The Rising Need for Robust Security Solution is Driving the Growth of Voice Biometrics Market

Globally, the voice biometrics market is expected to grow with a CAGR of 18.5% during the forecast period from 2023 to 2030. The market is driven by the rising need among the organizations to establish efficient and secure methods for data protection and safety. The organizations are swiftly shifting towards the digital business models, and embracing the enterprise mobility solutions and BYOD policies to improve operational efficiency. As a result, employees are using their personal devices to access sensitive business information. However, this could also make the organizations more vulnerable to the cyber-attacks due to lack of security measures. To address these challenges, the organizations are looking for more advance and efficient ways for enhancing their safety. This is driving the demand for the voice biometrics among the organizations.

The advancement in the biometric technology over the past decade is also acting as one of the major driver for the growth of the market. The integration of Artificial Intelligence and Deep Neural Network (DNN) into the biometric to enhance speaker recognition capabilities is driving the market. Furthermore, the growing need among the healthcare institutes for the safeguarding the data is also accelerating the market growth. However, lack of accuracy in authenticating users is acting as a major challenge in the growth of the market. Moreover, the low cyber-security budget of the organizations is also hindering the market growth.

Services is Estimated to Grow Significantly During the Forecast Period  

The voice biometrics market is segmented based on the component into software and services. The software segment accounted for more than 78% share in the revenue in 2021. The market growth is credited to the growing need among the organization to establish convenient, faster and effective user authentication solution. Furthermore, the rising number of online transactions and internet activities is further driving the demand for software market. On the other hand, services market is estimated to grow substantially during the forecast period.

North America is Leading the Voice Biometrics Market                                 

North America led the global voice biometrics market in 2021 with a market share of more than 42%. The increasing adoption of the advance technologies such as cloud computing, AI and Big Data are serving as a major driver for the growth of the market. The growing incidences of the data leakages and cyber-attacks in the region are further encouraging the adoption of adoption of voice biometric solution among the organizations.

The major vendors in the voice biometrics market are AimBrain, Aculab, Auraya, LumenVox, LexisNexis Risk Solutions, Voice Biometrics Group, NICE, OneVault, Verint, Nuance Communications, Phonexia, Sestek, Pindrop, Uniphore, and VoicePIN.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Voice Biometrics market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Voice Biometrics market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Voice Biometrics market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Voice Biometrics market?
• Which is the largest regional market for Voice Biometrics market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Voice Biometrics market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Voice Biometrics market worldwide?