Speaker Verification on Cusp of Infiltrating Mainstream Markets

SCOTTSDALE, AZ - Given the increasing number of passwords people are required to remember, and the expanding importance of security, demand for speaker verification technology is bound to increase, according to In- Stat/MDR. Speaker verification is a type of software that confirms the identity, or authenticates, a user by the sound of their voice. "Speaker verification technology's time has come," says Brian Strachman, a Senior Analyst with the high-tech market research firm. "Commercial grade speaker verification software has been widely available for over 5 years, yet, despite this, its penetration into any mainstream markets has been extremely low." Very few people encounter any speaker verification software in their daily lives, yet it clearly would both simplify access and create a much-needed rise in security. In-Stat/MDR reports that, if consumer penetration is to occur, the public needs to be trained on the benefits and convenience of the technology. The products will likely first find their way into the enterprise and high-level users of financial products, and then trickle down into the mainstream. In-Stat/MDR has also found that: - The first and best market for speaker verification is a PIN reset. Industry statistics put the average cost of a customer service agent resetting a PIN at $25. Considering most people do this several times a year for all of their various accounts, this number adds up quickly. - While the future market for speaker verification products encompasses a wide range of industries, the current market is over 50% in the financial community. This is not surprising, as most financial companies spend millions each year dealing with access control and password issues. - While several start-ups have come and gone, the speaker verification market is dominated by the same two players that own the US speech recognition market, Nuance and Speechworks. The report, "No More PINS: Speaker Verification Technology and Markets" (#IN020250CT), examines the markets and technologies for speaker verification (biometrics).