving their queries or issues on an IVR system.
Voice biometrics not only shortens the authentication time, but it also increases customer advocacy while securing a customer engagement journey and enabling seamless customer experience. A major banking and insurance company used Uniphore’s voice biometrics platform, amVoice, to transform its customer identity authentication process. This helped the company significantly achieve an increase in the number of satisfied customers, a reduction in login-related complaints, and improvement in customer advocacy.
Restraint: Security and privacy issues with new advanced technologies
Voice biometrics presents a significant privacy problem when the samples are stored locally and are being used for purposes other than the primary reasons for collection. Any basic app-enabled with voice technology may cause fraudsters and hackers to breach the system and steal voice samples easily. With access to all the customer/user information, fraudsters can easily access user’s bank accounts and borrow money. Further, intelligence agencies with access to user data might be used by nosy governments for a global surveillance, which automatically brings in privacy issues. Stolen data can also be used as a masquerade by terrorists and criminals to mislead legal entities. To eliminate such risks, the government has taken initiatives for standardizing the use of biometrics across industries; hence, security and privacy concern is expected to diminish soon.
Opportunity: Advent of advanced technologies, such as AI and DNN
The demand for smart voice biometrics solutions is increasing due to their reliable, scalable, adaptable, and efficient authentication management. Organizations are keen on adopting DNN-enabled (deep neural networks) voice biometrics solutions to extract more detailed information about the speakers. The DNN technology helps create a speaker model by compressing the variable length of a voice into a fixed-sized record, which further describes the shape, configuration, and possible movements of vocal organs. This helps in distinguishing speakers from one another and can be taken as evidence into a forensic authentication system. These types of systems have high accuracy and processing speed and hence can be actively used to investigate issues of drug trafficking, crime, corruption, and kidnappings.
Challenge: Lack of accuracy in authenticating users
Although the current voice biometrics solutions offer exceptional benefits, lack of efficiency due to various issues still exist. These issues include poor-quality voice samples, background noise interferences while interacting with the IVR or call system, inconsistency in speaker's voice due to illness, and mood changes over time, and changes in the voice technology, such as speakers and recorders.
Similarly, passphrases used by users for authentication purposes can be acquired by vishing to attempt an attack on a biometric voice system securing access to an IVR, all of which creates reluctance among the organizations to adopt voice biometrics as an authentication or verification system. By whitelisting the voiceprints and blacklisting the fraudulent voices to compare and authenticate valid users, most of the voice biometrics vendors are continually improvising their solutions. However, in the current conditions, lack of accuracy is still expected to become one of the biggest challenges in the voice biometrics market.
Scope of the Report
|
Report Metric |
Details |
|
Market size available for years |
2017 - 2024 |
|
Base year considered |
2018 |
|
Forecast period |
2019 - 2024 |
|
Forecast units |
Million (USD) |
|
Segments covered |
Component, Application, Type, Organization Size, Deployment Model, Industry Vertical, Region |
|
Geographies covered |
North America, APAC, Europe, Latin America, and MEA |
|
Companies covered |
Key market players including, |
The research report categorizes the Voice Biometrics Market to forecast the revenues and analyze the trends in each of the following sub-segments:
By Component,
- Software
- Services
- Managed Services
- Professional Services
- Consulting
- Deployment Integration
- Support and Maintenance
- Training and Education
By Application,
- Access Control and Authentication
- Fraud Detection and Prevention
- Forensic voice analysis and Criminal Investigation
- Others (Speech Therapy, and Personalized User Experience)
By Type,
- Active Voice Biometrics
- Passive Voice Biometrics
By Organization Size,
- SMEs
- Large Enterprises
By Deployment Model,
- On-premises
- Cloud
By Industry Vertical,
- BFSI
- Government and Defense
- Telecom and IT
- Healthcare
- Retail and eCommerce
- Others
By Region,
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Rest of Europe
- APAC
- China
- ANZ
- India
- Singapore
- Rest of APAC
- MEA
- Middle East
- Africa
- Latin America
- Mexico
- Brazil
- Rest of Latin America
Key Market Players
Nuance Communications (US), NICE (Israel), Verint (US), Phonexia (Czech Republic), Pindrop (USA).
Recent Developments
- In March 2019, Phonexia released the fourth generation of its voice biometrics technology, Phonexia Deep EmbeddigsTM, which is the company’s first commercially available voice biometrics engine based on DNN. Deep EmbeddingsTM is currently offered in Phonexia Voice Biometrics, a part of the Phonexia Speech Engine. It can be used in criminal investigations, financial services, virtual personal assistants, smart homes, IoT, automotive, industry 4.0, and embedded devices.
- In January 2019, Pindrop launched Voice Identity Platform to extend its enterprise-grade technology into the IoT, voice assistants, smart homes and offices, and connected cars.
- In July 2018, Aculab launched the biometrics speaker verification software, VoiSentry. It provides companies with the ability to add speaker verification functionality to their applications, for both on-premises or cloud-based delivery.
- In May 2018, Aim Brain introduced a free-for-life platform, AimBrain On Demand, which enables entrepreneurs, app developers, and technical audiences to swap PINs, passwords, and codes for facial and voice user verification in an autonomous, trial-to-deployment environment. AimBrain On Demand is free for life for small users or enterprise users with requirements of around 1,000 API calls per month.
Critical questions the report answers:
- Which are the most significant revenue-generating regions for the Voice Biometrics Market?
- What are the key sustainability strategies adopted by major market players?
- How will the market drivers, restraints, and future opportunities affect market dynamics?
- Which significant growth trends are at the forefront of new market innovations?
Frequently Asked Questions (FAQ):
What is voice biometrics?
What are the top vendors in voice biometrics market?
What are the applications of voice biometrics?
What are the regulations impacting the Voice biometrics Market?
What is the market size of voice biometrics?
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
Table of Contents
1 Introduction (Page No. - 16)
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.3.1 Market Segmentation
1.3.2 Regions Covered
1.4 Years Considered for the Study
1.5 Currency Considered
1.6 Stakeholders
2 Research Methodology (Page No. - 20)
2.1 Research Data
2.1.1 Secondary Data
2.1.2 Primary Data
2.1.2.1 Breakup of Primaries
2.1.2.2 Key Industry Insights
2.2 Market Breakup and Data Triangulation
2.3 Market Size Estimation
2.4 Market Forecast
2.5 Microquadrant Research Methodology
2.5.1 Vendor Inclusion Criteria
2.6 Assumptions for the Study
2.7 Limitations of the Study
3 Executive Summary (Page No. - 28)
4 Premium Insights (Page No. - 33)
4.1 Attractive Market Opportunities in the Voice Biometrics Market
4.2 Market By Application (2019–2024)
4.3 Market By Type
4.4 Market Share Across Regions
5 Market Overview and Industry Trends (Page No. - 35)
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Demand for Robust Fraud Detection and Prevention Systems Across the BFSI Industry
5.2.1.2 Need for Reducing Authentication and Identification Costs
5.2.2 Restraints
5.2.2.1 Security and Privacy Issues With New Advanced Technologies
5.2.2.2 Low Cybersecurity Budget of Organizations and High Installation Costs
5.2.3 Opportunities
5.2.3.1 Advent of Advanced Technologies, Such as AI and DNN
5.2.3.2 Need for Safeguarding the Privacy of Healthcare Data
5.2.4 Challenges
5.2.4.1 Lack of Accuracy in Authenticating Users
5.3 Industry Trends
5.3.1 Voice Biometrics Innovations
5.3.1.1 Using Ai-Enabled Technologies, Such as Machine Learning and Deep Learning to Comply With Regulations and Compliances
5.3.1.2 Aiops for Change-Tolerant Algorithms
5.3.1.3 Artificial Intelligence for Analyzing Users’ Data
5.3.2 Voice Biometrics Market: Use Cases
5.3.2.1 Detecting Fraud With Voice Biometrics From Nuance Communications
5.3.2.2 Preventing Frauds and Delivering Better Service With NICE RTA Solution
5.3.3 Regulatory Implications
5.3.3.1 General Data Protection Regulation
5.3.3.2 Sarbanes–Oxley Act
5.3.3.3 Basel
5.3.3.4 Governance, Risk, and Compliance Standards
5.3.3.5 EU Data Protection Regulation
5.3.3.6 Health Information Technology for Economic and Clinical Health
5.3.3.7 Health Insurance Portability and Accountability Act
6 Voice Biometrics Market By Component (Page No. - 43)
6.1 Introduction
6.2 Software
6.2.1 Need for Easy, Faster, and Convenient User Authentication Drives the Growth of Voice Biometrics
6.3 Services
6.3.1 Professional Services
6.3.1.1 Consulting
6.3.1.1.1 Need for Enhanced Strategic Outlook, Improved Performance Efficiencies, and Business Transformation to Drive the Consulting Services
6.3.1.2 Training and Education
6.3.1.2.1 Need for Guidance in Implementing Voice Biometrics Solutions to Foster the Growth of Education and Training Services
6.3.1.3 Deployment and Integration
6.3.1.3.1 Rise in the Adoption of Voice Biometrics Solutions With Inherent Need to Align Solution to the Client Environment to Drive the Deployment and Integration Services
6.3.1.4 Support and Maintenance
6.3.1.4.1 Complexity of Operations and the Need for Regular Assistance During the Software Lifecycle to Foster the Growth of Support and Maintenance Services
6.3.2 Managed Services
6.3.2.1 Need to Comply With Stringent Regulations Driving Managed Services
7 Voice Biometrics Market By Application (Page No. - 52)
7.1 Introduction
7.2 Access Control and Authentication
7.2.1 Enhanced Security for Accessing Personal Information to Drive the Adoption of Voice Biometrics Solutions
7.3 Fraud Detection and Prevention
7.3.1 Customer Authentication During Live Conversation to Increase the Significance of Voice Biometrics Solutions
7.4 Forensic Voice Analysis and Criminal Investigation
7.4.1 Speaker Identification Capability to Drive the Need for Voice Biometrics in Forensic Voice Analysis and Criminal Investigation
7.5 Others
8 Voice Biometrics Market By Type (Page No. - 57)
8.1 Introduction
8.2 Active Voice Biometrics
8.2.1 Benefits of Lowered Data, Storage Capacity, and Processing Power Requirement, to Increase the Adoption of Active Voice Biometrics
8.3 Passive Voice Biometrics
8.3.1 Advantage of Customer Authentication During Live Conversation Increasing the Significance of Passive Voice Biometrics
9 Voice Biometrics Market By Organization Size (Page No. - 61)
9.1 Introduction
9.2 Small and Medium-Sized Enterprises
9.2.1 Need for Viable Cloud-Based Biometrics Solutions to Drive the Adoption of Voice Biometrics in Small and Medium-Sized Enterprises
9.3 Large Enterprises
9.3.1 Increasing Adoption of Advanced Technologies to Drive the Adoption of Voice Biometrics in Large Enterprises
10 Voice Biometrics Market By Deployment Model (Page No. - 65)
10.1 Introduction
10.2 Cloud
10.2.1 Rapid Implementation, Reduced Operational Cost, 24×7 Data Accessibility, Scalability, and Ease of Use to Drive the Adoption of Cloud-Based Voice Biometrics Solutions
10.3 On-Premises
10.3.1 Flexibility to Customize Solutions to Be the Key Factor Driving the Growth of On-Premises Voice Biometrics Solutions
11 Voice Biometrics Market By Industry Vertical (Page No. - 69)
11.1 Introduction
11.2 Banking, Financial Services, and Insurance
11.2.1 Need for Enhanced, User-Friendly Authentication Techniques to Boost the Adoption of Voice Biometrics By Financial Organizations
11.3 Retail and eCommerce
11.3.1 Focus on Secured Financial Transactions to Drive the Adoption of Voice Biometrics Solutions in Retail
11.4 Telecommunications and IT
11.4.1 Need to Protect Large Volumes of Sensitive Data to Drive the Adoption of Voice Biometrics Solutions in Telecommunications and IT
11.5 Government and Defense
11.5.1 Increasing Focus on Verifying People’s Identification to Drive the Market in the Vertical
11.6 Healthcare
11.6.1 Mandatory Protection of Sensitive Data to Boost the Adoption of Voice Biometrics Solutions in Healthcare Vertical
11.7 Others
12 Geographic Analysis (Page No. - 76)
12.1 Introduction
12.2 North America
12.2.1 United States
12.2.1.1 Rapid Technology and Infrastructure Developments in the US to Lead High Adoption of Voice Biometrics Solutions
12.2.2 Canada
12.2.2.1 Increasing Adoption of AI Technology Among Banking and Telecom Industries to Boost the Adoption of Voice Biometrics in Canada
12.3 Europe
12.3.1 United Kingdom
12.3.1.1 Increasing Investments in Research and Development to Boost the Market Growth in the United Kingdom
12.3.2 Germany
12.3.2.1 Increasing Need for Migrant Authentication to Spur Demand for Voice Biometric Solutions in Germany
12.3.3 France
12.3.3.1 Growing Security Concerns to Spur Demand for Voice Biometrics Solutions in France
12.3.4 Rest of Europe
12.4 Asia Pacific
12.4.1 China
12.4.1.1 Increasing Demand for Enhanced Security for Preventing Criminal Activities to Enhance the Market Growth in China
12.4.2 Australia and New Zealand
12.4.2.1 Voice Biometrics Solution Providers’ Growing Focus in Australia and New Zealand to Drive Market Growth
12.4.3 India
12.4.3.1 Rapidly Increasing Use of Internet to Spur the Demand for Voice Biometrics Solutions in India
12.4.4 Singapore
12.4.4.1 Growing Need for Secured Financial Transactions to Enhance the Deployment of Voice Biometrics Solutions in Singapore
12.4.5 Rest of Asia Pacific
12.5 Middle East and Africa
12.5.1 Africa
12.5.1.1 Growing Demand Among Financial and Telecom Organizations to Drive the Voice Biometrics Technology in African Region
12.5.2 Middle East
12.5.2.1 Growing Demand From Banking and Financial Organizations Would Drive the Market
12.6 Latin America
12.6.1 Brazil
12.6.1.1 Emerging Startups in Brazil to Drive the Voice Biometrics Market
12.6.2 Mexico
12.6.2.1 Growing Use of New Technologies to Secure Financial and Personal Data to Create the Demand for Voice Biometrics Solutions in Mexico
12.6.3 Rest of Latin America
13 Competitive Landscape (Page No. - 102)
13.1 Microquadrant Overview
13.1.1 Visionaries
13.1.2 Innovators
13.1.3 Dynamic Differentiators
13.1.4 Emerging Companies
13.2 Competitive Benchmarking
13.2.1 Strength of Product Portfolio Adopted By Major Players in the Market
13.2.2 Business Strategy Excellence Adopted By Major Players in the Market
13.3 Market Ranking
14 Company Profiles (Page No. - 107)
(Business Overview, Products Offered, Recent Developments, SWOT Analysis & MnM View)*
14.1 Introduction
14.2 Nuance Communications
14.3 NICE
14.4 Verint
14.5 Phonexia
14.6 Pindrop
14.7 AimBrain
14.8 Voice Biometrics Group
14.9 Aculab
14.10 Auraya
14.11 Uniphore
14.12 VoicePIN
14.13 LexisNexis Risk Solutions
14.14 LumenVox
14.15 OneVault
14.16 SESTEK
*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis & MnM View Might Not Be Captured in Case of Unlisted Companies.
15 Appendix (Page No. - 129)
15.1 Discussion Guide
15.2 Knowledge Store: Marketsandmarkets’ Subscription Portal
15.3 Available Customization
15.4 Related Reports
15.5 Author Details
List of Tables (81 Tables)
Table 1 Factor Analysis
Table 2 Evaluation Criteria
Table 3 Voice Biometrics Market Size and Growth Rate, 2019–2024 (USD Million, Y-O-Y %)
Table 4 Market Size By Component, 2017–2024 (USD Million)
Table 5 Software: Market Size By Region, 2017–2024 (USD Million)
Table 6 Voice Biometrics Market Size, By Service, 2017–2024 (USD Million)
Table 7 Services: Market Size By Region, 2017–2024 (USD Million)
Table 8 Professional Services Market Size, By Type, 2017–2024 (USD Million)
Table 9 Professional Services Market Size, By Region, 2017–2024 (USD Million)
Table 10 Consulting Market Size, By Region, 2017–2024 (USD Million)
Table 11 Training and Education Market Size, By Region, 2017–2024 (USD Million)
Table 12 Deployment and Integration Market Size, By Region, 2017–2024 (USD Million)
Table 13 Support and Maintenance Market Size, By Region, 2017–2024 (USD Million)
Table 14 Managed Services Market Size, By Region, 2017–2024 (USD Million)
Table 15 Voice Biometrics Market Size, By Application, 2017–2024 (USD Million)
Table 16 Access Control and Authentication: Market Size By Region, 2017–2024 (USD Million)
Table 17 Fraud Detection and Prevention: Market Size By Region, 2017–2024 (USD Million)
Table 18 Forensic Voice Analysis and Criminal Investigation: Market Size By Region, 2017–2024 (USD Million)
Table 19 Others: Market Size By Region, 2017–2024 (USD Million)
Table 20 Voice Biometrics Market Size, By Type, 2017–2024 (USD Million)
Table 21 Active: Market Size By Region, 2017–2024 (USD Million)
Table 22 Passive: Market Size By Region, 2017–2024 (USD Million)
Table 23 Voice Biometrics Market Size, By Organization Size, 2017–2024 (USD Million)
Table 24 Small and Medium-Sized Enterprises: Market Size By Region, 2017–2024 (USD Million)
Table 25 Large Enterprises: Market Size By Region, 2017–2024 (USD Million)
Table 26 Voice Biometrics Market Size, By Deployment Model, 2017–2024 (USD Million)
Table 27 Cloud: Market Size By Region, 2017–2024 (USD Million)
Table 28 On-Premises: Market Size By Region, 2017–2024 (USD Million)
Table 29 Voice Biometrics Market Size, By Industry Vertical, 2017–2024 (USD Million)
Table 30 Banking, Financial Services, and Insurance: Market Size By Region, 2017–2024 (USD Million)
Table 31 Retail and eCommerce: Market Size By Region, 2017–2024 (USD Million)
Table 32 Telecommunications and IT: Market Size By Region, 2017–2024 (USD Million)
Table 33 Government and Defense: Market Size By Region, 2017–2024 (USD Million)
Table 34 Healthcare: Market Size By Region, 2017–2024 (USD Million)
Table 35 Others: Market Size By Region, 2017–2024 (USD Million)
Table 36 Voice Biometrics Market Size, By Region, 2017–2024 (USD Million)
Table 37 North America: Voice Biometrics Market Size, By Component, 2017–2024 (USD Million)
Table 38 North America: Market Size By Service, 2017–2024 (USD Million)
Table 39 North America: Market Size By Professional Services, 2017–2024 (USD Million)
Table 40 North America: Market Size By Type, 2017–2024 (USD Million)
Table 41 North America: Market Size By Application, 2017–2024 (USD Million)
Table 42 North America: Market Size By Deployment Mode, 2017–2024 (USD Million)
Table 43 North America: Market Size By Organization Size, 2017–2024 (USD Million)
Table 44 North America: Market Size By Industry Vertical, 2017–2024 (USD Million)
Table 45 North America: Market Size By Country, 2017–2024 (USD Million)
Table 46 Europe: Voice Biometrics Market Size, By Component, 2017–2024 (USD Million)
Table 47 Europe: Market Size By Service, 2017–2024 (USD Million)
Table 48 Europe: Market Size By Professional Service, 2017–2024 (USD Million)
Table 49 Europe: Market Size By Type, 2017–2024 (USD Million)
Table 50 Europe: Market Size By Application, 2017–2024 (USD Million)
Table 51 Europe: Market Size By Deployment Mode, 2017–2024 (USD Million)
Table 52 Europe: Market Size By Organization Size, 2017–2024 (USD Million)
Table 53 Europe: Market Size By Industry Vertical, 2017–2024 (USD Million)
Table 54 Europe: Market Size By Country, 2017–2024 (USD Million)
Table 55 Asia Pacific: Voice Biometrics Market Size, By Component, 2017–2024 (USD Million)
Table 56 Asia Pacific: Market Size By Service, 2017–2024 (USD Million)
Table 57 Asia Pacific: Market Size By Professional Service, 2017–2024 (USD Million)
Table 58 Asia Pacific: Market Size By Type, 2017–2024 (USD Million)
Table 59 Asia Pacific: Market Size By Application, 2017–2024 (USD Million)
Table 60 Asia Pacific: Market Size By Deployment Mode, 2017–2024 (USD Million)
Table 61 Asia Pacific: Market Size By Organization Size, 2017–2024 (USD Million)
Table 62 Asia Pacific: Market Size By Industry Vertical, 2017–2024 (USD Million)
Table 63 Asia Pacific: Market Size By Country, 2017–2024 (USD Million)
Table 64 MEA: Voice Biometrics Market Size, By Component, 2017–2024 (USD Million)
Table 65 MEA: Market Size By Service, 2017–2024 (USD Million)
Table 66 MEA: Market Size By Professional Service, 2017–2024 (USD Million)
Table 67 MEA: Market Size By Type, 2017–2024 (USD Million)
Table 68 MEA: Market Size By Application, 2017–2024 (USD Million)
Table 69 MEA: Market Size By Deployment Mode, 2017–2024 (USD Million)
Table 70 MEA: Market Size By Organization Size, 2017–2024 (USD Million)
Table 71 MEA: Market Size By Industry Vertical, 2017–2024 (USD Million)
Table 72 MEA: Market Size By Sub-Region, 2017–2024 (USD Million)
Table 73 Latin America: Voice Biometrics Market Size, By Component, 2017–2024 (USD Million)
Table 74 Latin America: Market Size By Service, 2017–2024 (USD Million)
Table 75 Latin America: Market Size By Professional Service, 2017–2024 (USD Million)
Table 76 Latin America: Market Size By Type, 2017–2024 (USD Million)
Table 77 Latin America: Market Size By Application, 2017–2024 (USD Million)
Table 78 Latin America: Market Size By Deployment Mode, 2017–2024 (USD Million)
Table 79 Latin America: Market Size By Organization Size, 2017–2024 (USD Million)
Table 80 Latin America: Market Size By Industry Vertical, 2017–2024 (USD Million)
Table 81 Latin America: Market Size By Country, 2017–2024 (USD Million)
List of Figures (32 Figures)
Figure 1 Global Voice Biometrics Market: Research Design
Figure 2 Market: Top-Down and Bottom-Up Approaches
Figure 3 Market Overview
Figure 4 Market to Witness High Growth During the Forecast Period
Figure 5 Market By Component (2019 vs 2024)
Figure 6 Market By Deployment Model (2019–2024)
Figure 7 Increasing Demand for Robust Fraud Detection and Prevention Systems Across the BFSI Industry to Drive the Voice Biometrics Market
Figure 8 Voice Biometrics Market, By Application (2018–2023)
Figure 9 Market By Type (2019–2024)
Figure 10 North America to Account for the Highest Market Share in 2019
Figure 11 Drivers, Restraints, Opportunities, and Challenges: Voice Biometrics Market
Figure 12 Services Segment to Grow at A Higher CAGR During the Forecast Period
Figure 13 Managed Services Segment to Grow at A Higher CAGR During the Forecast Period
Figure 14 Deployment and Integration Segment to Grow at the Highest CAGR During the Forecast Period
Figure 15 Forensic Voice Analysis and Criminal Investigation Application to Grow at A Higher CAGR During the Forecast Period
Figure 16 Passive Voice Biometrics to Grow at A Higher CAGR During the Forecast Period
Figure 17 SMEs Segment to Grow at A Higher CAGR During the Forecast Period
Figure 18 Cloud Deployment Model to Grow at A Higher CAGR During the Forecast Period
Figure 19 Healthcare Industry Vertical to Grow at the Highest CAGR During the Forecast Period
Figure 20 North America to Hold the Largest Market Size and APAC to Grow at the Highest CAGR During the Forecast Period
Figure 21 North America Market Snapshot
Figure 22 Asia Pacific: Market Snapshot
Figure 23 Voice Biometrics Market, Competitive Leadership Mapping, 2019
Figure 24 Ranking of Key Players in the Voice Biometrics Market, 2019
Figure 25 Nuance Communications: Company Snapshot
Figure 26 Nuance Communications: SWOT Analysis
Figure 27 NICE: Company Snapshot
Figure 28 SWOT Analysis: NICE
Figure 29 Verint: Company Snapshot
Figure 30 Verint: SWOT Analysis
Figure 31 Phonexia: SWOT Analysis
Figure 32 SWOT Analysis: Pindrop
The study involved 4 major activities in estimating the current market size for voice biometrics software and services. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate the findings, assumptions, and sizing with the industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakup and data triangulation were used to estimate the market size of segments and subsegments.
Secondary Research
In the secondary research process, various secondary sources, such as D&B Hoovers and Bloomberg BusinessWeek have been referred to, for identifying and collecting information for the study. The secondary sources included annual reports, press releases, and investor presentations of companies; white papers; journals; and certified publications and articles from recognized authors, directories, and databases.
Primary Research
Various primary sources from both supply and demand sides of the voice biometrics market ecosystem were interviewed to obtain qualitative and quantitative information for the study. The primary sources from the supply-side included industry experts, such as Chief Executive Officers (CEOs), Chief Technology Officers (CTOs), Chief Operating Officers (COOs), Vice Presidents (VPs), Managing Directors (MDs), technology and innovation directors, and related key executives from various key companies and organizations operating in the voice biometrics market, associated service providers, and system integrators operating in the targeted regions. All possible parameters that affect the market covered in the research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The breakup of profiles of primary respondents as follows:
To know about the assumptions considered for the study, download the pdf brochure
Voice Biometrics Market Size Estimation
For making market estimations and forecasting the voice biometrics market, and the other dependent submarkets, top-down and bottom-up approaches were used. The bottom-up procedure was used to arrive at the overall market size of the global market using key companies’ revenue and their offerings in the market. The research methodology used to estimate the market size includes the following:
- The key players in the market have been identified through extensive secondary research.
- The market size, in terms of value, has been determined through primary and secondary research processes.
- All percentage shares, splits, and breakups have been determined using secondary sources and verified through primary sources.
Data Triangulation
With data triangulation and validation through primary interviews, the exact value of the overall parent market size was determined and confirmed using the study. The overall market size was then used in the top-down procedure to estimate the size of other individual markets through percentage splits of the market segmentation.
Report Objectives
- To define, describe, and forecast the voice biometrics market by component (software and services), application, type (active and passive voice biometrics), deployment mode, organization size, industry vertical, and region
- To provide detailed information about the major factors (drivers, opportunities, restraints, and challenges) influencing the growth of the market
- To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
- To analyze opportunities in the market for stakeholders by identifying high-growth segments of the market
- To forecast the market size of the market segments with respect to 5 main regions: North America, Europe, Middle East and Africa (MEA), Asia Pacific (APAC), and Latin America
- To profile the key players of the market and comprehensively analyze their market size and core competencies in the market
- To track and analyze the competitive developments, such as new product launches; mergers and acquisitions; and partnerships, agreements, and collaborations in the global voice biometrics market
Available Customizations
With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:
Product Analysis
- Product matrix gives a detailed comparison of the product portfolio of each company
Company Information
- Detailed analysis and profiling of additional market players up to 5
Get in-depth analysis of the COVID-19 impact on the Voice Biometrics Market
Benchmarking the rapid strategy shifts of the Top 100 companies in the Voice Biometrics Market
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- Triangulate with your Own Data
- Get Data as per your Format and Definition
- Gain a Deeper Dive on a Specific Application, Geography, Customer or Competitor
- Any level of Personalization
- What are the Known and Unknown Adjacencies Impacting the Voice Biometrics Market
- What will your New Revenue Sources be?
- Who will be your Top Customer; what will make them switch?
- Defend your Market Share or Win Competitors
- Get a Scorecard for Target Partners
Growth opportunities and latent adjacency in Voice Biometrics Market