According to our latest market study on "Voice Biometrics Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Component, Type, Authentication Process, Deployment, Vertical, and Application," the voice biometrics market size is expected to grow from US$ 1,319.23 million in 2021 to US$ 4,823.85 million by 2028; it is estimated to grow at a CAGR of 20.6% from 2022 to 2028.
The technology of AI-driven speech biometrics utilizes a user's unique voice in a live interaction to compare it in real-time with a voiceprint recorded in a database, based on various parameters during the conversation. This makes it extremely difficult for fraudsters to hack the solution and gain access to someone's account or profile because no static data is necessary for the transaction that could be captured. As artificial intelligence advances, the accuracy of speech biometrics is improving, making it suitable for applications beyond identification and personalization, such as payment authentication. Recently, Synaptics and ID R&D introduced a new solution that includes AI-powered voice biometrics and anti-spoofing algorithms that can be operated on a Synaptics SoC in edge devices. Google's Contact Center Artificial Intelligence (CCAI) platform was also enhanced to include voice biometrics and conversational AI in call center applications. Additionally, AI automatic speech recognition solutions integrate speech recognition with authentication capabilities, such as voice biometrics, to improve the speed and efficacy of voice-enabled services. This technology recognizes and authenticates the user and understands what they are saying, eliminating the need for multi-factor authentication or agent screening questions to determine the validity of a call. As AI continues to emerge in voice biometrics, it is expected to create future trends in the voice biometrics market.
Impact of COVID-19 Pandemic on Global Voice Biometrics Market
North America is considered a crucial region for the growth and adoption of new technologies due to supportive government policies, a significant industrial base, and high purchasing power, particularly in developed countries like the US and Canada. The US is a significant market for the voice biometrics industry in several sectors and has the highest number of voice biometrics developers. The COVID-19 pandemic had an uncertain effect on the standard of living of the North American population. During this period, fingerprint and palm-print identification systems decreased in usage while contactless methods, such as face and voice biometrics, increased due to the heightened risk of COVID-19 transmission. The security vulnerabilities of various biometric systems were impacted to varying degrees. As a result, the increased adoption of voice biometrics during the pandemic prompted developers to focus on this technology, creating further market opportunities.
Key Findings of Study
The global voice biometrics market is categorized based on various factors such as component, type, authentication process, deployment, vertical, application, and geography. The component segment is divided into two parts, namely solutions and services, where the solution segment held a higher market share in 2021. The type segment is further divided into active voice biometrics and passive voice biometrics, where the latter held a larger market share in 2021. The authentication process segment is divided into automated IVR, agent-assisted, mobile applications, and employee authentication, where the agent-assisted segment held a larger market share in 2021. The deployment segment is divided into cloud and on-premise, where the cloud segment held a larger market share in 2021. The vertical segment is divided into various categories, including BFSI, retail and commerce, government and defense, IT and telecom, healthcare & life sciences, transportation & logistics, travel & hospitality, energy & utilities, and others, where the BFSI segment held a larger market share in 2021. The application segment is divided into authentication & customer verification, forensic voice analysis & criminal investigation, fraud detection & prevention, risk & emergency management, transaction processing, access control, workforce management, and others, where the authentication and customer verification segment held a larger market share in 2021. Geographically, the market is divided into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America, where North America held a significant share of the global voice biometrics market in 2021.
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