Strong Growth Ahead: Voice Biometrics Market Projects 23.48% CAGR Increase by 2030

Overview of Voice Biometrics Market Size & Future Outlook

According to the latest report by MarkNtel Advisors, the Global Voice Biometrics Market size is estimated to grow at a CAGR of around 23.48% from 2024-2030. This report is designed to enhance user understanding and support informed decision-making by thoroughly analyzing key market shifts, identifying gaps, exploring emerging opportunities, and assessing industry trends and competitive challenges. By combining both qualitative and quantitative data, it offers a comprehensive overview, highlighting growth prospects and providing valuable insights into competitors, helping both established companies and new entrants navigate the current market landscape.

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What are the key drivers influencing the growth of the Voice Biometrics market?

This section provides a detailed analysis of the market drivers and factors is explored thoroughly below.

Rising Demand for Robust Fraud Detection System across BFSI Sector – The banking industry has witnessed a rapid surge in fraudulent activities, such as theft of sensitive data & illegal access to customer's bank accounts, due to the digitalization of the sector. To address this critical issue, an additional layer of security is required within the financial authentication system, leading to the upscaled adoption of voice biometrics solutions to meet the specific needs of intelligently identifying users based on their unique voiceprints.

In addition, the BFSI industry has been expanding considerably over the past few years owing to several causes, including economic expansion of industrial sectors & growing demand for better access to financial services for both consumers & businesses. This expansion has resulted in the enhanced demand for better fraud detection services like voice biometrics, which augmented the market growth during 2019-22. Furthermore, the launch of digital banks has surged across countries like Germany, Brazil, Singapore, etc., due to regulatory support & the presence of supportive fin-tech ecosystems. For instance,

In 2023, Intesa Sanpaolo SpA partnered with core banking technology company 'Thought Machine' to launch a new digital bank, Isybank.

The surge in digital banks would accelerate the demand for voice biometrics as it would be required to strengthen the authentication for digital banking transactions.

How is the Voice Biometrics market segmented and what are the key factors within each segment?

The Voice Biometrics market has been further segmented into distinct categories. Analyzing growth within these segments allows you to identify niche opportunities, develop targeted strategies, and understand the variations in your core application areas and target markets.

By Type

Active Voice Biometrics - Market Size & Forecast 2019-2030, (USD Million)
Passive Voice Biometrics - Market Size & Forecast 2019-2030, (USD Million)

By Deployment

On-Premise - Market Size & Forecast 2019-2030, (USD Million)
Cloud - Market Size & Forecast 2019-2030, (USD Million)

By Authentication Process

Automated IVR- Market Size & Forecast 2019-2030, (USD Million)
Agent-Assisted - Market Size & Forecast 2019-2030, (USD Million)
Mobile Applications - Market Size & Forecast 2019-2030, (USD Million)
Employee Authentication - Market Size & Forecast 2019-2030, (USD Million)

By Application

Authentication and Customer Verification - Market Size & Forecast 2019-2030, (USD Million)
Forensic Voice Analysis and Criminal Investigation - Market Size & Forecast 2019-2030, (USD Million)
Fraud Detection and Prevention - Market Size & Forecast 2019-2030, (USD Million)
Risk and Emergency Management - Market Size & Forecast 2019-2030, (USD Million)
Transaction Processing - Market Size & Forecast 2019-2030, (USD Million)
Access Control - Market Size & Forecast 2019-2030, (USD Million)
Workforce Management - Market Size & Forecast 2019-2030, (USD Million)
Others (Vocal Passphrase, Speech Therapy, etc.) - Market Size & Forecast 2019-2030, (USD Million)

By Vertical

Banking, Financial Services, & Insurance (BFSI)- Market Size & Forecast 2019-2030, (USD Million)
Government - Market Size & Forecast 2019-2030, (USD Million)
Healthcare- Market Size & Forecast 2019-2030, (USD Million)
Retail & E-commerce- Market Size & Forecast 2019-2030, (USD Million)
IT & Telecommunication - Market Size & Forecast 2019-2030, (USD Million)
Transportation & Logistics - Market Size & Forecast 2019-2030, (USD Million)
Others (Education, Hospitality, etc.) - Market Size & Forecast 2019-2030, (USD Million)

By Enterprise Size

Large Enterprises - Market Size & Forecast 2019-2030, (USD Million)
Small & Medium Enterprises- Market Size & Forecast 2019-2030, (USD Million)

By Region

North America
South America
Europe
The Middle East & Africa
Asia-Pacific.

Browse Full Report Along with TOC and Figures - https://www.marknteladvisors.com/research-library/voice-biometrics-market.html

Who are the Key Market Players in the Voice Biometrics industry?

The competitive landscape of the Voice Biometrics market provides a detailed look at the key players in the industry. This includes an overview of each company, their financial performance, revenue generation, and market potential. It also covers their investments in R&D, new market initiatives, production facilities, and strengths and weaknesses. Additionally, the analysis looks at recent product launches, approvals, the range of products offered, their dominance in different applications, and the product life cycle. All of this information is specifically focused on how each company is positioning itself within the market.

Several key players are actively operating in the market, including

Aculab Inc.
Agnitio SL
BioCatch Ltd
LexisNexis Risk Solutions Inc.
Nuance Communications Inc.
One Vault
Pindrop Security Inc.
Phonexia SRO
Uniphore Software Systems Pvt Ltd
Verint Systems Inc.
Voice Biometrics Group (VBG)
VoicePass Technology
ID R&D

Note - If there are any particular details you need that are not currently included in the report, we will be happy to provide them as part of our customization services.

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