Voice Biometric Market, By Type (Active Biometrics and Passive Biometrics), By Deployment (Cloud-based and On-premises), By Vertical (BFSI, Retail and E-commerce, Government and Defense, IT and Telecom, Healthcare and Life Sciences, Transportation and Logistics, Travel and Hospitality, Energy and Utilities, Others), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Aug 2024

Code : CMI5167

Pages :164

Formats :

Excel and PDF

Industry : Information and Communication Technology

Market Challenges: High investment and implementation costs

The high investment and implementation costs required for voice biometric technology can hamper widespread adoption of this technology globally. Deploying voice biometrics at an enterprise level involves significant upfront capital expenditures on hardware, software licenses and system integration services. Ongoing operation and maintenance of these systems also incurs recurring costs. For many small and medium sized businesses, bearing such high costs for a new security layer poses serious budgetary constraints.

The complex nature of voice biometric solutions also means that proper expertise is needed for rolling them out. This requires specialized skills for tasks like voice sample enrollment of large user bases, parameter tuning, integration with existing IT infrastructures and helpdesk support. Hiring or training personnel with these skills leads to additional hiring and opportunity costs. For businesses in developing regions and domains that have thin profit margins, allocating such resources for a security project may not seem viable from a cost-benefit perspective.

Market Opportunities: Integration of voice biometrics with smart home devices

The integration of voice biometrics with smart home devices presents a great opportunity for global voice biometric market growth. As voice assistants like Alexa, Google Assistant and Siri continue to gain widespread adoption in homes around the world, incorporating biometric authentication could take their capabilities to the next level.

With voice biometrics, smart home devices would be able to reliably recognize individual members of households based on the unique characteristics of their voices. For one, it would allow personalizing the experience for each user. The lights, thermostat and other devices could be customized based on personalized preferences for different family members. Biometric recognition also enhances security and privacy. Access to features or apps could be granted based on voice ID rather than needing to remember passwords. Personal information, messages or finance details would stay private to just that individual.