DUBLIN--(BUSINESS WIRE)--May 9, 2019--The "Voice Biometrics Market by Application, Component, Type, Deployment, Organization Size, Industry Vertical, Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The global voice biometrics market is expected to grow from USD 984 million in 2019 to USD 2,845 million by 2024, at a Compound Annual Growth Rate (CAGR) of 23.7% during the forecast period.

Major growth factors for the market include an increasing demand for robust fraud detection and prevention systems across the BFSI industry and need for reducing authentication and identification costs. However, the security and privacy issues with new advanced technologies would limit the market growth.

The voice biometrics market comprises major solution providers such as Nuance Communications (US), NICE (Israel), Verint (US), AimBrain (UK), Voice Biometrics Group (US), Phonexia (Czech Republic), OneVault (South Africa), SESTEK (Turkey), LumenVox (US), LexisNexis Risk Solutions (US), VoicePIN (Poland), Uniphore (India), Pindrop (US), Aculab (UK), and Auraya (Australia).

The study includes an in-depth competitive analysis of these key players in the voice biometrics market with their company profiles, recent developments, and key market strategies.

"Passive voice biometrics segment to grow at a higher CAGR during the forecast period"

Based on type, the voice biometrics market is divided into active and passive voice biometrics. Passive voice biometrics verifies the customer identity during a natural conversation with a customer representative or call center agent. The technique is considered as a superior one, as it authenticates the user without a passphrase.

As compared to active voice biometrics technique, the technique requires more storage capacity and processing power. The passive voice biometrics segment is expected to grow at a higher CAGR due to an increasing deployment by companies majorly in BFSI, retail and eCommerce, and telecommunications and IT verticals. Large enterprises have been showing an increasing interest for the passive type of biometrics solutions.

"Large enterprises to hold a higher market share during the forecast period"

Organizations have been gradually recognizing the importance of voice biometrics software and have started deploying them as per their needs and available resources. Large enterprises have their security infrastructure, such as MFA, for their employees and visitors.

The security infrastructure may include hardware and software components, which can be installed on-premises. Active and passive voice biometrics offerings enable enterprises to deploy such solutions across channels, such as IVR, live agents, and mobile. The availability of sufficient fund for the on-premises deployment type and a need for MFA security architecture have increased the adoption of such solutions among large enterprises.

"Voice biometrics market in Asia Pacific (APAC) to grow at the highest CAGR during the forecast period"

The high growth in the APAC market is attributed to the significant growth potential, growing retail market, and increasing digitalization in the region with an increasing need for remaining globally competitive. Furthermore, the inclination of APAC countries toward emerging technologies such as Artificial Intelligence (AI) is also expected to fuel the growth of the voice biometrics market.

However, the lack of technological awareness, privacy issues, and limited technical expertise in advanced technologies remain significant hurdles in the voice biometrics adoption across the region. The cloud-based voice biometrics software presents an optimal solution for these countries by minimizing integration complexities and installation costs.

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

4.1 Attractive Market Opportunities in the Voice Biometrics Market

4.2 Market By Application (2019-2024)

4.3 Market By Type

4.4 Market Share Across Regions

5 Market Overview and Industry Trends

5.1 Introduction

5.2 Market Dynamics

5.2.1 Drivers

5.2.1.1 Increasing Demand for Robust Fraud Detection and Prevention Systems Across the BFSI Industry

5.2.1.2 Need for Reducing Authentication and Identification Costs

5.2.2 Restraints

5.2.2.1 Security and Privacy Issues With New Advanced Technologies

5.2.2.2 Low Cybersecurity Budget of Organizations and High Installation Costs

5.2.3 Opportunities

5.2.3.1 Advent of Advanced Technologies, Such as AI and DNN

5.2.3.2 Need for Safeguarding the Privacy of Healthcare Data

5.2.4 Challenges

5.2.4.1 Lack of Accuracy in Authenticating Users

5.3 Industry Trends

5.3.1 Voice Biometrics Innovations

5.3.1.1 Using AI-Enabled Technologies, Such as Machine Learning and Deep Learning to Comply With Regulations and Compliances

5.3.1.2 Aiops for Change-Tolerant Algorithms

5.3.1.3 Artificial Intelligence for Analyzing Users' Data

5.3.2 Voice Biometrics Market: Use Cases

5.3.2.1 Detecting Fraud With Voice Biometrics From Nuance Communications

5.3.2.2 Preventing Frauds and Delivering Better Service With NICE RTA Solution

5.3.3 Regulatory Implications

5.3.3.1 General Data Protection Regulation

5.3.3.2 Sarbanes-Oxley Act

5.3.3.3 Basel

5.3.3.4 Governance, Risk and Compliance Standards

5.3.3.5 EU Data Protection Regulation

5.3.3.6 Health Information Technology for Economic and Clinical Health

5.3.3.7 Health Insurance Portability and Accountability Act

6 Voice Biometrics Market By Component

6.1 Introduction

6.2 Software

6.3 Services

7 Voice Biometrics Market By Application

7.1 Introduction

7.2 Access Control and Authentication

7.3 Fraud Detection and Prevention

7.4 Forensic Voice Analysis and Criminal Investigation

7.5 Others

8 Voice Biometrics Market By Type

8.1 Introduction

8.2 Active Voice Biometrics

8.3 Passive Voice Biometrics

9 Voice Biometrics Market By Organization Size

9.1 Introduction

9.2 Small and Medium-Sized Enterprises

9.3 Large Enterprises

10 Voice Biometrics Market By Deployment Model

10.1 Introduction

10.2 Cloud

10.3 On-Premises

11 Voice Biometrics Market By Industry Vertical

11.1 Introduction

11.2 Banking, Financial Services, and Insurance

11.3 Retail and eCommerce

11.4 Telecommunications and IT

11.5 Government and Defense

11.6 Healthcare

11.7 Others

12 Geographic Analysis

12.1 Introduction

12.2 North America

12.3 Europe

12.4 Asia Pacific

12.5 Middle East and Africa

12.6 Latin America

13 Competitive Landscape

13.1 Microquadrant Overview

13.1.1 Visionaries

13.1.2 Innovators

13.1.3 Dynamic Differentiators

13.1.4 Emerging Companies

13.2 Competitive Benchmarking

13.2.1 Strength of Product Portfolio Adopted By Major Players in the Market

13.2.2 Business Strategy Excellence Adopted By Major Players in the Market

13.3 Market Ranking

14 Company Profiles

14.1 Introduction

14.2 Nuance Communications

14.3 NICE

14.4 Verint

14.5 Phonexia

14.6 Pindrop

14.7 AimBrain

14.8 Voice Biometrics Group

14.9 Aculab

14.10 Auraya

14.11 Uniphore

14.12 VoicePIN

14.13 LexisNexis Risk Solutions

14.14 LumenVox

14.15 OneVault

14.16 SESTEK

For more information about this report visit https://www.researchandmarkets.com/r/w2hxjd

View source version on businesswire.com:https://www.businesswire.com/news/home/20190509005462/en/

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Related Topics:Biometrics

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SOURCE: Research and Markets

Copyright Business Wire 2019.

PUB: 05/09/2019 06:54 AM/DISC: 05/09/2019 06:54 AM

http://www.businesswire.com/news/home/20190509005462/en

Copyright Business Wire 2019.

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