The global market for Voice Biometrics, valued at USD 1,912.03 million in 2021, is expected to grow at a CAGR of 21.5% from 2022 to 2030. This growth is driven by the healthcare sector, the increased accuracy and versatility of voice technology, and the convenience it offers in various applications. The demand for voice biometrics is also rising due to the increasing sophistication of security threats in industries such as retail, e-commerce, telecommunications, IT, and BFSI.
The integration of deep learning methods and AI has enhanced the security measures of voice biometrics, chosen for their user-friendly convenience and high accuracy. With the increasing risks in cyber security, traditional methods like passwords or locks have become easier to bypass. To counter this, advanced biometric systems have been developed that utilize unique voice prints that cannot be replicated, thereby mitigating security threats. Voice biometrics fall under the category of BIPA (Biometric Information Privacy Act), ensuring the safety and secure usage of biometric data, specifically the voice. Industries that fail to adhere to BIPA regulations face extensive scrutiny and penalties, bolstering user confidence.
Top Companies in the Voice Biometric Industry:
- Nuance Communications, Inc.
Nuance Communications Inc. was established in 1992 and is headquartered in Burlington, Massachusetts, United States. It operates in 24 countries and is engaged in various industries, including artificial intelligence, enterprise software, healthcare, and machine learning. In 2019, Nuance Communications Inc. announced it would offer faster voice authentication with its new Lightning engine.
- Nice Ltd
Nice Ltd. was established in 1986 and is headquartered in Ra'anana, Israel. It operates in over 30 countries and is engaged in various industries, including enterprise software, security, software, and information technology. In 2020, Nice and Enacomm launched new solutions to enable their users to detect and prevent fraudulent operations using more enhanced methods.
- Verint Systems, Inc.
Verint Systems Inc. was established in 1994 and is headquartered in Huntington, New York, United States. It operates in more than 50 countries and is engaged in various industries, including cyber security, security, software, and information technology. In 2019, Verint® Systems Inc. announced that it had been recognized as a voice biometrics leader in a recent survey by Opus Research.
- Pindrop Security, Inc.
Pindrop Security Inc. was established in 2011 and is headquartered in Atlanta, Georgia, U.S. It operates in 48 countries and is engaged in various industries, including audio, cyber security, fraud detection, natural language processing, security, and speech recognition. In 2022, Pindrop released biometric voice authentication and analytics features to its platform.
- Voice Biometrics Group
Voice Biometrics Group was established in 2009 and is headquartered in Newtown, Pennsylvania, U.S. It operates in more than 15 countries and is engaged in various industries, including biometrics, identity management, information technology, and software.
- LexisNexis Risk Solutions Inc.
LexisNexis Risk Solutions Inc. was established in 1997 and is headquartered in Alpharetta, Georgia, U.S. It operates in more than 100 countries and is engaged in various industries, including analytics, consulting, cyber security, healthcare, information services, information technology, management consulting, risk management, and software. In 2022, LexisNexis® Risk Solutions announced the acquisition of BehavioSec®, an advanced behavioral biometrics technology provider.
- Aculab Inc.
Aculab Inc. was established in 1978 and is headquartered in Milton Keynes, UK. It operates in more than 80 countries and is engaged in various industries, including information technology, software, telecommunications, and unified communications. In 2020, Aculab announced the latest version of VoiSentry, its voice biometrics system.
- Lumen Vox LLC (Voice Trust GmBH)
Lumen Vox LLC (Voice Trust GmBH) was established in 2001 and is headquartered in Munich, Germany. It is engaged in various industries, including enterprise software, industrial automation, information technology, and software. In 2018, LumenVox and VoiceTrust announced a merger to create a leading global speech and multifactor authentication provider.
Definition: Voice biometrics is a technology that identifies individuals based on their unique voice characteristics and patterns.
