At 23.96% CAGR, Voice Biometric Market Size to Surpass USD 3703.57 Million by 2025

June 10 13:02 2020
At 23.96% CAGR, Voice Biometric Market Size to Surpass USD 3703.57 Million by 2025

Voice Biometric Market
According to report publish a new market research report on the “Voice Biometric Market: Global Size, Trends, Competitive, Historical and Forecast Analysis, 2020-2025”

 

In its latest report on Voice Biometric Market provides a concise analysis of the recent market trends. The report further includes statistics, market forecasts and revenue estimations, which in addition highlights its status in the competitive domain as well as expansion trends adopted by major industry players.

Global Voice Biometric Market is valued at USD 823.47Million in 2018 and expected to reach USD 3703.57 Million in 2025 growing with the CAGR of 23.96% over the forecast period.

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Scope of Global Voice Biometric Market

Voice Biometric is the user’s verification tool which analyses individual’s pitch, speech, voice &tonefor the identification of unique voices, including tone, speed of s peech, emphasis patterns, pronunciation and accent of the speakers through multiple channels such as real time conversation or voiceprint. The technology uses text dependent and text independent tools to recognize voice. Voice biometric is becoming more popular in multiple sectors including entertainment industry, cloud computing, social networking, building security, and in forensic industry. Voice biometric enables users to prevent others for unauthorized access for data and other various security-sensitive areas. The technology has huge number of application areas, including access control and authentication, forensic voice analysis, fraud detection and prevention, criminal investigation,remote login, password changes, fraud transactions while ensuring better customer experience.If we look into the history, first voice recognition technology was used in 1952, at Bell Laboratories, that was recognizing the single voice digit, but now because of advancement in technology, voice recognition technology became the part of everyday life.

Global Voice Biometric Market report is segmented based on component, application, industry vertical and by regional & country level. Based upon component, global voice biometricmarket isclassified intosoftware and services. Based upon application global voice biometric market is divided intoaccess control and authentication, fraud detection and prevention, forensic voice analysis and criminal investigation and other applications. Based upon industry vertical market is divided into BFSI, government and defense, telecom and IT, healthcare, retail and ecommerce among others.

The regions covered in this globalvoice biometric marketreport are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of voice biometricis sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.

Key Players Global Voice Biometric MarketReports-

Global voice biometric market report covers prominent playerslike Nuance, Communications, Nice,ValidSoft,Verint, Phonexia, Pindrop, OneVault, SESTEK, LumenVox, LexisNexis Risk Solutions, VoicePIN, Uniphore, Aculab, and Auraya among others.

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ValidSoftand Persistent Systems to create biometric voice authentication tool for banks, credit unions

News:On January 20, 2020, ValidSoft and Persistent announced that they are developing the biometric voice authentication tool for banks and credit unions. ValidSoftis the leading developer of most secure, precise, and commercial voice biometric engine developer in the sector while Persistent Systems is expert in delivering the software solutions to identify and access management in security sectors. This collaboration enables to deliver next-generation integrated technologies that helps digital banking solutions to organizations globally by using Persistent’s banking solutions and ValidSoft’s precision voice biometrics to identity assurance during transactions.

Global Voice Biometric Dynamics –

The traditional system takes the longer time for customer authentication & verification leads to customer dissatisfaction. Voice biometric is replacing this lengthy process by eliminating some manual factors and automating the authentication/Identification process, by using voice as a password through interactive voice response system. Now many banks and insurance companies are using the voice biometric system, since greater, seamless customer experience, reduction in time, gaining customer satisfaction and improved process automation. In 2016 HSBC introduced the voice biometric based authentication process in the security. These all factors are fueling the growth of global voice biometric market.However, voice privacy is the significant factor that may retrain the growth of market.As the customer’s voice data can be used for other purpose than it is intended.Many app enables the use of voice technology and fraudsters and hackers can steal voice data if it is not stored in well enough security and may leads to access customers bank account and borrow or withdraw money from accounts. Stolen data can be used by terrorist or criminal to mislead legal statement.Since, government taking initiative for standardizing biometrics process across the industries and expected to eliminate this soon. Moreover, advancement in the technology including AI, adopting DNN-enabled (deep neural networks) voice biometrics solutions, great customer experience creating huge opportunities global voice biometric market.

Global Voice BiometricMarket Regional Analysis –

North America is dominating the voice biometric market due to thestrong focus on research and development, advancement in technologies and implementing it on ground level.Because of high penetration of technology than any other region and good per capita GDP and increasing investments in the market. Allthese factors are positively helping North America to be a leader in global voice biometric market. Additionally, North America has huge number banking and insurance industries which contribute sizable share in voice biometric system, as per the report North America has significant portion of banks in the world than any other nation which fuels the growth of market.

Asia Pacific and Europe are the region expected to contribute growth of market. Rate of adaptation is highest in the Asia pacific region anticipated to grow market at a highest CAGR over forecast period due to growing technology industries in the region of China, India and Japan.

Key Benefits for Global Voice Biometric Market Reports –

Global Market report covers in depth historical and forecast analysis.

Global Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.

Global Market report helps to identify opportunities in market place.

Global Market report covers extensive analysis of emerging trends and competitive landscape.

Complete Report Details @ https://industrystatsreport.com/ICT-and-Media/Voice-Biometric-Market-Size/Summary

Global Voice BiometricMarket Segmentation –

By Components:
Software
Services

By Applications:
Access Control and Authentication
Fraud Detection and Prevention
Forensic voice analysis and Criminal Investigation
Other

By Industry Vertical:
BFSI
Government and Defense
Telecom and IT
Healthcare
Retail and eCommerce
Other

By Regional & Country Analysis: (North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of Middle East and Africa)

Table of Content

1 Study Coverage
1.1 Voice Biometric Product
1.2 Key Market Segments in This Study
1.3 Key Manufacturers Covered
1.4 Market by Type
1.5 Market by Application
1.6 Study Objectives
1.7 Years Considered

2 Executive Summary
2.1 Global Voice Biometric Market Size
2.2 Voice Biometric Growth Rate (CAGR) 2020-2025
2.3 Analysis of Competitive Landscape
2.4 Key Trends for Voice Biometric Markets & Products

3 Market Size by Manufacturers
3.1 Voice Biometric Production by Manufacturers
3.2 Voice Biometric Revenue by Manufacturers
3.3 Voice Biometric Price by Manufacturers
3.4 Mergers & Acquisitions, Expansion Plans

4 Voice Biometric Production by Regions
4.1 Global Voice Biometric Production by Regions
4.2 North America
4.3 Europe
4.4 China
4.5 Japan

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