Voice Biometrics Market to Grow by $2 Billion by 2025

Research firm Technavio expects the global voice biometrics market to grow by $2.02 billion through 2025, progressing at a compound annual growth rate (CAGR) of 18.81 percent. Of that growth, as much as 35 percent is projected to take place in North America.

The rising prominence of voice biometrics in the banking, financial services, and insurance sector will positively impact the market growth. However, lack of accuracy will hamper it, Technavio said in the report.

The research found that the voice biometrics market is fragmented, and the degree of fragmentation will accelerate during the forecast period.

The report identified Auraya Systems, LumenVox, M2SYS Technology, NICE, Nuance Communications, OneVault, Speech Technology Center, Uniphore Software Systems, Verint, and VoiceIt Technologies as the major market participants.