Voice Biometrics Market 2023-2029: Emerging Trends, Mergers and Acquisitions, Expansion Plans, Revenue by Key Players | Voice Biometrics , Uniphore , MASYS Technology , VoiceVault
Latest Study on Industrial Growth of Voice Biometrics Market 2023-2029. A detailed study accumulated to offer Latest insights about acute features of the Voice Biometrics Market. The report contains different market predictions related to revenue size, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The market includes news and updates about the market current situation, historic data, present market trends, and this factor which is valuable and supportive to the business. It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary and SWOT analysis. The report aims to supply a further illustration of the newest scenario, economic slowdown, and COVID-19 impact on the overall industry.
The Voice Biometrics market is anticipated to register an expansion at a CAGR of 21.6% during the forecast period, 2023–2029.
Key Players in This Report Include:
Voice Biometrics, Uniphore, MASYS Technology, VoiceVault, American Safety Council Inc., National Security Resources, Nuance Communications, SpeechPro, Voice Pass Technology, Boid Ag, Voice Security Sysrems, Agnito SL, ValidSoft, VoiceTrust Ag, SayPay Tech
- September 2022 – Skit, formerly known as Vernacular.ai, secured USD 23 million as part of its Series B funding, led by WestBridge Capital with participation from Exfinity Ventures and Kalaari Capital, Letsventure syndicate led by Sense AI, and Angelist syndicate led by Aaryaman Vir Shah from Prophetic Ventures.
- August 2022 – Lumen Vox launched the next-generation automatic speech recognition (ASR) engine with transcription. The new automatic speech recognition engine, built on artificial intelligence (AI) and deep machine learning (ML), outpaces its competition in delivering the most accurate speech-enabled customer experiences.
- July 2022 – Thales announced a new voice biometric solution, part of Thales’ Digital Identity Service Platform for onboarding and authentication. The new solution integrates effortlessly with existing call center enrolment processes.
- June 2022 – Aculab announced that its voice biometrics technology, VoiSentry, can be deployed to those with physical and speech impairments. VoiSentry calculates voice biometrics based on general characteristics of the sound of the voice rather than specific words. Hence, it enables the user to positively affirm IVR choices and complete identification and verification checks using their voice.
- March 2022 – the US-based voice automation start-up Uniphore raised USD 400 million in its latest funding round. The latest funding round was led by the US-based venture capital fund NEA.
- March 2022 – Microsoft announced its entry into the conversational AI market with the acquisition of Nuance Communications, which also serves the voice biometrics market.
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The Voice Biometrics Market segments and Market Data Break Down are illuminated below
By Type:
Hardware
Software
By Application:
Automotive
Banking and Financial Service
Government Agency
Healthcare Industry
Mobile Devices
The Voice Biometrics market report highlights information regarding the current and future industry trends, growth patterns, as well as it offers business strategies to help the stakeholders in making sound decisions that may help to ensure the profit trajectory over the forecast years.
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Driver: Increasing demand for robust fraud detection and prevention systems across major industries
Fraudulent activities have increased at an alarming rate with the advent of digitalization across the banking industry. Through high-profile data thefts, fraudsters with access to banking credentials may gain access to customers’ bank accounts, creating the need for a second or third level of security in the whole financial authentication system. Voice biometrics solutions cater to such needs of banks and financial agencies by smartly identifying a user based on his/her voiceprint. Unlike traditional text passwords and pins, voiceprints are unique to every individual. Featured with automated calibration, active and passive authentication, liveliness detection, and panic detection, voice biometrics eases user identification and authentication and also improves the Know Your Customer (KYC) management. For instance, Barclays authenticates the caller’s identity with the phrase “My voice is my password,” which has reduced their user verification time by 20 seconds. Similarly, large banks, including HSBC, Wells Fargo, Santander Bank, N. A., and Tangerine Bank, have also adopted voice recognition to speed up the identity verification process at their bank call centers.
Restraint: Security and privacy issues due to advanced technologies
Voice biometrics presents a major privacy problem as samples are being stored locally and are used for purposes other than the primary reason of the collection. Any basic application that is enabled with voice technology may cause fraudsters and hackers to breach the system and steal the voice sample easily. With access to all the customer/user information, fraudsters can easily access any user’s bank accounts and steal money. Further, intelligence agencies with access to this user data might be used by nosy governments to perform global surveillance, which automatically brings in privacy issues. Stolen data can also be used as a masquerade by terrorists and criminals to mislead legal entities. To eliminate such risks, various governments are taking the necessary initiatives for standardizing the use of biometrics across industries; hence, security and privacy concerns are expected to diminish in the near future. The lack of accuracy in voice biometrics solutions can also be one of the reasons why users still do not talk to their personal computers or do not use only voice for giving commands on their smartphones and prefer to type rather than getting false rejections again and again, as the process can be frustrating and time-consuming. Although researchers are trying to make a voice biometrics solution using the neural networks approach that can identify such problems and rectify them on its own, they are not completely successful in this field.
Following are the various regions covered by the Voice Biometrics Market research report:
North America (the U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Russia, Spain, and Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Australia, South East Asia, and Rest of APAC), South America (Brazil, Argentina, Columbia and Rest of Latin America), Middle East & Africa (Saudi Arabia, South Africa, Turkey, Nigeria, UAE and Rest of MEA)
North America is expected to hold the Largest Share:
- Voice recognition technology is used in various applications due to the rapid growth in the acceptance of mobile and cloud technologies and unmatched technological advancements in computing power. The healthcare industry is expected to play a significant role in developing voice recognition technology in the United States, owing to its use in producing health-related data records. Voice recognition technology has the potential to replace some of the more traditional approaches that are still in use.
- According to the Center for Medicare and Medicaid Services, United States, National health spending is projected to grow at an average annual rate of 5.4% from 2019 to 2028 to reach USD 6.2 trillion by 2028. This also includes the expenditure for IT and computing services for better storage and protection of patient data. Furthermore, health systems are searching for voice-enabled transcriptions to identify reimbursable conditions discovered during the diagnostic while ensuring that crucial health indicators are not missed.
- The lucrative banking sector in the region has seen a rise in the adoption of biometric technologies as the number of fraud cases has increased. In the area, many secure and diverse security solutions are being introduced. In North America, G+D Mobile Security has introduced its FIDO-compliant Convegno Mobile Authentication in conjunction with Samsung SDS. The solution leverages biometrics such as fingerprint, face, iris, and voice credentials to provide security solutions with multi-factor authentication.
- Several Canadian organizations, including Royal Bank of Canada, Bank of Montreal, and Rogers Communications, have begun using speech biometrics to identify consumers over the phone. According to the TD Bank Group of Canada, customers can sign into their accounts or skip call center security questions by providing a voiceprint. For this, TD uses VoicePrint. TD VoicePrint is a voice recognition system that allows customers to use their voiceprint to verify their identity and identify themselves when speaking with one of the bank’s Live Customer Service employees over the phone.
- More stores in Canada are moving to self-checkout lanes to serve customers better. More than half of Canadians (54%) favor self-checkout lanes, and 66% use them at least some of the time, according to Dalhousie University’s Grocery Experience National Survey Report. Customers can use self-checkout lines at their own leisure, but they are not necessarily as efficient. As a result, many Canadian merchants are looking for voice biometrics solutions in their stores. However, due to the initial high cost of equipment and gadgets, many retailers in Canada will be unwilling to upgrade to the latest technologies.
Key Points Covered in Market Report:
-Market Overview, Definition and Classification Market drivers and barriers
-Market Competition by Manufacturers
-Impact Analysis of COVID-19 on Market
-Market Capacity, Production, Revenue (Value) by region (2023-2029)
-Voice Biometrics Supply (Production), Consumption, Export, Import by Region (2023-2029)
– Voice Biometrics market Production, Revenue (Value), Price Trend by Type {Payment Gateway, Merchant Account, Subscription Management,}
-Voice Biometrics Manufacturers Profiles/Analysis & Manufacturing Cost Analysis, Industrial/Supply Chain Analysis, Sourcing Strategy and Downstream Buyers, Marketing
-Strategy by Key Manufacturers/Players, Connected Distributors/Traders Standardization, Regulatory and collaborative initiatives, Industry Road map and value chain Market Effect Factors Analysis.
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Objectives of the Report
- To carefully analyses and forecast the size of the market by value and volume.
- To estimate the market shares of major segments of the Voice Biometrics
- To showcase the development of the market in different parts of the world.
- To analyze and study micro-markets in terms of their contributions to the Voice Biometrics market, their prospects, and individual growth trends.
- To offer precise and useful details about factors affecting the growth of the Voice Biometrics
- To provide a meticulous assessment of crucial business strategies used by leading companies operating in the Voice Biometrics market, which include research and development, collaborations, agreements, partnerships, acquisitions, mergers, new developments, and product launches.
Key questions answered
– How feasible is Voice Biometrics market for long-term investment?
– What are influencing factors driving the demand for Voice Biometrics near future?
– What is the impact analysis of various factors in the Voice Biometrics market growth?
– What are the recent trends in the regional Voice Biometrics market and how successful they are?
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