Voice Biometrics Market is Expected to Reach $7.8 billion by 2032

According to a market report, published by Sheer Analytics and Insights, the total voice biometrics market was valued at $1.7 billion in 2021 and it is expected to reach $7.8 billion at a CAGR of 14.0% between 2022 and 2032. The rising demand for automotive applications is responsible for the market expansion. There is an increasing demand for a robust, strong, and protected authentication method with relatively low system failures due to the growing usage of digital platforms for the delivery of public and private services and the effort by financial institutions to make banking quick and easy. Password-less authentication methods are already taking over conventional password authentication procedures in the industry. Voice recognition is becoming more popular as one of the key identification approaches due to its special ability to recognize every individual with a different set of qualities. It is anticipated that the banking, automobile, and healthcare industries will play a significant role in this. These rising factors are expected to drive the growth of the voice biometrics market during the forecast period from 2022 to 2032. 

It is anticipated that the banking, automobile, and healthcare industries will play a significant role in this market.  The largest use of voice biometrics to help in the production of electronic medical records was in the healthcare industry. In the meanwhile, many banks are incorporating voice verification as an additional security measure, particularly for phone-based transactions. Moreover, the voice biometric market's expansion cannot be accomplished without the help of foreign investors. Foreign direct investors are being given opportunities by national governments, especially in developing economies to invest in raising the bar for voice biometrics standards and infrastructure. Therefore, these primary factors are estimated to create more growth opportunities for the global voice biometrics market over the forecast period.

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However, increasing usage of smartphones and various mobile applications is also estimated to accelerate the growth of the market. Voice biometric authentication techniques are being used by a wide number of users to verify their identity when using mobile apps and confirming online transactions including money transfers, internet banking, and account setting adjustments. Therefore, rather than utilizing specific commands, users approve transactions fast and securely using their voice. Voice biometrics technologies provide a strong and practical verification process for physicians, doctors, and patients, preventing the theft of medical information and maintaining the privacy of healthcare data. These are projected to propel the market growth during the forecast period. 

Some restraints are hampering the market growth and preventing the key players from gaining growth opportunities. For instance, poor voice sample quality, background noise interferences when using a call system, speaker voice variability due to illness and changes in mood over time, as well as changes in speech technology, such as speakers and recorders, are some of the problems. These are some of the major challenges the market is experiencing. Furthermore, access to this user data by intelligence agencies might be exploited by inquisitive governments to carry out widespread surveillance, raising privacy concerns. Terrorists and criminals can fool legal bodies by using stolen data as a cover. Therefore, governments from various nations are focusing on diminishing such risks by taking some important initiatives for increasing the use of voice biometrics across multiple end-user industries.

Some new developments in the global voice biometrics market:

• In 2021, Veridas launched a new voice biometric engine. This would strengthen its leading position in the global market with improved features of both verification and anti-fraud performance.
• In 2021, Gnani.ai launched armour365 Voice Biometrics software. This software is based on patented technologies. It has features to prevent the risk of any fraudulent incidents.    
• In 2021, Amazon launched a new voice authentication service for their wide number of customers. This service is generally available to customers from Europe, Asia-Pacific, and North America.
• In 2022, Turant has launched a text-agnostic voice biometric login system built for India. This is AI-based software that is trained on a voice sample collected through a phone call or smartphone application. This would enhance the customer experience.                                           

According to the study, key players dominating the global voice biometrics market are 3M (U.S), AT&T (U.S), Aculab (U.K), Aware Inc (U.S), Apple Inc (U.S), Atos (France), BioID AG (Germany), Cognitec Systems (Germany), Imageware Systems (U.S), LumenVox (U.S), Microsoft Corporation (U.S), NICE (Israel), Pindrop Security (U.S), SberBank (Russia), SayPay Technologies (U.S), Uniphore (India), VoiceTrust Holdings (Germany), Verint Systems (U.S), VoiceVault (U.S), Voice Biometrics Group (U.S), among others. 

The Global Voice Biometrics Market Has Been Segmented Into:

The Global Voice Biometrics Market – by Voice Type:

• Automatic Speech Recognition Software
• Speech-to-text System
• Others

 The Global Voice Biometrics Market – by Application Type:

• Authentication and Customer Verification
• Fraud Detection
• Risk and Emergency Management
• Payments
• Access Security
• Others

The Global Voice Biometrics Market – by Component Type:

• Software
• Hardware

The Global Voice Biometrics Market – by Regions: 

• North America
  • USA
  • Canada
  • Mexico
  • Rest of North America
• Europe
  • UK
  • Germany
  • France
  • Spain
  • Italy
  • Russia
  • Rest of Europe
• Asia Pacific
  • India
  • China
  • Japan
  • South Korea
  • Rest of Asia Pacific
• Latin America, Middle East & Africa
  • Brazil
  • South Africa
  • UAE
  • Rest of LAMEA

Browse The Full Report at https://www.sheeranalyticsandinsights.com/market-report-research/voice-biometrics-market-21