The Voice Biometrics Market Is Driven By The Growing Adoption Of Internet Banking Solutions

According to a new market research report published by Credence Research “Global Voice Biometrics Market (Component (Software, Service [Professional, Managed]); Type (Active Voice Biometrics, Passive Voice Biometrics); Deployment (On-Premise, Cloud); Application (Access Control and Authentication, Fraud Detection and Prevention, Forensic Voice Analysis and Criminal Investigation, Others); End-Use (BFSI, Government and Defense, Healthcare, Retail and e-commerce, Telecom and IT, Others)) – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the voice biometrics market is set to grow with a CAGR of 23.5% during the forecast period.

Market Insights

The voice biometrics market is driven by the growing adoption of the internet banking and digital banking solutions across the globe. The financial institutes are rapidly shifting towards the online channels to enhance the customer experience and provide more personalized banking experience. These solutions enable the financial institutes to offer customers more ways to access their accounts, boost customer retention and satisfaction. However, as the increasing adoption of internet banking increases, the risk of online data breaches, identity fraud and transaction fraud also rises. Therefore, the banks are seeking advance security solution that goes beyond user name and password.

The proliferation of the enterprise mobility solutions, mobile apps, and mobile business workforce is also serving as s a major driver for the growth of the market. Furthermore, the adoption of the cloud based biometric solutions is further accelerating the adoption among the enterprises. However, the data safety and security issues associated with the biometric solution is inhibiting the market growth.

The voice biometrics market is segmented based on the type into active voice biometrics, passive voice biometrics. Active voice biometric segment accounted for majority share in the revenue in 2018. The growth of the market is credited to the numerous benefits offers by the active voice biometric solution such as phase repetition, and reduction in enrollment friction. Whereas, the passive voice biometrics solutions are estimated to gain traction during the forecast period.

Asia Pacific’s voice biometrics market is projected to grow extensively over the forecast period. The supportive government initiatives for the protection and safety of the data in region are also encouraging the organizations to opt for Voice Biometrics. The market is driven by the rising incidences of the data leakages and unauthorized data access among the organizations. Furthermore, the growing adoption of the online banking solutions is further estimated to drive the market growth.

The prominent vendors of the voice biometrics market are AimBrain, Aculab, Auraya, LumenVox, LexisNexis Risk Solutions, Voice Biometrics Group, NICE, OneVault, Verint, Nuance Communications, Phonexia, Sestek, Pindrop, Uniphore, and VoicePIN.

 

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