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Voice Biometrics Market Growing at a CAGR 22.8% | Key Player Nuance, NICE, Verint, Pindrop, LexisNexis Risk Solutions

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Voice Biometrics Market Growing at a CAGR 22.8% | Key Player Nuance, NICE, Verint, Pindrop, LexisNexis Risk Solutions

May 26
20:57 2022
Voice Biometrics Market Growing at a CAGR 22.8% | Key Player Nuance, NICE, Verint, Pindrop, LexisNexis Risk Solutions
Nuance (US), NICE (Israel), Verint (US), Pindrop (US), LexisNexis Risk Solutions (US), Phonexia (Czech Republic), VBG (US), Aculab (UK), Auraya (Australia), OneVault (South Africa), Aware (US), SpeechPro (US), LumenVox (US), Uniphore (India), SESTEK (Turkey), VoicePIN (Poland), QSS Technosoft (India), Voxta (India) Interactions (US), ID R&D (US).
Voice Biometrics Market by Component, Type (Active and Passive), Application (Authentication and Customer Verification, Transaction Processing), Authentication Process, Organization Size, Deployment Mode, Vertical, and Region – Global Forecast to 2026

The global voice biometrics market size to grow from USD  1.1 billion in 2020 to USD 3.9 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 22.8% during the forecast period. Factors such as the increasing demand for robust fraud detection and prevention systems across the Banking, Financial Services, and Insurance (BFSI) industry and the need for reducing authentication and identification costs are driving the adoption of voice biometrics solutions across the world. Fraudulent activities have increased alarmingly with the advent of digitalization across the banking industry. Through high-profile data thefts, fraudsters with access to banking credentials may gain access to customers’ bank accounts, thus creating the need for second or third-level security in the whole financial authentication system. Voice biometrics caters to such needs of banks and financial agencies by smartly identifying a user based on his/her voiceprint.

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The voice biometrics market is expected to witness a minor slowdown in 2020 due to the global lockdown. The COVID-19 pandemic has increased the churn rate and shuddered almost every industry. The lockdown is impacting global manufacturing, and supply chains and logistics as the continuity of operations for various sectors are badly impacted. The sectors facing the greatest drawbacks are manufacturing, transportation and logistics, and retail and consumer goods. The availability of the essential items has been impacted due to the lack of manpower to work on production lines, supply chains, and transportation, although the essential items are exempted from the lockdown. The condition is expected to come under control by early 2021, while the demand for voice biometrics solutions and services is expected to increase, which is due to the increased demand for enhanced customer experience and build a personalized relationship with the prospects. Several verticals are already planning to deploy a diverse array of voice biometrics solutions and services to enable digital transformation initiatives that address mission-critical processes, improve operations, and authenticate user’s identification. The reduction in operational costs, better customer experiences, fraud detection and prevention, enhanced authentication processes and operations, and improved real-time decision-making are the key business and operational priorities that are expected to drive the adoption of the voice identification market.

The services segment is expected to grow at a higher CAGR during the forecast period

The global voice biometrics market has been segmented by component. The component segment is further categorized into solutions and services. Based on the solutions segment, the market is divided into platform and software. The services segment is further divided into managed services and professional services. The services segment is anticipated to grow at a higher CAGR during the forecast period. The growth of the services segment is governed mainly by the complexity of operations and the surge in the deployment of voice biometrics solutions during the forecast period.

Voice biometrics is a user verification technology that identifies unique voice patterns through the speaker’s real-time conversations or voiceprints captured via various physical and behavioral factors, such as tone, pronunciation, speed of speech, emphasis patterns, and accent of the speakers. Voice biometrics helps prevent unauthorized access to IT resources and other various security-sensitive areas. The technology is being used in various application areas, such as access control and authentication, fraud detection and prevention, forensic voice analysis, and criminal investigation. It can be used to authenticate high-risk sessions, including remote login, unusual transactions, and password changes, in a way that is transparent and friction-free for the end users.

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Some of the key players operating in the voice biometrics market include Nuance (US), NICE (Israel), Verint (US), Pindrop (US), LexisNexis Risk Solutions (US), Phonexia (Czech Republic), VBG (US), Aculab (UK), Auraya (Australia), OneVault (South Africa), Aware (US), SpeechPro (US), LumenVox (US), Uniphore (India), SESTEK (Turkey), VoicePIN (Poland), QSS Technosoft (India), Voxta (India) Interactions (US), ID R&D (US), Kaizen Secure Voiz (US), HYPR (US), Element (US), Trust Stamp (US), and AnyVision (Israel).These voice biometrics vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the global voice biometrics market.

NICE was founded in 1986 and is headquartered in Ra’anana, Israel. As of December 2019, the company had 5,996 employees globally. NICE operates in two segments: customer engagement and financial crime and compliance. The company offers solutions that enable enterprises and security-sensitive organizations to prevent financial crimes and frauds, ensure security and public safety, and provide enhanced customer experiences. These solutions enable companies to transform customer and workforce experiences, improve business results, ensure compliance, fight financial crimes, and safeguard people and assets. The company caters to various verticals, including financial services, telecommunications, healthcare, retail, media and entertainment, travel, education, and energy and utilities. Operating in over 150 countries, NICE has a significant presence across the Americas, Europe, APAC, and MEA. In the voice biometrics market, the company offers a NICE Real-Time Authentication (RTA) solution that uses voiceprints to authenticate the claimed identity of customers calling into the contact center. In February 2021, NICE Real-Time Authentication and Fraud Prevention solutions won UK Customer Service Excellence Award for innovation.

Phonexia was founded in 2006 and is headquartered in Brno, Czech Republic. It is a provider of speech analytics and voice biometrics technology solutions to call centers, financial institutions, and security agencies. Phonexias portfolio offers advanced solutions for the commercial sector, such as fast voice biometric authentication of clients based on their voice in contact centers, as well as solutions for the governmental sector used in more than 60 countries worldwide. The company marks its global presence through its office in Europe and a partner ecosystem is comprising integrators, Other Equipment Manufacturers (OEMs), and resellers. The company offers a comprehensive portfolio of cutting-edge speech recognition and voice biometrics technologies ready to meet any commercial and governmental scenarios. Powered by the latest advancements in artificial intelligence, acoustics, phonetics, and voice biometrics science, the products are extremely accurate, fast, and scalable.

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