The Global Voice Biometrics Market is Expected to Reach $2.84 Billion by 2024 from $984 Million in 2019 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--May 9, 2019--The “Voice Biometrics Market by Application, Component, Type, Deployment, Organization Size, Industry Vertical, Region - Global Forecast to 2024” report has been added to ResearchAndMarkets.com’s offering.
The global voice biometrics market is expected to grow from USD 984 million in 2019 to USD 2,845 million by 2024, at a Compound Annual Growth Rate (CAGR) of 23.7% during the forecast period.
Major growth factors for the market include an increasing demand for robust fraud detection and prevention systems across the BFSI industry and need for reducing authentication and identification costs. However, the security and privacy issues with new advanced technologies would limit the market growth.
The voice biometrics market comprises major solution providers such as Nuance Communications (US), NICE (Israel), Verint (US), AimBrain (UK), Voice Biometrics Group (US), Phonexia (Czech Republic), OneVault (South Africa), SESTEK (Turkey), LumenVox (US), LexisNexis Risk Solutions (US), VoicePIN (Poland), Uniphore (India), Pindrop (US), Aculab (UK), and Auraya (Australia).
The study includes an in-depth competitive analysis of these key players in the voice biometrics market with their company profiles, recent developments, and key market strategies.
“Passive voice biometrics segment to grow at a higher CAGR during the forecast period”
Based on type, the voice biometrics market is divided into active and passive voice biometrics. Passive voice biometrics verifies the customer identity during a natural conversation with a customer representative or call center agent. The technique is considered as a superior one, as it authenticates the user without a passphrase.
As compared to active voice biometrics technique, the technique requires more storage capacity and processing power. The passive voice biometrics segment is expected to grow at a higher CAGR due to an increasing deployment by companies majorly in BFSI, retail and eCommerce, and telecommunications and IT verticals. Large enterprises have been showing an increasing interest for the passive type of biometrics solutions.
“Large enterprises to hold a higher market share during the forecast period”
Organizations have been gradually recognizing the importance of voice biometrics software and have started deploying them as per their needs and available resources. Large enterprises have their security infrastructure, such as MFA, for their employees and visitors.
The security infrastructure may include hardware and software components, which can be installed on-premises. Active and passive voice biometrics offerings enable enterprises to deploy such solutions across channels, such as IVR, live agents, and mobile. The availability of sufficient fund for the on-premises deployment type and a need for MFA security architecture have increased the adoption of such solutions among large enterprises.
“Voice biometrics market in Asia Pacific (APAC) to grow at the highest CAGR during the forecast period”
The high growth in the APAC market is attributed to the significant growth potential, growing retail market, and increasing digitalization in the region with an increasing need for remaining globally competitive. Furthermore, the inclination of APAC countries toward emerging technologies such as Artificial Intelligence (AI) is also expected to fuel the growth of the voice biometrics market.
However, the lack of technological awareness, privacy issues, and limited technical expertise in advanced technologies remain significant hurdles in the voice biometrics adoption across the region. The cloud-based voice biometrics software presents an optimal solution for these countries by minimizing integration complexities and installation costs.
Key Topics Covered
2 Research Methodology
3 Executive Summary
4 Premium Insights
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
5.2 Market Dynamics
22.214.171.124 Increasing Demand for Robust Fraud Detection and Prevention Systems Across the BFSI Industry
126.96.36.199 Need for Reducing Authentication and Identification Costs
188.8.131.52 Security and Privacy Issues With New Advanced Technologies
184.108.40.206 Low Cybersecurity Budget of Organizations and High Installation Costs
220.127.116.11 Advent of Advanced Technologies, Such as AI and DNN
18.104.22.168 Need for Safeguarding the Privacy of Healthcare Data
22.214.171.124 Lack of Accuracy in Authenticating Users
5.3 Industry Trends
5.3.1 Voice Biometrics Innovations
126.96.36.199 Using AI-Enabled Technologies, Such as Machine Learning and Deep Learning to Comply With Regulations and Compliances
188.8.131.52 Aiops for Change-Tolerant Algorithms
184.108.40.206 Artificial Intelligence for Analyzing Users’ Data
5.3.2 Voice Biometrics Market: Use Cases
220.127.116.11 Detecting Fraud With Voice Biometrics From Nuance Communications
18.104.22.168 Preventing Frauds and Delivering Better Service With NICE RTA Solution
5.3.3 Regulatory Implications
22.214.171.124 General Data Protection Regulation
126.96.36.199 Sarbanes-Oxley Act
188.8.131.52 Governance, Risk and Compliance Standards
184.108.40.206 EU Data Protection Regulation
220.127.116.11 Health Information Technology for Economic and Clinical Health
18.104.22.168 Health Insurance Portability and Accountability Act
6 Voice Biometrics Market By Component
7 Voice Biometrics Market By Application
7.2 Access Control and Authentication
7.3 Fraud Detection and Prevention
7.4 Forensic Voice Analysis and Criminal Investigation
8 Voice Biometrics Market By Type
8.2 Active Voice Biometrics
8.3 Passive Voice Biometrics
9 Voice Biometrics Market By Organization Size
9.2 Small and Medium-Sized Enterprises
9.3 Large Enterprises
10 Voice Biometrics Market By Deployment Model
11 Voice Biometrics Market By Industry Vertical
11.2 Banking, Financial Services, and Insurance
11.3 Retail and eCommerce
11.4 Telecommunications and IT
11.5 Government and Defense
12 Geographic Analysis
12.2 North America
12.4 Asia Pacific
12.5 Middle East and Africa
12.6 Latin America
13 Competitive Landscape
13.1 Microquadrant Overview
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
14.2 Nuance Communications
14.8 Voice Biometrics Group
14.13 LexisNexis Risk Solutions
For more information about this report visit https://www.researchandmarkets.com/r/w2hxjd
View source version on businesswire.com:https://www.businesswire.com/news/home/20190509005462/en/
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SOURCE: Research and Markets
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PUB: 05/09/2019 06:54 AM/DISC: 05/09/2019 06:54 AM