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Biometrics Institute org reported that the global biometrics industry would grow with a CAGR of approx. 22% to reach a market value of US$ 15 Bn in 2025 from US$ 4.6Bn in 2018. Voice biometrics solutions are used for voice recognition through analysis of an individual’s pitch, speech, voice, and tone. The device studies an individual's voice to match it against a stored voiceprint model. It requires minimum hardware installation and does not need any additional hardware such as iris-scanning equipment or fingerprint and thus offers a high degree of accuracy. In terms of security, it has a broad benefit over PINs and passwords, as a password can be easily tracked or hacked; the voice of an individual is as distinct and unique as a fingerprint. These factors are leading to the increasing implementation of biometric voice verification in e-commerce, banking, healthcare, and government sector among others.
Adoption of AI technology, IoT technology, and cloud computing solutions are some of the major drivers responsible for the growth of voice biometrics market. Further, increasing market penetration of electronic devices in healthcare, and technological innovations in the field of bioelectronics is expected to drive the global voice biometrics market during the forecast period. Adoption of Nano-technology is playing a major role in driving growth in the voice biometrics market since it simplifies and improves the complex chip designing process. For instance, in 2018, Nuance Communications acquired PerSay to introduce advance voice biometrics to market, with an aim to deploy S.P.I.D (Service profile Identifier) technology in voice biometrics that would provide voice mining and speaker identification system for law application and intelligence agencies.
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Some of the significant players in voice biometric solutions market include Agnitio SL, Voice Biometrics Group (VBG)., American Safety Council, Inc., VoiceTrust Holding BV, Bioid Ag, Nuance Communications Inc., OneValult, VoiceTrust Ag, SayPay Technologies Inc., ValidSoft Ltd., VoicePass Technology and VoiceVault.
● Automatic Speech Recognition Software
● Speech-to-text Systems
● Forensic Voice Analysis
● Access Security
● Authentication and Fraud detection
● Customer Verification
● Transaction Processing
● Speech-enabled password reset
● Others (Vocal Passphrase etc.
● Regional analysis
By Industry Vertical
● IT & Telecom
● North America (the USA and Canada)
● Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
● Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
● Latin America (Brazil, Mexico and Rest of Latin America)
● Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
Globally, North America is expected to lead the voice biometric solution market in terms of market revenue. This growth in North America is due to the rise in the adoption of advanced technologies in biometric voice devices. In the U.S., many banking and financial organizations have made voice biometrics mandatory for users accessing databases and other digital platforms. Further, Asia Pacific is likely to witness healthy growth during the forecasted period. Increasing awareness of biometric voice technology, as well as the adoption of advanced technological solutions in government offices and organization’s research and development centers across countries such as Singapore, India, South Korea, Taiwan, China, Malaysia, and Thailand, is expected to offer prominent opportunities for the growth of voice biometric solution market.