Voice Biometrics Market Report by Component (Solutions, Services), Type (Active Voice Biometrics, Passive Voice Biometrics), Deployment Mode (On-premises, Cloud-based), Organization Size (Large Enterprises, Small and Medium-sized Enterprises (SMEs)), Application (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), Vertical (BFSI, Retail and E-Commerce, Government and Defense, IT and Telecom, Healthcare and Life Sciences, Transportation and Logistics, Travel and Hospitality, Energy and Utilities, and Others), and Region 2024-2032

Voice Biometrics Market Report by Component (Solutions, Services), Type (Active Voice Biometrics, Passive Voice Biometrics), Deployment Mode (On-premises, Cloud-based), Organization Size (Large Enterprises, Small and Medium-sized Enterprises (SMEs)), Application (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), Vertical (BFSI, Retail and E-Commerce, Government and Defense, IT and Telecom, Healthcare and Life Sciences, Transportation and Logistics, Travel and Hospitality, Energy and Utilities, and Others), and Region 2024-2032

Report Format: PDF+Excel | Report ID: SR112024A12460
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Global Voice Biometrics Market:

The global voice biometrics market size reached US$ 2.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 10.0 Billion by 2032, exhibiting a growth rate (CAGR) of 19.65% during 2024-2032. The market growth is primarily driven by its extensive utilization in the healthcare sector, the increasing demand for safe, contactless, reliable, and secure working conditions among individuals, and the emergence of advanced technologies.

Report Attribute
 Key Statistics 
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023 US$ 2.0 Billion
Market Forecast in 2032 US$ 10.0 Billion
Market Growth Rate (2024-2032) 19.65%


Global Voice Biometrics Market Analysis:

  • Major Market Drivers: The widespread usage of voice biometrics, as it reduces the workload of IT staff members for updating passwords, represents one of the major factors augmenting the market growth. Besides this, the rising popularity of this technology, owing to its real-time information and detection of phone fraud easily, is positively influencing the demand for voice biometrics.
  • Key Market Trends: The escalating demand for minimizing authentication and identification costs in businesses is impelling the market growth. Moreover, the elevating requirement for voice biometrics in the BFSI industry to reduce threats by identifying fraudsters and avoiding misuse of banking credentials of customers is also catalyzing the market outlook.
  • Competitive Landscape: The leading players in the voice biometrics companies comprise Aculab PLC, Auraya Inc, Aware Inc, NICE Ltd, Nuance Communications Inc. (Microsoft Corporation), OneVault, Phonexia SRO, Pindrop, SESTEK (UNIFONIC), Verint Systems Inc, Voice Biometrics Group, and Whispeak, among others.
  • Geographical Trends: North America accounted for the largest region in the voice biometrics market, owing to the implementation of strict regulations and compliance standards for data security and privacy by government bodies. In addition to this, several companies and research institutions are driving advancements in AI, machine learning, and biometric technologies for the development of more accurate, reliable, and scalable solutions, which is also catalyzing the market growth. Moreover, the widespread adoption of voice biometrics in insurance, banking, and fintech organizations for secure authentication, fraud detection, and seamless customer experiences, is further augmenting the market growth across the region.
  • Challenges and Opportunities: Achieving high accuracy and reliability in voice systems, especially in noisy environments or with diverse user demographics, remains among the primary challenges affecting the voice biometrics market statistics. However, the rising need for secure and convenient authentication methods across various industries, such as healthcare, banking, telecommunications, etc., and the continuous advancements in AI and machine learning technologies to enhance the accuracy and performance of voice biometrics systems are acting as significant growth-inducing factors for market expansion.
     

Voice Biometrics Market Report


Global Voice Biometrics Market Trends:

Extensive Utilization in the BFSI Sector

The rising usage of this technology in the financial sector, as it offers a highly secure technique of authentication by verifying users based on their unique vocal characteristics, is primarily influencing the voice biometrics market demand. This reduces the reliance on easily compromised authentication methods, including passwords and PINs, enhancing overall security for financial transactions and account access. Besides this, the increasing demand for this solution to streamline the authentication process for call center interactions by automatically validating customers' identities based on their voiceprints is also catalyzing the market globally. For instance, according to Intelligent Software Engineering, 18 million US consumers have already tried paying by voice, and various banks and financial institutions provide this service to their clients. Moreover, researchers and corporations employ several approaches to identify voice features from a signal, including LPCC, MFCC, and LPC. The higher acceptability of the biometric voice system is credited to the accuracy, identification speed, efficiency, increased product capabilities, low cost, and user-friendly nature of this solution. Furthermore, several Canadian organizations, including Royal Bank of Canada, Bank of Montreal, and Rogers Communications, have begun adopting speech biometrics to identify consumers over the phone. According to the TD Bank Group of Canada, customers can sign into their accounts or skip call center security questions by providing a voiceprint.

Escalating Incidences of Cyberattacks and Bank Fraud Cases

Voice biometrics systems analyze voice patterns and behaviors to detect anomalies that may indicate fraudulent activities. Variations from a user's typical voice profile, such as sudden changes in pitch, tone, or speaking style, can raise red flags and trigger alerts for further investigation. Besides this, the extensive use of sophisticated algorithms, including liveness detection and speaker recognition techniques, to distinguish between live human voices and synthetic or prerecorded samples is also stimulating the voice biometrics market outlook. For instance, the Reserve Bank of India (RBI) registered around 8,700 bank fraud cases in India with an approx. amount of INR 1.85 trillion. As per the information reported by the Indian Computer Emergency Response Team (CERT-In), an unlimited number of 2,46,514 and 2,90,445 cyber security incidents about digital banking were reported in India. Apart from this, this technology assists banks in complying with regulatory requirements involving fraud prevention and customer authentication. Regulations, including the Payment Card Industry Data Security Standard (PCI DSS), GDPR, and PSD2 mandate robust security measures to protect against fraud and ensure the integrity of financial transactions, which is also propelling the voice biometrics market overview. For example, banks offer social security products, such as pensions and insurance, requiring proof-of-life authentication when the payments are disbursed in which voice biometrics facilitates the discrete authentication of people.

Continuous Technological Advancements

Technological advancements in voice biometrics are constantly evolving, leading to improved accuracy, reliability, and usability. In line with this, deep learning techniques, such as convolutional neural networks (CNNs) and recurrent neural networks (RNNs), have augmented the voice biometrics market revenue by enabling more accurate and robust recognition models. Moreover, the increasing popularity of speaker verification and diarization embeddings for extracting high-dimensional representations of voice characteristics from raw audio signals is also catalyzing the global market. For instance, in North America, G+D Mobile Security introduced its FIDO-compliant Convegno Mobile Authentication in conjunction with Samsung SDS. Additionally, Lumen Vox launched the next-generation automatic speech recognition (ASR) engine with transcription, which is built on artificial intelligence (AI) and deep machine learning (ML) and outpaces its competition in delivering the most accurate speech-enabled customer experiences. Furthermore, Gnani.ai, a leading player in the conversational AI and voice security domain, announced the introduction of its voice biometrics software, Christened armour365. The biometric solution is suitable for industries, such as Banks, Defense, and Healthcare, among others.

Global Voice Biometrics Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global voice biometrics market report, along with forecast at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on component, type, deployment mode, organization size, application, and vertical.

Breakup by Component:

Voice Biometrics Market Report

  • Solutions
  • Services
     

Solutions account for the major market share

The report has provided a detailed breakup and analysis of the market based on the component. This includes solutions and services. According to the report, solutions hold the major share of the market.

In voice biometrics, solutions are typically segmented based on their specific applications, functionalities, and deployment models, such as authentication, speaker verification, fraud detection and prevention, speaker identification, integrated, etc. They leverage advanced voice recognition technology and methods to provide secure and reliable authentication, fraud detection, and customer verification capabilities, which is anticipated to boost the voice biometrics market statistics. For instance, Thales announced a new voice biometric solution, part of Thales' Digital Identity Service Platform for onboarding and authentication. The new solution integrates effortlessly with existing call center enrolment processes.

Breakup by Type:

  • Active Voice Biometrics
  • Passive Voice Biometrics
     

Active voice biometrics account for the major share

The report has provided a detailed breakup and analysis of the market based on the type. This includes active voice biometrics and passive voice biometrics. According to the report, active voice biometrics represents the largest market share.

Active voice biometrics refers to real-time voice authentication systems that actively verify the identities of users during interactions or transactions. They analyze voice patterns and characteristics to ensure the legitimacy of the identity of an individual, providing secure access to sensitive information or services. Active voice biometrics finds extensive applications across various industries, including banking, telecommunications, healthcare, and government, where secure authentication is predominant.

Breakup by Deployment Mode:

  • On-premises
  • Cloud-based
     

Cloud-based dominates the market

The report has provided a detailed breakup and analysis of the market based on the deployment mode. This includes on-premises and cloud-based. According to the report, cloud-based accounted for the largest market share.

Cloud-based voice biometrics leverages cloud computing infrastructure to provide scalable, flexible, and cost-effective authentication solutions. These systems analyze the unique vocal characteristics of users to verify their identities securely. Uses of cloud-based voice biometrics comprise authentication for remote access to corporate systems, secure login for online banking and financial services, identity verification for telecommunication services, and confirmation in e-commerce transactions. Moreover, by leveraging the power of the cloud, these solutions offer rapid deployment, centralized management, and seamless integration with existing systems.

Breakup by Organization Size:

  • Large Enterprises
  • Small and Medium-sized Enterprises (SMEs)
     

Large enterprises represent the largest share

The report has provided a detailed breakup and analysis of the market based on the organization size. This includes large enterprises and small and medium-sized enterprises ( SMEs). According to the report, large enterprises accounted for the largest market share.

In large enterprises, voice biometrics serves as a versatile tool with several uses across diverse departments and functions. Firstly, it enhances security by providing robust authentication for employees accessing corporate systems, applications, and sensitive data. Additionally, voice recognition streamlines user authentication processes, reducing the reliance on traditional methods, such as passwords and PINs, thereby improving efficiency and productivity. Moreover, this technology also finds widespread applications in customer service and call centers, facilitating seamless and secure authentication for clients contacting the company. For instance, ImageWare Systems developed a biometrically enabled Blockchain-Powered Self Sovereign Identity solution and entered the Self Sovereign Identity market. Additionally, Phonexia developed a new software for audio investigations - Phoenixia Orbis by leveraging its experience from hundreds of public security projects worldwide.

Breakup by Application:

  • Authentication and Customer Verification
  • Forensic Voice Analysis and Criminal Investigation
  • Fraud Detection and Prevention
  • Risk and Emergency Management
  • Transaction Processing
  • Access Control
  • Workforce Management
  • Others 
     

Access control dominates the market

A detailed breakup and analysis of the voice biometrics market based on the application has also been provided in the report. This includes 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. According to the report, access control accounted for the largest market share.

Voice biometrics is widely adopted in access control systems for providing secure and convenient authentication methods. It verifies the identities of users based on their unique vocal characteristics, replacing traditional methods, including keycards or PINs. This technology finds rising utilization across corporate offices, government facilities, healthcare institutions, and residential buildings. Additionally, voice biometrics improves security by preventing unauthorized access and minimizing the risk of credential theft or fraud. For instance, Chile announced rolling out an automated biometric identification system (ABIS) with the aim of tackling organized crime. The hardware has been supplied by Idemia.

Breakup by Vertical:

  • BFSI
  • Retail and E-Commerce
  • Government and Defense
  • IT and Telecom
  • Healthcare and Life Sciences
  • Transportation and Logistics
  • Travel and Hospitality
  • Energy and Utilities
  • Others
     

BFSI accounts for the largest market share

A detailed breakup and analysis of the voice biometrics market based on the vertical has also been provided in the report. This includes BFSI, retail and e-commerce, government and defense, IT and telecom, healthcare and life sciences, transportation and logistics, travel and hospitality, energy and utilities, and others. According to the report, BFSI accounted for the largest market share.

Voice biometrics plays a crucial role in the BFSI sector for enhancing security, streamlining operations, and improving consumer experience. Firstly, it provides secure authentication for account access, transactions, and sensitive operations, reducing the probability of fraud and identity theft. For instance, a Visa poll from May 2022 found that 86% of users are eager to utilize biometrics to verify their identification while making payments. 70% of respondents who used this technology said it was simpler to utilize them, and 46% said they were safer than credentials or PINs. Additionally, voice biometrics enables seamless and frictionless customer interactions, allowing clients to verify themselves simply by speaking, thereby increasing convenience and satisfaction. Furthermore, it aids in compliance efforts by ensuring adherence to regulatory requirements involving customer authentication and data protection. For example, in conjunction with IDEX Biometrics, the China Construction Bank (CCB) chose to adopt biometric credentials in its digital renminbi initiatives. The institution previously made an app available for digital yuan wallets.

Breakup by Region:

Voice Biometrics Market Report

  • North America
    • United States
    • Canada
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

North America leads the market, accounting for the largest voice biometrics market share  

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America leads the market.

As per the voice biometrics market report, North America accounted for the largest segment of the market, owing to the implementation of strict regulations and compliance standards for data security and privacy by government bodies. In addition to this, several companies and research institutions are driving advancements in AI, machine learning, and biometric technologies for the development of more accurate, reliable, and scalable solutions, which is also catalyzing the market growth. Moreover, the widespread adoption of this technology in insurance, banking, and fintech organizations for secure authentication, fraud detection, and seamless customer experiences is further augmenting voice biometrics market recent prices across the region. For instance, G+D Mobile Security introduced its FIDO-compliant Convegno Mobile Authentication in conjunction with Samsung SDS. Besides this, several Canadian organizations have begun using speech biometrics to identify consumers over the phone. Furthermore, according to the TD Bank Group of Canada, customers can sign into their accounts or skip call center security questions by providing a voiceprint. For this, TD utilizes VoicePrint, which is a voice recognition system that enables customers to use their voiceprint to verify their identity and recognize themselves when speaking with one of the bank's Live Customer Service employees over the phone.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global voice biometrics market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include:

  • Aculab PLC
  • Auraya Inc
  • Aware Inc
  • NICE Ltd
  • Nuance Communications Inc. (Microsoft Corporation)
  • OneVault
  • Phonexia SRO
  • Pindrop
  • SESTEK (UNIFONIC)
  • Verint Systems Inc
  • Voice Biometrics Group
  • Whispeak
     

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Global Voice Biometrics Market Recent Developments:

  • March 2024: Corsound AI introduced voice biometrics for face matching and generation. The company’s AI algorithms would accurately match a voice with a face. To the extent that the private Tel Aviv startup can pull this off reliably and with low error rates, it would be helping to create a new biometric surveillance tactic and to add a new option for remote authentication in onboarding.
  • January 2024: Phonexia introduced Phonexia Voice Inspector 5.1 for forensic voice comparison. The new software offerings meet the international standard for court admissibility, aligning with guidelines from the European Network of Forensic Science Institutes (ENFSI).
  • January 2024: ID R&D introduced a voice clone detection tool to combat AI-driven fraud. The product is designed to detect voice clones and audio deepfakes and prevent fraud and crime.


Voice Biometrics Market Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Scope of the Report Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
  • Component
  • Type
  • Deployment Mode
  • Organization Size
  • Application
  • Vertical
  • Region
Components Covered Solutions, Services
Types Covered Active Voice Biometrics, Passive Voice Biometrics
Deployment Modes Covered On-premises, Cloud-based
Organization Sizes Covered Large Enterprises, Small and Medium-sized Enterprises (SMEs)
Applications Covered Authentication and Customer Verification, Forensic Voice Analysis and Criminal Investigation, Fraud Detection and Prevention, Risk and Emergency Management, Transaction Processing, Access Control, Workforce Management, Others 
Verticals Covered BFSI, Retail and E-Commerce, Government and Defense, IT and Telecom, Healthcare and Life Sciences, Transportation and Logistics, Travel and Hospitality, Energy and Utilities, Others
Regions Covered North America, Europe, Asia Pacific, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Aculab PLC, Auraya Inc, Aware Inc, NICE Ltd, Nuance Communications Inc. (Microsoft Corporation), OneVault, Phonexia SRO, Pindrop, SESTEK (UNIFONIC), Verint Systems Inc, Voice Biometrics Group, Whispeak, etc.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


Key Questions Answered in This Report:

  • How has the global voice biometrics market performed and how will it perform in the coming years?
  • What are the drivers, restraints, and opportunities in the global voice biometrics market?
  • What is the impact of each driver, restraint, and opportunity on the global voice biometrics market?
  • What are the key regional markets?
  • Which countries represent the most attractive voice biometrics market?
  • What is the breakup of the market based on the component?
  • Which is the most attractive component in the voice biometrics market?
  • What is the breakup of the market based on the type?
  • Which is the most attractive type in the voice biometrics market?
  • What is the breakup of the market based on the deployment mode?
  • Which is the most attractive deployment mode in the voice biometrics market?
  • What is the breakup of the market based on the organization size?
  • Which is the most attractive organization size in the voice biometrics market?
  • What is the breakup of the market based on the application?
  • Which is the most attractive application in the voice biometrics market?
  • What is the breakup of the market based on the vertical?
  • Which is the most attractive vertical in the voice biometrics market?
  • What is the competitive structure of the global voice biometrics market?
  • Who are the key players/companies in the global voice biometrics market?


Key Benefits for Stakeholders:

  • IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the voice biometrics market from 2018-2032.
  • The research study provides the latest information on the market drivers, challenges, and opportunities in the global voice biometrics market.
  • The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
  • Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the voice biometrics industry and its attractiveness.
  • Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
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  • For further assistance, please connect with our analysts.
Voice Biometrics Market Report by Component (Solutions, Services), Type (Active Voice Biometrics, Passive Voice Biometrics), Deployment Mode (On-premises, Cloud-based), Organization Size (Large Enterprises, Small and Medium-sized Enterprises (SMEs)), Application (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), Vertical (BFSI, Retail and E-Commerce, Government and Defense, IT and Telecom, Healthcare and Life Sciences, Transportation and Logistics, Travel and Hospitality, Energy and Utilities, and Others), and Region 2024-2032
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