Strong Growth Expected for Voice Biometrics

Research firm MarketsandMarkets projects the global voice biometrics market to grow from $984 million in 2019 to $2.845 billion by 2024 at a compound annual growth rate (CAGR) of 23.7 percent.

MarketsandMarkets has since amended its report to value the global voice biometrics market in 2020 at $1.1 billion, with a new projection that it will reach $3.9 billion by 2026.

In its report, the firm says the key factors driving the voice biometrics market include an increasing demand for robust fraud detection and prevention systems across the financial services industry and the need to reduce costs for authentication and identification of customers and employees. Because of this, MarketsandMarkets expects the banking, financial services, and insurance verticals to hold the largest market share.

Other verticals that are also holding a large share of the market include telecommunications and IT, healthcare, retail and e-commerce, and government and defense.

A growing need for advanced access control and authentication systems across industry verticals has been driving the demand of voice biometrics solutions, the research firm explained.

Voice biometrics technology analyzes voice patterns to create unique identification of every individual based on about 100 physical and behavioral factors, including pronunciation, accent, emphasis, as well as physical characteristics of vocal tract, mouth, and nasal passages.

The report identifies Nuance Communications, NICE, Verint Systems, AimBrain, Voice Biometrics Group, Phonexia, Pindrop, and OneVault as prominent players in the industry.