Market Overview

The global voice biometrics market in terms of revenue was estimated to be worth $2.02Million in 2023 and is poised to reach $12.56 Million by 2032, growing at a CAGR of 22.5% from 2024 to 2032.

Voice biometrics can be termed as the science of using a human's voice to authenticate who he is. This is one of the biological attributes, which are similar to fingerprint, facial, and palm-prints, which are being increasingly used to gain access to virtual spaces as well as physical ones. Voice biometrics technology proves to be quite vital for speaker verification. A form of speech recognition technology with an ID and a password or PIN can be utilized for receiving two-factor authentication for materials, buildings, and protected sites.

The high and increasing use of voice-activated devices and the requirement of authentic authentication methods in contact centres are some drivers of this market's growth. Voice biometrics is an easy way for customers to authenticate themselves, mainly on phone banking, remote system access, and conversations with customer support. Business houses are increasing the usage of biometric technologies for their clients to have better experience through voice verification and identity. According to ID R&D's Biometrics Survey 2021, some 73% of the companies surveyed responded that they deploy biometric technologies to ensure a positive user and customer experience. Moreover, nearly 72% of respondents to the Entrust Cyber security Institute's 2023 Digital-First Banking Report said that they are either very comfortable or comfortable with banks using biometric technology.  It is reported that there are 12,069 cases of financial fraud in the card and internet category by RBI records in the first half of fiscal year 2024, and within the same period the previous year, there were 2,321 cases. Due to increasing financial crimes, banks are embracing biometric technologies for authentication purposes.

 For example, Global fraud activities, among them identity theft and account takeover attacks, literally exploded during the outbreak of coronavirus. Voice biometrics is a technology that distinguishes users based on unique voice patterns and indeed proved to be an invaluable answer in such times during the pandemic.

Key Findings

• Voice authentication and liveness detection technologies will be introduced to the Korean market by SK Telecom and Pindrop, a voice security solutions provider, in March 2023.
• ValidSoft unveiled a new digit-based speech biometrics solution in December 2022 that provides strong identity assurance for enterprise remote applications like ZTNA, IAM, and PAM.

Market Dynamics - Market Drivers

Rising Prevalence of Deep fake Technology to Augment the Market Growth

Artificial intelligence is used in the creation of deep fakes, a dangerous and complex problem that produces artificial images, movies or noises. Deep fakes are utilized to break into systems that compromise an organization's or an individual's data. Regular estimated in the State of Biometrics 2023 assessment that synthesized voice fraud impacts more than 37% of enterprises. Accordingly, the need for more secure and sophisticated speech recognition systems capable of detecting and preventing deep fake attacks shall be brought to every citizen's awareness. This shall likewise ignite progress in next-generation anti-spoofing technology development in order to make the speech biometric system stronger and more resistant to AI-Generated Vocal Duplication.

Key Findings

• A new speech biometric platform was introduced in July 2023 by employee engagement software development company Smartz Solutions in an effort to combat the global increase in fraud in the BFSI industry.
• Biometric Vox and Antolin created a voice-activated biometric system for car access in April 2023. The car can create personalised driver settings, such preferred music and seat location, by granting the driver permission.

Market Opportunities

Increasing Demand for Robust Fraud Detection and Prevention Systems across BFSI Sector to Boost the Market Growth

The multilateral and complex fraud phenomena are an enormous challenge to financial institutions. The latest Federal Trade Commission statistics clearly demonstrate how badly this problem needs to be solved. In the meantime, it underscores that 2.6 million customers reported being victims of fraud in 2023; their losses sum up to a tremendous USD 10 billion. As the incidence of financial crime keeps increasing, people demand better and more efficient protection strategies that include voice biometrics with strong ML capabilities, data analytics, and predictive capability. Users need not answer security questions later due to advancements in biometrics. Instead, the high accuracy of speech recognition and biometric technologies can be used to develop automated and fraud-free solutions. This would then strengthen the resilience of the financial system as it would allow financial institutions to protect their clients, staff, and reputation.

Key Findings

• Glia and Illuma Labs announced their collaboration in June 2023 with the goal of improving operational efficiency, preventing fraud in the BFSI industry, and streamlining voice authentication and identity for customer support engagements.

Market Restraining Factors

High Cost Along with Less Adoption in Developing Economies to Hinder the Market Growth

The cost of implementing the Voice recognition systems is relatively high and mainly affects SMEs with limited capital. Especially in noisy environments, or when the speakers have distinct speech patterns or accents these techniques usually introduce problems into recognition accuracy. This situation, issues with infrastructure, low digital literacy, and available financial resources, also limits or slows biometric identification and verification technologies in developing countries. Hence, voice recognition technology is restricted from reaching practice. But, organizations that are able to set up sound identity and verification systems will gain much in the form of security and customer satisfaction.

Segmentation Analysis

The market scope is segmented because of by Application, by Component, by Deployment Mode, by End-User.

By Application

Based on the Application of the market is segmented into Banking and Finance, Healthcare, Telecommunications, Government, E-commerce.

Voice biometrics remains a leading application in the different industries in terms of raising safety and user experience. In the financial arena, it has been useful to ensure safe transactions and customers verification processes. Bank of America, for instance, has employed direct voice recognition systems for confirmation of its customers upon receiving a call, a technique that prevents fraud effectively. Health care is where voice biometrics serves a security purpose, allowing the authentication of a patient as a right of entry to patient records. Place such as Mount Sinai hospitals have used voice recognition systems to authenticate patients in consultation with medical consultants.

Telecommunications Companies use voice biometrics to authenticate customers towards safe interaction in the services of the corporation. For example, this technology has been put to help major telecom service providers by authenticating callers quickly. Voice biometrics is used by government agencies for identification and access control, so that only authenticated access to sensitive facilities can be granted.

By Component

Based on the Component of the market is segmented into Software, Hardware.

The voice recognition algorithms make use of the most innovative techniques in software techniques, including machine learning and NLP, to analyse and interpret the spoken language. With these algorithms, applications like virtual assistants which include Siri, Google Assistant and even transcription services or security systems convert speech into texts or commands. The software then analyses the voice patterns, tone, and phonetic nuances to improve accuracy over time.

Critical to these gadgets is the hardware, including microphones, speakers, and biometric devices. Peripherals like these ensure very good quality audio input through proper-quality microphones and voice feedback through speakers. Biometric devices like voice-activated door locks or banking authentication systems enhance security by recognizing specific vocal characteristics.

Software enhancement defines voice recognition technology with AI and NLP that evolves as it goes to recognize a variety of accents, dialects, and even languages. For example, the voice recognition technology used in Amazon Alexa's is through complex algorithms, enabling her to learn peoples' preferences within it, which explains why the user can easily control his smart home automation product.

Regional Snapshots

By region, Insights into the markets in North America, Europe, Asia-Pacific, Latin America and MEA are provided by the study. North America is the largest contributor to the voice biometrics market, mainly because there is high penetration of advanced technologies, especially among the BFSI, healthcare, and government sectors. The region's focus on cyber security, further driven by stringent regulations such as GLBA and HIPAA, thus has a huge demand for more secure authentication solutions. The main market contributors in this region are the key players like Nuance Communications and Variant Systems, based in the U.S.

Europe is the second closest, where there is high adoption of voice biometrics especially by the banking, insurance, and telecom industries in the UK, Germany, and France. Data protection regulation, therefore, has encouraged its growth as institutions look into their observation regarding voice authentication to ensure security while remaining compliant on data protection regulation.

The Asia-Pacific region was the fastest-growing in the voice biometrics market. The increasing rate of digitalization, higher penetration levels in smartphones, and increased use of voice-activated services drove demand in countries such as China, India, Japan, and South Korea. In Banking and telecom, they were integrating voice authentication into user experiences, meant to streamline these experiences and ensure security, especially in those countries with huge, tech-savvy populations.

Latin America and the Middle East & Africa are also growing, mainly through mobile banking and the efforts of governments enriching their digital identification processes. Expansion in these markets occurs at a slower pace than others, mainly due to differences in the technological infrastructure and lower awareness of voice biometrics solutions.

List of Companies Profiled

• Nuance Communications, Inc. (U.S.)
• ID R&D (U.S.)
• LumenVox (U.S.)
• AccuraScan (India)
• ValidSoft Group (U.S.)
• Phonexia (Czech Republic)
• VERIDAS (Spain)
• Aware, Inc. (U.S.)
• Fortra, LLC. (U.S.)
• 3SC (India)

Key Industry Developments

• In March 2022, in its most recent fundraising round, Uniphore, a US-based start-up focused on speech automation, raised USD 400 million. The US-based venture capital firm NEA led the most recent round of fundraising.
• In March 2022, Microsoft stated that it has acquired Nuance Communications, a company that serves the voice biometrics business, to enter the conversational AI sector.

Report Coverage

The report will cover the qualitative and quantitative data on the Global Voice Biometrics Market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.

Report Scope and Segmentations

Regional Analysis

North America accounted for the highest Voice Biometrics Market% market share in terms of revenue in the Voice Biometrics Market and is expected to expand at a CAGR of Voice Biometrics Market% during the forecast period. This growth can be attributed to the growing adoption of Voice Biometrics Market. The market in APAC is expected to witness significant growth and is expected to register a CAGR of Voice Biometrics Market% over upcoming years, because of the presence of key Voice Biometrics Market companies in economies such as Japan and China.

The objective of the report is to present comprehensive analysis of Global Voice Biometrics Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language.

Voice Biometrics Market Report is also available for below Regions and Country Please Ask for that

North America

• U.S.
• Canada

Europe

• Switzerland
• Belgium
• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Rest of Europe

Asia-Pacific

• India
• Australia
• Philippines
• Singapore
• South Korea
• Japan
• China
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Argentina
• Peru
• Colombia
• Brazil
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA

Points Covered in the Report

• The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
• The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 5 years data history and forecast.
• The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
• Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.
• The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.

Key Questions

• How much the global Voice Biometrics Market valued?
• Which region has the largest share in 2024 for the global Voice Biometrics Market?
• What are the driving factors for the market?
• Which is the leading segment in the global market?
• What are the major players in the market?

Research Scope of the Market

• Historic year: 2019-2022
• Base year: 2023
• Forecast: 2024 to 2032
• Representation of Market revenue in USD Million

Voice Biometrics Market Trends: Market key trends which include Increased Competition and Continuous Innovations Trends: