Voice biometrics is considered the science or art of utilizing a human’s voice and recording them as a unique identifying biological feature so as to authenticate his identity. The process of converting human voice into digital data is known as voice biometrics. Voice biometrics is used as a security feature in today’s world on account of their authenticity and fraud detection. The growing demand for fraud prevention and detection systems in the Banking, Insurance, and Finance industry are projected to increase the sales growth of the voice biometrics solutions market in the forecast period set between 2021 and 2031.
The voice biometrics market is categorized on the basis of component, type, authentication process, deployment mode, organization size, application, vertical, and regions. The components segment is divided into two parts namely solutions, and services. The services segment is split into managed services, and professional services, further categorized into support & maintenance, system integration and implementation, and consulting. The solutions segment is divided into platform, and software. On the basis of type, the market is bifurcated into passive voice biometrics, and active voice biometrics. With respect to authentication process, the market is grouped into employee authentication, mobile applications, agent-assisted, and automated IVR. On the basis of deployment mode, the market is divided into cloud, and on-premises. Further categorization of organization size includes small & medium-sized enterprises, and large enterprises. With respect to 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 such as personalized user experience, vocal passphrase, and speech therapy. Further categorization of vertical includes energy and utilities, travel and hospitality, transportation and logistics, healthcare and life sciences, IT & telecom, Government & defense, retail and e-commerce, and BFSI.
The report on voice biometrics market offers a comprehensive overview of the market and its prime growth trajectories such as drivers, restraints, challenges, and future growth opportunities. The impact of the novel COVID19 pandemic is also discussed in the report. It also throws light on the key innovations that made positive contribution to the market in terms of revenue generation. List of the significant players and their key contributions in the form of innovations and new product launches is also discussed in details. For more information on this report, log on to the company website.
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This global market is fragmented with multiple players. Leading players of the voice biometrics market are using multiple strategies such as quality control, and introducing innovative products. Such strategies will help them gain an upper hand over the other competitors. Other players are engaging in joint ventures and collaborative efforts to create revenue generation opportunities for the voice biometrics market in the coming years.
Some of the key players of the global Voice biometrics market include:
The need to reduce identification and authentication costs, is also promoting the growth of this market in the coming years. With the emergence of digitalization in the banking industry, fraudulent activities have surged alarmingly, thereby creating revenue generating opportunities for the voice biometrics solutions market in the forecast period.
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Regionwise, North America emerged as the largest revenue generator for the voice biometrics market on account of the increasing adoption of latest technologies in biometric voice devices. Countries such as the United States and Canada have high adoption of biometric solutions in their banking and finance sectors.
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