The Global Voice Biometrics Market size is expected to reach $2.7 billion by 2024, rising at a market growth of 22.7% CAGR during the forecast period

NEW YORK, June 17, 2019 /PRNewswire/ -- The Global Voice Biometrics Market size is expected to reach $2.7 billion by 2024, rising at a market growth of 22.7% CAGR during the forecast period.

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Voice biometrics is a technique used to match private voice patterns and check the identity of the speaker using just the voice. In essence, it listens to the voice of a human being and determines who that person is. To recognize a person, voice biometrics technology takes the voice of an individual and compares the recorded speech features to the features of an earlier generated speech model. If the two match, the voice biometrics software will verify that the individual speaking is the same as the individual registered against the voice pattern.

Rapid advancements in technologies used for authentication and payment purposes have helped the biometrics industry in expanding its client base across the world. The need for technological software in the biometric technology has been apparent due to its sophisticated features that help in improving authentication and verification software. This is expected to create a significant demand for voice biometric software over the coming years.

On the basis of component, the voice biometric market covers software and services. The software segment overshadows the services segment and is showing possibilities of recording a higher growth in the coming years due to augmented adoption rates. The requirement for easy, faster, and convenient user authentication is projected to impact voice biometrics software. A growing number of online transactions and fraudulent activities and the demand for a multi-layered security approach within the financial services sector are expected to boost the overall market. The services segment is estimated to witness a faster growth rate during the forecast period.

Based on Application, the market is segmented into Access Control & Authentication, Fraud Detection & Prevention, and Forensic Voice Analysis & Criminal Investigation. Based on Organization size, the market is segmented into large enterprises and Small & Medium Sized entertainment. Based on Type, the market is segmented into Active Voice biometrics and Passive Voice Biometrics. Based on End User, the market is segmented into BFSI, Healthcare & Life Sciences, Retail & Ecommerce, Telecom & IT, Government & Defense, and Others. Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Nuance Communications Inc., Verint Systems Inc., NICE Ltd., LexisNexis Risk Solutions Inc., Voice Biometrics Group, AimBrain Solutions Limited, Phonexia, VoicePin.com, Uniphore Software Solutions Pvt. Ltd., and LumenVox LLC. The major strategies followed by the market participants are Product launches and Partnerships & Collaborations. Based on the Analysis presented in the KBV Cardinal matrix, LexisNexis Risk Softwares Inc. is one of the forerunners in the Voice Biometrics market.

Scope of the Study

Market Segmentation:

By Component

• Solution

• Services

By Application

• Access Control & Authentication

• Fraud Detection & Prevention

• Forensic Voice Analysis & Criminal Investigation

By Organization Size

• Large Enterprises

• Small & Medium-Sized Enterprises

By Type

• Active Voice Biometrics

• Passive Voice Biometrics

By End User

• BFSI

• Healthcare & Life Sciences

• Retail & Ecommerce

• Telecom & IT

• Government & Defense

• Others

By Geography

• North America

o US

o Canada

o Mexico

o Rest of North America

• Europe

o Germany

o UK

o France

o Russia

o Spain

o Italy

o Rest of Europe

• Asia Pacific

o China

o Japan

o India

o South Korea

o Singapore

o Malaysia

o Rest of Asia Pacific

• LAMEA

o Brazil

o Argentina

o UAE

o Saudi Arabia

o South Africa

o Nigeria

o Rest of LAMEA

Companies Profiled

• Nuance Communications Inc.

• Verint Systems Inc.

• NICE Ltd.

• LexisNexis Risk Solutions Inc.

• Voice Biometrics Group

• AimBrain Solutions Limited

• Phonexia

• VoicePin.com

• Uniphore Software Solutions Pvt. Ltd.

• LumenVox LLC.

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• Subscription based model available

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