Report Ocean has released a research study titled “Voice Biometrics Market 2023 Forecast to 2031 Analysis by Market Trends.” This study offers precise economic forecasts, global assessments, and country-level insights. It provides a comprehensive view of the competitive market and includes an in-depth supply chain analysis to identify significant industry changes. The study explores the current market status, anticipated future growth, technological advancements, investment opportunities, market economics, and financial data. It thoroughly examines the market and offers insights based on a SWOT analysis of the industry.
Voice Biometrics Market is valued at approximately USD 0.9 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 22.9% over the forecast period 2020-2027. Voice biometrics is usually used utilized for speech recognition via analysis of an individual voice, pitch, speech, and tone. In terms of security, voice biometric has an extensive advantage in comparison to passwords, as they can be simply hacked or tracked, although voice of an individual is mostly being distinctive and unique as a fingerprint. Thus, the voice biometric technology is gaining a significant traction in a range of industrial application all over the world.
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Moreover, increasing demand for an intelligent virtual assistant (IVA) and smart speakers with voice capabilities, aided with surging need to minimize identification and authentication costs are the few factors responsible for the high CAGR of the market during the forecast period. For instance, as per the journal of Department of Ministry of Corporate Affairs (MCA) in 2019, the use of virtual assistants with speech recognition capabilities is projected to increase from 60.5 million people in the U.S. in 2017 to 62.4 million in 2018. Also, about 66.6 million Americans are likely to use speech or voice recognition technology by 2019. Recently, various technology companies are identifying interests in speech recognition technologies and voice recognition as a standard for most products, for example, Amazon’s Alexa is on Echo, Apple’s Siri is on HomePod, Google Assistant is on Google Home, and Microsoft’s Cortana is on Invoke. As a result, many market players are integrating new technologies and innovation in their voice technology for the improving safety and security of their products. For example, as per the Department of MCA, in 2017, the word error rate for Microsoft’s voice technology has been recorded at 5.1% by the company, while Google reports that it has reduced its rate to 4.9%. This, in turn, is likely to strengthen the demand for voice biometrics, thereby contributing to the market growth around the world
Major market player included in this report are:
NICE Systems Ltd.
LexisNexis Risk Solutions
Speech Technology Center
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Here is a breakdown of key aspects for an in-depth analysis of the Voice Biometrics market.
- Market Size and Growth Trends: Analyzing the current market size, historical growth patterns, and future projections for voice biometrics technology. This includes examining revenue generated, adoption rates, and market trends globally and across various industry verticals.
- Key Players and Competitive Landscape: Identifying major players in the voice biometrics industry, including technology providers, software developers, and solution integrators. Analyzing their market share, technological advancements, patents, and strategic partnerships.
- Authentication and Security Applications: Understanding the use of voice biometrics in authentication and security applications. Analyzing its effectiveness in identity verification for financial transactions, access control, fraud prevention, and secure authentication across sectors like banking, healthcare, and telecommunications.
- Voice Assistant Integration and Smart Devices: Assessing the integration of voice biometrics into voice assistant technologies (e.g., Siri, Alexa, Google Assistant) and smart devices. Understanding how voice biometrics enhance security and personalization in IoT-connected devices and home automation systems.
- Customer Experience and User Authentication: Analyzing the role of voice biometrics in improving customer experience by offering convenient and secure authentication methods. Understanding user acceptance, adoption rates, and satisfaction levels in various applications.
- Regulatory Compliance and Data Privacy: Evaluating regulatory compliance requirements (e.g., GDPR, CCPA) and data privacy concerns related to voice biometrics. Analyzing how companies adhere to legal standards for handling and storing biometric data.
- Advancements in Machine Learning and AI: Assessing advancements in machine learning and AI algorithms used in voice biometrics. Understanding how these technologies improve accuracy, robustness, and adaptability of voice recognition systems.
- Cross-Channel Integration and Multimodal Biometrics: Understanding the integration of voice biometrics with other biometric modalities (e.g., facial recognition, fingerprint authentication) for enhanced security and multi-factor authentication capabilities.
- Industry-Specific Applications and Use Cases: Analyzing industry-specific applications of voice biometrics, such as in healthcare for patient identification, call centers for customer authentication, and law enforcement for forensic voice analysis.
- Future Trends and Market Predictions: Providing insights into emerging trends such as voice commerce, continuous authentication, emotion detection through voice analysis, and voice-enabled security in automobiles. Forecasting the evolution of voice biometrics technology and its potential impact across industries.
The detailed segments and sub-segment of the market are explained below:
Banking, Financial Service, and Insurance
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Rest of the World
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