Increasing complexity of cyber-attacks and urgent need for a stronger defense system are expected to drive voice biometrics market revenue growth
The voice biometrics market size is expected to reach USD 5,889.9 Million in 2028 and register a revenue CAGR of 22.3% over the forecast period, according to the latest report by Reports and Data. Increasing frequency and complexity of cyber-attacks and malware encountered while using internet-driven technologies and high demand for more robust and secure methods for operating and accessing components, credible information, and confidential statistics in technology-driven systems used across various end-use industries are anticipated to boost market revenue growth. High complexity of cyber-attacks have resulted in the failure of preliminary line of defense such as username and passwords. These have proved to be insufficient, which, in turn, would also aid growth of the voice biometrics market.
Many prominent voice assistant companies, namely, Apple, Google, Microsoft, Amazon, and Mycroft are investing extensively in R&D of voice matching or biometrics through voice matches. Hence, increasing implementation of voice matching services in voice assistant devices is driving growth of the market. Various social networking sites including Facebook, Twitter, LinkedIn, and others are striving persistently to develop advanced speech recognition so that the voice input taken through speech recognition facilities can also be implemented as a voice matching feature. It will eliminate the complexities of manual customer authentication procedures.
Furthermore, biometric process has many beneficial properties, compared to voice recognition facility. Along with this, promising development of AI-based voice recognition technology to diminish the chances of replication or hacking would provide a topnotch biometric security, which, in turn, is expected to create a platform which will be superior than any other form of biometric facilities.
However, modern cyber-attacks are more effective at getting past obsolete security measures deployed by large firms, including Sony and BCBS, among others. As per various resources, businesses lose annually around USD 600.00 billion to cybercriminals, while in 2018 86.0% of companies across the globe reported as a minimum one cyber-attack in a year and there were around 100 million verified cybercrime threats moving around the cyberspace the same year.
Some major companies profiled in the market report include Nuance Communications, NICE Systems Ltd., Verint Systems, LumenVox, Auraya System, Omilia, Sestek, Verbio Technologies, Pindrop Security, and Interactions.
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Some Key Highlights in the Report
- Voice biometrics software works by breaking down the input audio of a speech recorded from a person into an individual sound spectrum. It then analyzes each sound pitch, using pre-programmed algorithms to match the provided sound with preloaded sound signatures. Voice biometrics software also makes use of machine learning and artificial intelligence to create algorithms, which can be used to differentiate each individual sound spectrums and convert it into a digital format to analyze the pieces of content.
- On-premises segment accounted for a significant revenue share in 2020. On-premises system employs software and services within a single premise. Components associated with voice biometrics are kept limited in a particular space and not accessible elsewhere. Similarly, all the related components such as the voice input hardware, embedded software, and storage of voice specimens cannot not be accessible or monitored from outside, and are kept limited to a single space.
- Voice biometrics is highly beneficial in fraud detection, as its counterparts such as passcode authentication and token-based authentication have a high chance of getting replicated or stolen. Voice biometric authentication system is tough to spoof, and passwords cannot be easily stolen or lost. Rising demand for fraud detection systems to combat cybercrime cases would propel market growth over the forecast period.
- Governments are investing in voice biometrics to help modernize and secure state-run services, which can generate a large amount of revenue. It would accelerate the interaction of government employees with back-office administrative systems. It would also ease the process of accessing government applications and websites for citizens, as well as enhance the government & citizen interaction. It can be applied by the government for improving the efficiency of its tax collection process. The government can create biometric IDs that would help in its tax collection process by developing voiceprint, with the help of the technology. This technology can also be used to identify callers in the near future.
- Asia Pacific accounted for significant revenue share in 2020, owing to rapid digitalization in the financial sector. Also, the banking sector of most countries is replacing conventional process of manual passwords, signatures, or token-based authentication. India and China has some of the most extensive consumer base of biometric systems. These factors are boosting demand for voice biometrics in the region.
For the purpose of this report, Reports and Data has segmented the global voice biometrics market based on component, deployment type, organization size, application, end-use, and region:
Component Outlook (Revenue, USD Million; 2018–2028)
- Software
- Services
Deployment Type Outlook (Revenue, USD Million; 2018–2028)
- On-Premises
- Cloud
Organization Size Outlook (Revenue, USD Million; 2018–2028)
- Small and Medium Enterprise
- Large Enterprise
Application Outlook (Revenue, USD Million; 2018–2028)
- Forensic Voice Analysis
- Access Security
- Authentication and Customer Verification
- Fraud Detection
- Payments
- Transaction Processing
- Speech Enabled Password Reset
- Others
End-use Outlook (Revenue, USD Million; 2018–2028)
- Government
- BFSI
- Consumer Electronics
- Healthcare
- Transport/Logistics
- Defense and Security
- Others
Regional Outlook (Revenue, USD Million; 2018–2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Advantages of Voice Biometrics Report:
- Identification and analysis of the market size and competition
- Qualitative and quantitative analysis of the market data
- Data validated by industry experts after extensive primary and secondary research
- Extensive regional analysis of the Voice Biometrics industry
- Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
- SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
- Feasibility analysis and investment analysis to enable strategic investment decisions
- Analysis of opportunities, drivers, restraints, challenges, risks, and limitations
Conclusively, all aspects of the Voice Biometrics market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
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