The Asia Pacific Voice Biometrics Market would witness market growth of 19.5% CAGR during the forecast period (2024-2031).
The China market dominated the Asia Pacific Voice Biometrics Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $728.6 million by 2031. The Japan market is showcasing a CAGR of 18.8% during (2024 - 2031). Additionally, The India market would register a CAGR of 20.2% during (2024 - 2031).
Telecommunications companies increasingly integrate voice biometrics for customer service and call center applications. By adopting voice authentication, companies reduce the reliance on PINs and passwords, which can be forgotten or stolen.
Additionally, users authenticate their identity via voice when calling customer support or accessing their accounts through interactive voice response (IVR) systems. Telecom providers use voice biometrics to identify fraudulent calls and prevent unauthorized account access.
The growth of the BFSI sector in India and the expansion of the IT sector in China have played crucial roles in accelerating the adoption of innovative technologies such as voice biometrics. India’s BFSI sector has undergone a remarkable transformation, positioning the country as one of the fastest-growing financial sector in the world. Between FY 16 and FY 21, the percentage of people with bank accounts surged from 53% to 78%, reflecting India’s push for financial inclusion. Additionally, India’s fintech industry is projected to reach $150 billion by 2025, with the overall fintech ecosystem expected to generate a staggering $2.1 trillion in opportunity by 2030.
Free Valuable Insights: The Global Voice Biometrics Market is Predict to reach USD 9.28 Billion by 2031, at a CAGR of 18.5%
Based on Type, the market is segmented into Active Biometrics and Passive Biometrics. Based on Component, the market is segmented into Solutions and Services. Based on Deployment Model, the market is segmented into Cloud and On-premise. Based on Application, the market is segmented into Access Control and Authentication, Fraud Detection & Prevention, and Forensic Voice Analysis and Criminal Investigation. Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises (SMEs). Based on End User, the market is segmented into BFSI, Healthcare & Life Sciences, Retail & E-commerce, Telecom & IT, Government & Defense, and Other End User. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
By Type
By Component
By Deployment Model
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