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.
Browse 81 market data Tables and 32 Figures spread through 136 Pages and in-depth TOC on "Voice Biometrics Market - Global Forecast to 2024"
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Asia Pacific (APAC) to grow at the highest CAGR during the forecast period
North America is expected to account for the largest market size in the voice biometrics market by region during the forecast period. The region houses many key vendors, such as Nuance Communications, Verint, and Pindrop. APAC is expected to grow at the highest CAGR during the forecast period with increasing investments in strengthening security infrastructure. An increasing demand for cloud-based solutions from retail and eCommerce and healthcare verticals is expected to drive the voice biometrics market in the region.
Market Players
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 the in-depth competitive analysis of the key players in the voice biometrics market with their company profiles, recent developments, and key market strategies.
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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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