Voice Biometric Solutions Market – Snapshot
Technological inventions in electronic equipment have increased at a fast pace. Biometrics are one such innovation that play a vital role in various industries such as banking, government, telecom, healthcare, etc. Voice biometrics solutions are used for establishing the identity of a person by analyzing hundreds of voice characteristics, which are more unique to an individual than a fingerprint. Voice authentication is commonly deployed as an additional security layer, especially in organizations targeted by fraud rings.These organizations include banks, insurance companies, and healthcare providers. It provides stronger authentication than a knowledge-based approach by verifying people on the basis of their voice characteristics.
Voice biometrics solutionsoffer numerous opportunities for countries that intend to invest in developing new technological features in various industries. Vendors are popularizing the use of voice biometric solutions due to their advanced features providing authentication solutions, client and customer verification,and verification for payment purposes.
Key drivers of the voice biometric solutions market are increase in the penetration voice biometric solutions, rise in investments in research and development of technological inventions, and adoption of biometric technology. Demand for voice biometric solutions is increasing exponentially due to the advanced features offered by these solutions. Vendors across regions are investing in the development of advanced technology for providing authentication solutions. For instance, banks and insurance companies are most heavily hit by identity theft and lose billions of dollars each year as a result. Therefore, the banking sector is adopting voice biometric solutions in order to avoid losses. Voice biometric solutions are anticipated to revolutionize many sectors of the economy, including business, healthcare, social networks, environmental monitoring, and transportation. However, a major restraint faced by the market is technical issues during voice tracking due to a noisy environment, disturbances, etc. The market presents an opportunity for vendors across China, Germany, India, and the U.K. to develop new voice biometric solutions.
The voice biometric solution market can be segmented based on solution, end-user, application, and region. Based on solution, the market can be segmented into automatic speech recognition software and speech-to-text systems. In terms of end-user, the market can be classified into automotive, IT & telecom, consumer electronics, banking financial services and insurance (BFSI), government, healthcare, retail, others (call centers, defense, etc.).The banking financial services and insurance (BFSI) segment is anticipated to hold a prominent market share during the forecast period. Based on application, the market can be categorized into forensic voice analysis, access security, payments, others (vocal passphrase, etc.). The access security segment can be further divided into authentication and fraud detection andcustomer verification. The payments segment can be further split into transaction processing and speech-enabled password reset. In terms of region, the voice biometric solutions market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is projected to dominate the voice biometric solutions market due to the presence of strong players in the U.S. and spending by the U.S. government for the provision of biometric solutions in various public and private organizations. The market in Asia Pacific and Europe is likely to present strong growth opportunities during the forecast period due to a rise in investments in the biometric industry and business expansion of vendors across the region.
The research study includes profiles of leading companies operating in the global voice biometric solution market. Key players profiled in the market include Agnitio SL., Bioid Ag, Nuance Communications, OneValult, VoiceTrust Ag., ValidSoft, VoiceTrust Holding BV., Ltd, VoicePass Technology, VoiceVault, Voice Biometrics Group Limited, Qualcomm Technologies, Inc., Uniphore, Auraya Systems, and Verint Systems.
Voice Biometric Solutions Market: Overview
The voice biometric solution market report provides analysis for the period 2016 – 2026, wherein the period from 2018 to 2026 is the forecast period and 2017 is the base year. The report covers all the major trends and technologies playing an influential role in the market’s growth over the forecast period. It also highlights the drivers, restraints, and opportunities for the analysis of market growth during the said period. The study provides a complete perspective on the evolution of the global voice biometric solution market throughout the above mentioned forecast period in terms of revenue (US$ Mn).
The market overview section of the report demonstrates market dynamics such as the drivers, restraints, and opportunities that influence the current nature and future status of this market, key trends, regulations and policies, adoption of biometric solutions analysis, comparison analysis of biometric solutions, awareness of biometric authentication types, ecosystem analysis, Porter’s Five Force Analysis, and PESTEL analysis of the market. A market attractiveness analysis has been provided for every segment in the report, in order to provide a thorough understanding of the overall scenario in the voice biometric solution market. The report also provides an overview of various strategies adopted by key players in the market.
Global Voice Biometric Solutions Market: Scope of the Report
The report segments the market on the basis of solutions, end-user, and applications. The report provides in-depth segment analysis of the global voice biometric solution market, thereby providing valuable insights at the macro as well as micro levels. Additionally, the report comprises a competitive scenario and trends in which the voice biometric solution market concentration rate, mergers & acquisitions, and expansions undertaken by companies are provided.
The report also highlights the competitive landscape of the global voice biometric solution market, positioning all the major players according to their presence in different regions of the world and recent key developments initiated by them in the market. The comprehensive voice biometric solution market estimates are the result of our in-depth secondary research, primary interviews, and in-house expert panel reviews. These market estimates have been analyzed by taking into account the impact of different political, social, economic, and technological factors along with the current market dynamics affecting the growth of the voice biometric solution market.
This report provides all the essential information required to understand the key developments in the voice biometric solution market, and growth trends of each segment and region. It also includes basic overview, sales area/geographical presence, revenue, SWOT analysis, and strategy and developments under the company profile section. Also, the report provides insights related to trends and their impact on the market. Furthermore, Porter’s Five Forces analysis explains the five forces, namely buyers bargaining power, suppliers bargaining power, threat of new entrants, threat of substitutes, and degree of competition in the market. This report also provides a comprehensive ecosystem analysis of the voice biometric solution market.It explains the various participants including voice biometric solution vendors within the ecosystem of the market.
Global Voice Biometric Solutions Market: Research Methodology
The research methodology is a perfect combination of primary research, secondary research, and expert panel reviews. Secondary research sources such as annual reports, company websites, broker reports, financial reports, SEC filings and investor presentations, national government documents, internal and external proprietary databases, statistical databases, relevant patent and regulatory databases, market reports, government publications, statistical databases, World Bank database, and industry white papers are referred.
Primary research involves telephonic interviews, e-mail interactions, and face-to-face interviews for detailed and unbiased reviews on the voice biometric solution market, across geographies. Primary interviews are usually conducted on an ongoing basis with industry experts and participants in order to get latest market insights and validate the existing data and analysis. Primary interviews offer first-hand information on important factors such as market trends, market size, competitive landscape, growth trends and outlook etc. These factors help to validate and strengthen secondary research findings and also help to develop the analysis team’s expertise and market understanding. Moreover, the data collected and analyzed from secondary and primary research is again discussed and examined by our expert panel.
Global Voice Biometric Solutions Market: Competitive Dynamics
The research study includes profiles of leading companies operating in the global voice biometric solution market. Some of the key players profiled in the market include Agnitio SL., Bioid Ag, Nuance Communications, OneValult, VoiceTrust Ag.,ValidSoft, VoiceTrust Holding BV., Ltd, VoicePass Technology, VoiceVault, Voice Biometrics Group Limited, Qualcomm Technologies, Inc., Auraya Systems, Gemalto N.V and Verint Systems.
The global voice biometric solutionmarket is segmented as below:
Global Voice Biometric Solutions Market, by Solution
- Automatic Speech Recognition software
- Speech-to-text systems
Global Voice Biometric Solutions Market, by End-user
- IT & Telecom
- Consumer Electronics
- Others (Call Centers, Defense etc.)
Global Voice Biometric Solutions Market, by Application
- Forensic Voice Analysis
- Access Security
- Authentication and Fraud detection
- Customer Verification
- Transaction Processing
- Speech enabled password reset
- Others (Vocal Passphrase etc.)
Global Voice Biometric Solutions Market, by Geography
- North America
- The U.S.
- Rest of North America
- The U.K
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Middle East & Africa (MEA)
- GCC Countries
- South Africa
- Rest of MEA
- South America
- Rest of South America