Global voice biometric market is estimated to witness high growth, owing to rising demand for contactless authentication and increasing number of virtual assistants
Global voice biometric market is estimated to be valued at US$ 2.05 Bn in 2024, exhibiting a CAGR of 16.4% over the forecast period (2024-2031). Furthermore, rising need for contactless and secure authentication methods can boost demand for voice biometrics.
Market Dynamics:
With the COVID-19 pandemic compelling social distancing, there has been huge demand for contactless and hands-free biometric authentication. Voice biometrics allow remote customer authentication without the need for direct physical contact, thus, limiting the spread of infections.
There has been rise in adoption of virtual assistants and chatbots for customer service applications in the recent years. Voice biometrics provide an added layer of security for transactions conducted through these virtual interfaces. Many organizations are integrating voice biometrics with their AI assistants to prevent fraudulent activities.
Increasing Integration of Voice Biometrics in Smart Home Devices Can Drive Market Growth
Growing adoption of smart home devices such as smart speakers, smart displays, and home appliances can drive the global voice biometric market growth. Voice biometrics authentication provides a more seamless and natural user experience for controlling and accessing these smart devices as compared to traditional passwords or PINs. Many smart device manufacturers are integrating voice biometrics into their products to improve security, authentication, and user convenience. For example, Amazon uses voice biometrics on its Alexa-enabled devices to recognize registered user voices and personalize experiences. Similarly, Google Home uses voice matching to provide personalized responses and recommendations to different family members.
Growing Use of Voice Biometrics in Enterprise Applications Can Drive Market Growth
Increasing use of voice biometrics for authentication in enterprise applications such as employee time tracking and customer authentication can drive the market growth. Voice biometrics provides a secure, non-intrusive way for organizations to verify identities over the phone without requiring personal details. Many enterprises are implementing voice biometrics for applications such as call center authentication to reduce fraud, improve security, and enhance the customer experience. Businesses are also using voice biometrics for time and attendance to easily and accurately track employee hours. The benefits of voice biometrics for enterprises include reduced costs, improved compliance, and increased productivity. As more companies recognize these benefits, spending on voice biometrics solutions for enterprise use will increase in the near future.
Cybersecurity Concerns Pose a Challenge for Market Growth
While offering improvements over traditional authentication methods, voice biometrics faces concerns regarding privacy and data security that can hamper its adoption. There is risk of voice samples getting hacked or stolen, allowing attackers to impersonate legitimate users. Since voice profiles contain personally identifiable information, any data breach could enable identity theft. Some people view the collection of voiceprints without consent as a violation of privacy. To gain wider trust and market acceptance, vendors must focus on strengthening security measures to protect biometric data and be completely transparent about data usage. Overcoming these cybersecurity and privacy challenges through robust regulations and security practices will be critical for unlocking the full market potential of voice biometrics technologies.
Dependence on Network Connectivity Hinders Deployments
Reliance on consistent network or internet connectivity for verification can hamper the voice biometric market. Any disruption to the connection during authentication prevents identification. This dependence restricts deployments to environments that guarantee continuous online accessibility. It particularly impacts mobile-based applications and services in areas with unreliable networks. Offline biometric recognition capabilities are currently limited. To address this issue, vendors require developing offline verification modes and local biometric database matching to ensure authentication succeeds even when networks are inaccessible. Until connectivity independence is achieved, the full range of deployment scenarios cannot be accessed, limiting voice biometrics adoption.
Growth of Voice Commerce Creates Opportunities
The rapid growth of voice assistants and rising popularity of voice search can offer significant opportunities for voice biometrics vendors. As voice becomes a more common way to browse products and make purchases, incorporating voice biometrics for secure payments and transactions will be crucial. Recognizing and verifying user voiceprints throughout the purchase process, from searching to checkout, creates opportunities for continuous secure authentication. It allows personalized recommendations, simplified checkout with saved payment details, and transaction receipts via text-to-speech.
Expanding Applicability in Healthcare Sector Presents Opportunities
The healthcare industry presents a major opportunity for voice biometrics with growing applicability in areas like telehealth, clinical documentation, and patient verification. Remote care delivery demands secure virtual consultations, and voice biometrics can authenticate patients and physicians for HIPAA-compliant virtual visits. Verifying clinician identities helps ensure accurate documentation and billing. For hospitals, voice biometrics can easily identify patients, preventing errors, and streamlining check-in. Its contactless nature makes it suitable for infection control. Vendors can partner with healthcare providers to deploy tailored solutions addressing these challenges.
Link: https://www.coherentmarketinsights.com/market-insight/voice-biometric-market-5167
Key Developments:
- In March 2022, Microsoft Corporation, a global technology company known for its software products and cloud services, announced its entry into the conversational AI market through the acquisition of Nuance Communications, a leader in voice recognition and AI solutions. This strategic acquisition enhances Microsoft's capabilities in the voice biometrics market and aims to improve customer interactions across various industries.
- In August 2021, LumenVox, a leading provider of speech and voice technology, launched its next-generation Automatic Speech Recognition (ASR) engine with transcription. This advanced engine, powered by artificial intelligence (AI) and deep machine learning (ML), surpasses competitors in delivering highly accurate speech-enabled customer experiences.
- In July 2021, Thales, a global technology leader specializing in digital identity and security solutions, announced the launch of a new voice biometric solution as part of its Trusted Digital Identity Service Platform for onboarding and authentication. This innovative solution seamlessly integrates with existing call center enrollment processes, enhancing security while improving the customer experience.
- In June 2021, Aculab, a provider of advanced telecommunications and biometric solutions, announced that its voice biometrics technology, VoiSentry, is now deployable for individuals with physical and speech impairments. VoiSentry calculates voice biometrics based on general voice characteristics rather than specific words, allowing users to confirm interactive voice response (IVR) choices and complete identification and verification checks using their voice.
Key Players:
Aculab Inc., Agnitio SL, Auraya Inc., BioCatch Ltd., LexisNexis Risk Solutions Inc., LumenVox LLC, NICE Ltd., Nuance Communications Inc., OneVault, Phonexia, Pindrop Security Inc., SayPay Technologies Inc., ValidSoft Ltd., Voice Biometrics Group (VBG), VoiceTrust Holding BV
