Voice Biometrics Market - Global Industry, Analysis, Size, Share, Trends, and Forecasts, 2020 to 2030

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Voice Biometrics Market - Global Industry, Analysis, Size, Share, Trends, and Forecasts, 2020 to 2030

Status : March, 2023 | Technology & Media

Report Digest

Voice Biometrics Market: Overview

The increasing need for prevention systems and fraud detection systems for safety measures in the banking sector is the prime factor augmenting the growth of the global voice biometrics market. This is likely to continue doing so in the forecast period set between 2020 and 2030 on account of the increasing number of fraudulent activities especially with the advent of digitalization. Voice biometrics utilizes a mix of various components in a speaker's voice to confirm his/her character. This arrangement is utilized by contact focuses to confirm guests and check their guaranteed character continuously which disposes of the requirement for cross examination by contact focus specialists, saves time, and improves client experience.

The global voice biometrics market is classified on the basis of components, type, authentication process, deployment mode, organization size, application, vertical, and region. In terms of component, the market is split into services and solutions. The type sector is bifurcated into passive voice biometrics and active voice biometrics. With respect to authentication process, the market is categorized into employee authentication, mobile applications, agent-assisted, and automated IVR. Based on deployment type, the market is divided into cloud and on-premises. Based on organization size, the market is divided into small and medium sized enterprises on the one side and large enterprises on the other. As per classification by application, the market is grouped into workforce management, access control, transaction processing, risk and emergency management, fraud detection and prevention, forensic voice analysis and criminal investigation, authentication and customer verification, and others.

The report on the global voice biometrics market is based on a qualitative and quantitative analysis and focuses on the prime growth parameters. This includes driving, repelling, challenging, and factors creating lucrative growth opportunities for the market. Besides this, the report also lists the key trends and recent innovations that helped shape the market in terms of growth rate. The impact of the novel CORONAVIRUS pandemic is also discussed in this report.

Voice Biometrics Market Competitive Landscape

Companies functioning in the global voice biometrics market are indulging in collaborative agreements and joint ventures to gain an upper hand in the overall market competition. Additionally, players are also investing in product launches and up gradations, so as to attract higher revenues for the market competition and emerge dominant.

Some of the players operating in this market include:

  • AnyVision
  • Trust Stamp
  • Element
  • HYPR
  • Kaizen Secure Voiz
  • ID R& D
  • Interactions
  • Voxta
  • Uniphore
  • Phonexia
  • NICE
  • QSS Technosoft

Voice Biometrics Market: Trends and Innovations

The rising demand for robust fraud detection and prevention systems across major nations is the prime factor attributing to the growth of the global voice biometrics market. Besides this, the rising need to reduce the cost of authentication and identification are also projected to aid in expansion of this market during the forecast period. On the contrary the low budget on cybersecurity granted by various national governments may restrict the growth of the market./ This, coupled with the high price of installation may also emerge as another obstruction for the growth of this market. Despite this, the increasing need to safeguard the privacy of the growing healthcare data especially at the time of COVID19 pandemic is likely to create lucrative growth opportunity for the market in the forecast period.

Voice Biometrics Market: Regional Insights

Geographically, the market was dominated by North America on account of the rising emphasis on enhanced security for stopping the number of crime rates in the developed nations of Canada and the United States. On the other side, the Asia Pacific market is expected to emerge as the fastest growing region on account of the increasing demand for enhanced security and the rising need to prevent cybercrimes across the emerging nations such as China, India, Japan, and others.

The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.

TMR Research is a leader in developing well-researched reports. The expertise of the researchers at TMR Research makes the report stand out from others. TMR Research reports help the stakeholders and CXOs make impactful decisions through a unique blend of innovation and analytical thinking. The use of innovation and analytical thinking while structuring a report assures complete and ideal information of the current status of the market to the stakeholders.

TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.

5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?