DUBLIN–(BUSINESS WIRE)–The “Voice Biometrics Market by Component, Type (Active and Passive), Application (Authentication and Customer Verification, Transaction Processing), Authentication Process, Organization Size, Deployment Mode, Vertical, and Region – Global Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.
The global voice biometrics market size to grow from USD 1.1 billion in 2020 to USD 3.9 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 22.8% during the forecast period.
The services segment is expected to grow at a higher CAGR during the forecast period
The global voice biometrics market has been segmented by component. The component segment is further categorized into solutions and services. Based on the solutions segment, the market is divided into platform and software. The services segment is further divided into managed services and professional services. The services segment is anticipated to grow at a higher CAGR during the forecast period. The growth of the services segment is governed mainly by the complexity of operations and the surge in the deployment of voice biometrics solutions during the forecast period.
The active voice biometrics segment to grow at a higher CAGR during the forecast period
The global voice biometrics market is segmented on the basis of type into active voice biometrics and passive voice biometrics. The active voice biometrics segment is expected to at a higher CAGR during the forecast period. The ease of handling processes and the reduction in requirement of resources are expected to drive the demand for active voice biometrics solutions across the world.
The mobile applications segment to grow at a higher CAGR during the forecast period
The global voice biometrics market by authentication process is segmented into automated IVR, agent-assisted, mobile applications, and employee authentication. The market size of the mobile applications segment is expected to grow at the highest CAGR during the forecast period. The growth rate of the mobile applications segment can be attributed to the increasing usage of smartphones and the secure authentication process while enhancing the overall security.
The transaction processing segment to grow at a higher CAGR during the forecast period
The global voice biometrics market by applications is segmented into authentication and customer verification, forensic voice analysis and criminal investigation, fraud detection and prevention, risk and emergency management, transaction processing, access control, workforce management, and others (speech therapy, vocal passphrase, and personalized user experience). The market size of the transaction processing segment is expected at the highest CAGR during the forecast period. An increasing need for customer identity authentication across call centers is expected to spur the demand for voice biometrics solutions across the world.
Among verticals, the healthcare and life sciences segment to grow at the highest CAGR during the forecast period
The voice biometrics market is segmented into the various verticals, particularly verticals, such as BFSI, retail and eCommerce, government and defense, IT and telecom, healthcare and life sciences, transportation and logistics, travel and hospitality, energy and utilities, and others (manufacturing, education, and media and entertainment). The market size of the healthcare and life sciences vertical is expected to grow at the highest CAGR during the forecast period. Mandatory protection of sensitive data to boost the adoption of voice biometrics solutions in the healthcare and life sciences vertical.
APAC to grow at a higher CAGR during the forecast period
The voice biometrics market has been segmented into five regions: North America, Europe, APAC, MEA, and Latin America. Among these regions, North America is projected to hold the largest market size during the forecast period. APAC is expected to grow at the highest CAGR during the forecast period. The increasing demand for enhanced security for preventing criminal activities from enhancing the market growth in APAC.
Market Dynamics
Drivers
Increasing Demand for Robust Fraud Detection and Prevention Systems Across Major Industries Growing Need to Reduce Authentication and Identification Costs Rising Demand for Voice Authentication in Mobile Banking Applications Restraints
Security and Privacy Issues due to Advanced Technologies Low Cybersecurity Budgets Coupled with High Installation Costs Opportunities
Advent of Advanced Technologies Such as Ai and Dnn Need to Safeguard the Privacy of Growing Healthcare Data During COVID-19 Challenges
Lack of Accuracy in Authenticating Users Increased Errors with Changes in Quality of Voice Samples due to Fluctuations in the Physical or Physiological State Cumulative Growth Analysis Companies Mentioned
Aculab Anyvision Auraya Aware Element Hypr ID R&D Interactions Kaizen Secure Voiz Lexisnexis Risk Solutions Lumenvox Nice Nuance Onevault Phonexia Pindrop QSS Technosoft Sestek Speechpro Trust Stamp Uniphore VBG Verint Voicepin Voxta For more information about this report visit https://www.researchandmarkets.com/r/yczlz9