voice biometrics Market

The global voice biometrics market share is expected to grow from US$ 1,319.23 million in 2021 to US$ 4,823.85 million by 2028; the voice biometrics market size is estimated to grow at a CAGR of 20.6% from 2022 to 2028.

Voice biometrics streamlines user identification and authentication processes, thereby enhancing Know Your Customer (KYC) management. It achieves this by using techniques such as automatic calibration, active and passive authentication, liveliness detection, and panic detection. For instance, Barclays has adopted the tagline "My voice is my password" to authenticate its callers, leading to a 20-second reduction in user verification time. Major banks such as HSBC, Wells Fargo, Santander Bank, N.A., and Tangerine Bank are also leveraging speech recognition in their call centers to expedite identification and verification processes. Furthermore, voice biometrics can enhance KYC procedures. For example, in multilingual countries like South Asia, individuals may have varying levels of education in different regions. Voice biometrics can include these people in financial safety nets since the solutions are language-independent. Therefore, the rising demand for fraud detection and prevention systems in the BFSI industry is propelling the growth of voice biometrics.

The use of voice biometric authentication in banking is based on the unique vocal patterns of individuals, which can be detected by artificial intelligence (AI) due to distinct phonetic and morphological characteristics. Voice biometrics is a contactless and convenient approach that speeds up banking operations. With a greater need for security, biometric authentication is becoming more prevalent in the financial technology landscape. As online banking, mobile and e-banking gain widespread acceptance, the potential for cybercriminals to access user accounts and steal money increases. Thus, financial service providers invest in mobile app services that provide safe banking services, which has a positive impact on the development of the voice biometrics market.

Voice biometric authentication is being used by users to authenticate themselves when entering mobile apps and for validating online transactions such as money transfers, online payments, and updates to account settings. It offers a quick and secure method for users to confirm transactions using their voice instead of dedicated commands. Voice biometrics is also used as one of the authentication processes in two-factor systems. It can be combined with another biometric factor, such as a person's retina, fingerprint, or face, or with knowledge-based authentication approaches, such as a password or a passphrase. Banks can easily adopt speech biometric authentication technology as it does not require new equipment to be provided to consumers for authentication using voice biometrics. In addition, the voice verification software can be integrated with the bank's current internal telephone system (PBX) and can be controlled either on-premises or through cloud storage in the voice biometrics market.

The COVID-19 pandemic led to a slight deceleration in the voice biometrics market globally in 2020. The pandemic had an adverse impact on almost every industry, exacerbating the situation. The lockdown measures disrupted global production, supply networks, logistics, and operations in various industries. Manufacturing, transportation and logistics, retail and consumer products were among the hardest-hit sectors. The lack of personnel to operate production lines, supply chains, and transportation disrupted the availability of essential items. However, as of early 2021, the situation was improving, and the demand for voice biometrics solutions and services was growing due to the need for enhanced customer experience and personalized relationships with customers. Numerous industries adopted a variety of voice biometrics products and services to support their digital transformation initiatives aimed at improving critical processes, operations, and user authentication.

Aculab; Auraya, Inc; Aware Inc; Nuance Communications, Inc; Nice; Pindrop; Phonexia; SESTEK; Whispeak; and VERINT SYSTEMS INC. are a few key companies operating in the voice biometrics market. The report comprises secondary research work on other companies that hold a significant voice biometrics market share.

The voice biometrics market size has been determined using a combination of primary and secondary research methods. The research process began with extensive secondary research, including internal and external sources, to gather qualitative and quantitative information related to the voice biometrics market. This process aimed to provide an overview and forecast for the voice biometrics market for all relevant segments and regions. Furthermore, multiple primary interviews were conducted with industry experts and commentators to validate the data and obtain additional analytical insights into the voice biometrics market. These participants included VPs, business development managers, market intelligence managers, national sales managers, valuation experts, research analysts, and key opinion leaders who specialize in the voice biometrics market.