Voice Biometrics Market – Growth, Trends, And Forecast (2019 – 2024)
The report presents an in-depth assessment of the Voice Biometrics including enabling technologies, key trends, market drivers, challenges, standardization, regulatory landscape, deployment models, operator case studies, opportunities, future roadmap, value chain, ecosystem player profiles and strategies. The report also presents forecasts for Voice Biometrics investments from 2019 till 2024.
The Voice Biometrics market is highly competitive and consists of a number of major players. Top Companies like Nuance Communications Inc., Verint Systems Inc., Voice Biometrics Group, NICE Ltd., Auraya Systems Pty. Ltd., Phonexia Ltd, Aimbrain Solutions Ltd., PindropÊSecurity Inc., Aculab Inc., Uniphore Software Systems Pvt. Ltd., LexisNexis Risk SolutionsÊInc, One Vault SA, Lumen Vox LLC (Voice Trust GmBH), VoicePIN.com Sp. z o.o., SESTEK among others
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Scope of the Report
Voice Biometrics is the technology that uses unique vocal attributes to verify a person’s identity. Unique vocal characteristics like pitch, tone and rhythm of speech are used by Voice biometrics to complete the process of verification. The sophisticated algorithms used in the process use compare the voice models provided to the existing voice samples of a connected database to confirm or reject the identity of a user.
Key Market Trends
Banking, Financial Services, Insurance have Emerged as the Leading Field for Voice Biometric Application
– The solutions by banking and financial contact centers currently are inefficient for verifying customers and deterring fraudsters. The Finance Sector has limited device interactions due to inadequate security features. Pindrop Labs, a pioneer in providing Voice Biometrics solutions has stated that there has been a 269% increase in Financial Institution fraud attacks over the last 4 years which is higher than most other industries studied. Account takeover and breaches impact brand reputation and customer trust.
– Moreover, Voice authentication creates a simpler process and non-invasive experience for customers, simultaneously increasing security and making impersonation of customers tougher. It humanizes the process of authentication by eliminating the need to constantly remember passwords and PINs. It is an active and non-invasive technology independent of language, dialect or accent. In addition to offering enhanced security with fewer false rejections, the technology has a simple sign up process that doesnt require strenuous effort from both customer and agent.
– FinTech analysts predict that the PIN number will become obsolete in the next few years. The Finance sector remains at the forefront of adopting new forms of digital security like Voice Biometrics as there is a greater demand for security than ever before. This is primarily due to the synchronous rise of frauds along with the use of technologies like mobile banking. In 2018, HSBC announced the introduction of voice recognition mobile apps and ATMs to allow customers to complete transactions without the use of passwords or card swipes.
– Going forward voice recognition is expected to be used by the financial Institutions to integrate voice recognition with their speech-recognition applications. This could make checking account balances making transactions as simple as speaking to Alexa. U.S. Bank, TD Bank, and Santander Bank are some of the institutions that have launched voiceprint programs successfully in the past couple of years.
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North America is Expected to Hold the Largest Share
– The financial sector has been increasingly affected by the proliferation in the identity thefts related to payment and banking sector in the United States, as noted by the Federal Trade Commission last year. North American Free Trade Agreement (NAFTA), urged banks across the region to use advanced authentication services like Voice Biometrics in order to counter the threat of fraudsters in the industry.
– The lucrative banking sector in the region has experienced the proliferation in the use of biometric technology with the increasing instances of frauds. Many secure and versatile security solutions are being introduced in the region. G+D Mobile Security in collaboration with Samsung SDS has launched its FIDO-compliant Convego Mobile Authentication in North America. The solution uses biometrics such as fingerprint, face, iris, and voice credentials, to deliver security solutions with multi-factor authentication.
– The tech-savvy market of North America is experiencing the innovative use of Voice Biometrics to provide next-generation solutions. Visa and SiriusXM recently announced a partnership to develop a new in-vehicle payment solution secured by biometric authentication. SiriusXM e-wallet has been integrated with SiriusXMs connected vehicle services for most of the major automotive brands in North America, enabling payments with a registered Visa account activated and authenticated using voice biometrics and touchscreen commands to avoid driver distraction.
– Telmates recently introduced biometric solutions for correction centers across United States will use Voice and facial biometrics collected by Telmates inmate communications systems from both prisoners and those communicating with them to verify the identity of both parties in inmate communications in order to enforce calling restrictions and develop the capability of confidant attribution of any evidence captured during the communications.
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What are the market factors that are explained in the report?
–Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
–Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
–Analytical Tools: Voice Biometrics Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, feasibility study, and investment return analysis have been used to analyzed the growth of the key players operating in the market.
The research includes historic data from 2014 to 2019 and forecasts until 2025 which makes the reports an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.
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