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The voice biometrics market share is expected to grow from US$ 1,319.23 million in 2021 to US$ 4,823.85 million by 2028; it is estimated to grow at a CAGR of 20.6% from 2022 to 2028.
The rise of modern technologies such as artificial intelligence (AI), machine learning (ML), cloud computing, and data analytics and the strong demand for preserving healthcare and financial data is propelling the growth of the voice biometrics market. End-use industries such as banking, financial services and insurance (BFSI), government and public sectors, and IT & telecom are experiencing growth due to increasing urbanization and digitalization worldwide.
A person’s pitch, speech, voice, and tone are analyzed and are used in voice biometrics for voice recognition. In terms of security, it outperforms passwords because a password may be readily tracked or hacked, whereas a person’s voice is as different and unique as a fingerprint. A voice can be identified in two ways in voice biometrics such as text-dependent and text-independent. One of the primary factors driving the growth of the voice biometrics market is its increasing acceptance in various industries such as the entertainment industry, cloud computing, social networking, and building security.
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Voice Biometrics Regional Growth- 2022-2028
The report segments the global Voice Biometrics market as follows:
By Component
By Type
By Deployment
By Application
Increasing Adoption of Voice Biometrics in Healthcare Industry
Healthcare organizations can secure their medical staff and their patients with voice biometrics. Unlike fingerprint and facial recognition, voice biometrics can be used on any device with a microphone, such as a tablet, PC, or medical device such as an X-ray machine. Users merely need to use their voice to prove their identity to access records and other resources. Voice biometrics can also be utilized in online password reset services to ensure that quick and safe password resets save medical staff and patients time. Another useful application is identifying and verifying patients during consumer contacts in call centers.
The study conducts SWOT analysis to evaluate strengths and weaknesses of the key players in the Voice Biometrics market. Further, the report conducts an intricate examination of drivers and restraints operating in the market. The report also evaluates the trends observed in the parent market, along with the macro-economic indicators, prevailing factors, and market appeal according to different segments. The report also predicts the influence of different industry aspects on the Voice Biometrics market segments and regions.
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Scope of the Report
The research on the Voice Biometrics market focuses on mining out valuable data on investment pockets, growth opportunities, and major market vendors to help clients understand their competitor’s methodologies. The research also segments the Voice Biometrics market on the basis of end user, product type, application, and demography for the forecast period 2022-2028. Comprehensive analysis of critical aspects such as impacting factors and competitive landscape are showcased with the help of vital resources, such as charts, tables, and infographics.
The research report provides deep insights into the global market revenue, parent market trends, macro-economic indicators, and governing factors, along with market attractiveness per market segment. The report provides an overview of the growth rate of the Voice Biometrics market during the forecast period, i.e., 2022-2028. Most importantly, the report further identifies the qualitative impact of various market factors on market segments and geographies. The research segments the market on the basis of product type, application, technology, and region. To offer more clarity regarding the industry, the report takes a closer look at the current status of various factors including but not limited to supply chain management, niche markets, distribution channel, trade, supply, and demand and production capability across different countries.
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Major highlights of the report:
All-inclusive evaluation of the parent market
Evolution of significant market aspects
Industry-wide investigation of market segments
Assessment of market value and volume in past, present, and forecast years
Evaluation of market share
Study of niche industrial sectors
Tactical approaches of market leaders
Lucrative strategies to help companies strengthen their position in the market
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