Voice Biometrics Market to Hit $4.82 Billion by

The Insight Partners expects the global voice biometrics market to grow from $1.31 billion in 2021 to $4.82 billion by 2028, at a compounded annual growth rate of 20.6 percent.

The rise of modern technologies, such as artificial intelligence, cloud computing, and data analytics, and the strong demand for preserving data is propelling the growth of the voice biometrics market across industries such as banking, financial services and insurance; government, and IT and telecom, according to the research firm. Banks, it said, constantly remain on top of the best authentication methods to combat online fraud, and voice biometrics simplifies market user identification and authentication while improving know your customer (KYC) management due to automatic calibration, active and passive authentication, liveliness detection, and panic detection.

The report identified Aculab, Auraya, Aware, Nuance Communications, NICE, Pindrop, Phonexia, SESTEK, Whispeak, and Verint as the key players in the global voice biometrics market.