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Voice Biometrics Market size is expected to grow worth $2,845 million by 2024




May 30, 2019



According to a new market research report Voice Biometrics Market by Application (Access Control & Authentication, Fraud Detection & Prevention, Forensic Voice Analysis & Criminal Investigation), Component, Type, Deployment, Organization Size, Industry Vertical, Region – Global Forecast to 2024″, published by MarketsandMarkets™, the global Voice Biometrics Market size is expected to grow from USD 984 million in 2019 to USD 2,845 million by 2024, at a Compound Annual Growth Rate (CAGR) of 23.7% during the forecast period. The key factors driving the Voice Biometrics Market include an increasing demand for robust fraud detection and prevention systems across the BFSI industry vertical and need for reducing authentication and identification costs.

Browse and in-depth TOC on “Voice Biometrics Market

81 – Tables

32 – Figures

136 – Pages   

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Access control and authentication application segment to hold the largest market size during the forecast period

A growing need for advanced access control and authentication systems across industry verticals has been driving the demand of voice biometrics solutions. The technology analyzes voice patterns to create unique identification of every individual based on about 100 physical and behavioral factors, including pronunciation, accent, emphasis, as well as physical characteristics of vocal tract, mouth, and nasal passages.? An increasing use of voice biometrics across retail, defense, and automotive industries is expected to boost the growth of access control and authentication segment.

Banking, Financial Services, and Insurance (BFSI) vertical to hold the largest market size during the forecast period

The Voice Biometrics Market by industry vertical covers major verticals: BFSI, telecommunications and IT, healthcare, retail and eCommerce, and government and defense, and others. The BFSI vertical is estimated to account for the largest size in the Voice Biometrics Market in 2019. Increasing deployment of voice biometrics solutions has enabled BFSI organizations to reduce frauds and other financial losses. Telecommunication and IT, and healthcare have achieved easier accountability and greater transparency with the deployment of voice biometrics solutions.

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Asia Pacific (APAC) to grow at the highest CAGR during the forecast period

North America is expected to account for the largest market size in the Voice Biometrics Market by region during the forecast period. The region houses many key vendors, such as Nuance Communications, Verint, and Pindrop. APAC is expected to grow at the highest CAGR during the forecast period with increasing investments in strengthening security infrastructure. An increasing demand for cloud-based solutions from retail and eCommerce and healthcare verticals is expected to drive the Voice Biometrics Market in the region.

The Voice Biometrics Market comprises major solution providers, such as Nuance Communications (US), NICE (Israel), Verint (US), AimBrain (UK), Voice Biometrics Group (US), Phonexia (Czech Republic), OneVault (South Africa), SESTEK (Turkey), LumenVox (US), LexisNexis Risk Solutions (US), VoicePIN (Poland), Uniphore (India), Pindrop (US), Aculab (UK), and Auraya (Australia). The study includes the in-depth competitive analysis of the key players in the Voice Biometrics Market with their company profiles, recent developments, and key market strategies.

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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Contact Information:
Mr. Shelly Singh MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA : 1-888-600-6441 sales@marketsandmarkets.com

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