The Voice Biometrics Market is Predict to reach USD 9.28 Billion by 2031, at a CAGR of 18.5%

Voice Biometrics Market Growth, Trends and Report Highlights

According to a new report, published by KBV research, The Global Voice Biometrics Market size is expected to reach $9.28 billion by 2031, rising at a market growth of 18.5% CAGR during the forecast period.

The Active Biometrics segment is leading the Global Voice Biometrics Market by Type in 2023, thereby, achieving a market value of $5.6 billion by 2031. Active biometrics require the user to participate actively by repeating a specific phrase or series of numbers. This method is widely used due to its high accuracy and security, making it popular in banking, telecommunications, and government services where secure authentication is crucial. The substantial revenue share of active biometrics reflects its broad adoption and reliability in ensuring secure access and transaction verification.

The Services segment is anticipating a CAGR of 16.8% during (2024 - 2031). This segment encompasses a range of services related to implementing, maintaining, and supporting voice biometrics systems. Services include consulting, system integration, training, and managed services. As organizations adopt voice biometrics solutions, the demand for professional services to ensure seamless integration, optimal performance, and ongoing support has grown. The services segment plays a vital role in helping organizations deploy and maintain voice biometrics systems effectively, contributing to its notable share in the market.

The Cloud market is generating the maximum revenue in the Global Voice Biometrics Market by Deployment Model in 2023; thereby, achieving a market value of $6.2 billion by 2031. Cloud-based voice biometrics solutions are favored for their scalability, flexibility, and cost-effectiveness. They enable organizations to deploy and manage voice biometrics without extensive local infrastructure. The cloud model also facilitates easier updates and integration with other cloud services, making it a popular choice for industries looking to leverage advanced authentication technologies with minimal upfront investment. The high revenue share reflects the growing trend toward cloud adoption across various banking, telecommunications, and customer service sectors.

The Fraud Detection & Prevention segment shows a CAGR of 18.7% during (2024 - 2031). Voice biometrics solutions in this segment are employed to identify and prevent fraudulent activities by analyzing voice patterns and detecting anomalies. Financial institutions, call centers, and e-commerce platforms are significant users of these solutions, as they aim to safeguard transactions and customer interactions from fraudulent attempts. The considerable revenue share of this segment highlights the growing need for robust security measures to combat fraud in an increasingly digital and interconnected world.

The Large Enterprises segment is leading the Global Voice Biometrics Market by Enterprise Size in 2023; thereby, achieving a market value of $5.7 billion by 2031. Large enterprises often have extensive security needs and the resources to implement advanced voice biometrics solutions. These organizations, which include multinational corporations, financial institutions, and large healthcare providers, leverage voice biometrics for secure access control, authentication, and fraud prevention across their extensive operations. The significant revenue share of this segment highlights the importance of voice biometrics in enhancing security and efficiency for large-scale enterprises.

The Healthcare & Life Sciences market is expected to witness a CAGR of 17.4% during (2024 - 2031). The healthcare sector is adopting voice biometrics for various applications, including patient identification, secure access to medical records, and telemedicine authentication. By leveraging voice biometrics, healthcare providers can enhance patient privacy, streamline administrative processes, and ensure secure and efficient communication between patients and healthcare professionals. The notable revenue share of this segment highlights the importance of voice biometrics in addressing the healthcare industry's unique security and operational needs.

Full Report: https://www.kbvresearch.com/voice-biometrics-market/

The North America region dominated the Global Voice Biometrics Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $3.4 billion by 2031. The Europe region is experiencing a CAGR of 18.3% during (2024 - 2031). Additionally, The Asia Pacific region would exhibit a CAGR of 19.5% during (2024 - 2031).

List of Key Companies Profiled

• Nuance Communications, Inc. (Microsoft Corporation)
• Verint Systems, Inc.
• NICE Ltd.
• Fortra, LLC (HGGC)
• Aware, Inc.
• BioCatch Ltd.
• RELX PLC (LexisNexis Risk Solutions, Inc.)
• Pindrop Security
• Phonexia
• com

Voice Biometrics Market Report Segmentation

By Type

• Active Biometrics
• Passive Biometrics

By Component

• Solutions
• Services

By Deployment Model

• Cloud
• On-premise

By Application

• Access Control and Authentication
• Fraud Detection & Prevention
• Forensic Voice Analysis and Criminal Investigation

By Enterprise Size

• Large Enterprises
• Small & Medium Enterprises (SMEs)

By End User

• BFSI
• Healthcare & Life Sciences
• Retail & E-commerce
• Telecom & IT
• Government & Defense
• Other End User

By Geography

• North America
  • US
  • Canada
  • Mexico
  • Rest of North America
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Singapore
  • Malaysia
  • Rest of Asia Pacific
• LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Related Reports:

North America Voice Biometrics Market Size | Forecast 2031

• December-2024
• 121 Pages

LAMEA Voice Biometrics Market Size | Growth Report 2031

• December-2024
• 135 Pages

Europe Voice Biometrics Market Size | Growth Report 2031

• December-2024
• 136 Pages

Asia Pacific Voice Biometrics Market Size | Forecast 2031

• December-2024
• 137 Pages