According to a research report "Voice Biometrics Market by Application (Access Control & Authentication, Fraud Detection & Prevention, Forensic Voice Analysis & Criminal Investigation), Component, Type, Deployment, Organization Size, Industry Vertical, Region - Global Forecast to 2024", The global voice biometrics market size is expected to grow from USD 984 million in 2019 to USD 2,845 million by 2024, at a Compound Annual Growth Rate (CAGR) of 23.7% during the forecast period. The key factors driving the voice biometrics market include an increasing demand for robust fraud detection and prevention systems across the BFSI industry vertical and need for reducing authentication and identification costs.
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The voice biometrics market comprises major solution providers, such as Nuance Communications (US), NICE (Israel), Verint (US), AimBrain (UK), Voice Biometrics Group (US), Phonexia (Czech Republic), OneVault (South Africa), SESTEK (Turkey), LumenVox (US), LexisNexis Risk Solutions (US), VoicePIN (Poland), Uniphore (India), Pindrop (US), Aculab (UK), and Auraya (Australia). The study includes an in-depth competitive analysis of the key players in the voice biometrics market with their company profiles, recent developments, and key market strategies. The players in the market have embraced various strategies to expand presence and their market shares. New product launches and enhancements; and partnerships, acquisitions, and collaborations, have been the most adopted strategies by the major players from 2017 to 2019, which helped them innovate on their offerings and broaden their customer base.
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Nuance Communications (US) is among the leaders in the voice biometrics market with a prominent geographic presence. It adopts a balanced approach of growth strategies and continues to enhance its expertise in biometrics market through constant product enhancements, technology acquisitions, collaborations, and partnerships. For instance, in February 2018, Nunace Communications launched a new biometric security solution for fraud prevention and authentication, and a key advancement to its Omni-Channel Customer Engagement Platform. With the help of ConversationPrint and Intelligent Detectors, the new solution offers a comprehensive and layered AI-based approach, to detect omnichannel frauds through voice and face or behavioral biometrics. It also includes the introduction of third-generation of its DNN-based voice biometric algorithms.
NICE (Israel) has a strong foothold in the voice biometrics market with its standalone voice biometrics platform named Real-Time Authentication. It also has a robust partner network and strategic alliances with renowned companies. In July 2017, NICE launched the Actimize Fraud Essentials Cloud solution to assist medium-sized financial organizations in fraud management as the solution can be deployed rapidly and is also cost-effective. In April 2017, the company launched the cloud-based product, ActimizeWatch, in the FDP segment that enables organizations to detect frauds occurring in other organizations and protect themselves from upcoming frauds.
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