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 vertical and need for reducing authentication and identification costs.
Access control and authentication application segment to hold the largest market size during the forecast period
A growing need for advanced access control and authentication systems across industry verticals has been driving the demand of voice biometrics solutions. The technology analyzes voice patterns to create unique identification of every individual based on about 100 physical and behavioral factors, including pronunciation, accent, emphasis, as well as physical characteristics of vocal tract, mouth, and nasal passages. An increasing use of voice biometrics across retail, defense, and automotive industries is expected to boost the growth of access control and authentication segment.
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Banking, Financial Services, and Insurance (BFSI) vertical to hold the largest market size during the forecast period
The voice biometrics market by industry vertical covers major verticals: BFSI, telecommunications and IT, healthcare, retail and eCommerce, and government and defense, and others. The BFSI vertical is estimated to account for the largest size in the voice biometrics market in 2019. Increasing deployment of voice biometrics solutions has enabled BFSI organizations to reduce frauds and other financial losses. Telecommunication and IT, and healthcare have achieved easier accountability and greater transparency with the deployment of voice biometrics solutions.
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 the key players in the voice biometrics market with their company profiles, recent developments, and key market strategies. The players in the market have embraced various strategies to expand presence and their market shares. New product launches and enhancements; and partnerships, acquisitions, and collaborations, have been the most adopted strategies by the major players from 2017 to 2019, which helped them innovate on their offerings and broaden their customer base.
Nuance Communications (US) is among the leaders in the voice biometrics market with a prominent geographic presence. It adopts a balanced approach of growth strategies and continues to enhance its expertise in biometrics market through constant product enhancements, technology acquisitions, collaborations, and partnerships. For instance, in February 2018, Nunace Communications launched a new biometric security solution for fraud prevention and authentication, and a key advancement to its Omni-Channel Customer Engagement Platform. With the help of ConversationPrint and Intelligent Detectors, the new solution offers a comprehensive and layered AI-based approach, to detect omnichannel frauds through voice and face or behavioral biometrics. It also includes the introduction of third-generation of its DNN-based voice biometric algorithms.
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NICE (Israel) has a strong foothold in the voice biometrics market with its standalone voice biometrics platform named Real-Time Authentication. It also has a robust partner network and strategic alliances with renowned companies. In July 2017, NICE launched the Actimize Fraud Essentials Cloud solution to assist medium-sized financial organizations in fraud management as the solution can be deployed rapidly and is also cost-effective. In April 2017, the company launched the cloud-based product, ActimizeWatch, in the FDP segment that enables organizations to detect frauds occurring in other organizations and protect themselves from upcoming frauds.
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