Voice Biometrics Market to Hit $3.9 Billion by 2026
Research firm MarketsandMarkets has projected the global voice biometrics market to grow from $1.1 billion in 2020 to $3.9 billion by 2026 at a compound annual growth rate (CAGR) of 22.8 percent.
The services segment is expected to grow at a higher CAGR than the solutions segment mainly because of the complexity of operations.
Among solution types, the active voice biometrics segment is expected to at a higher CAGR than the passive voice biometrics segment due to the greater ease of handling processes and fewer resource requirements.
Among processes, the report breaks down the market into automated interactive voice response, agent-assisted, mobile applications, and employee authentication. It expects the mobile segment to grow at the highest CAGR due to the increasing usage of smartphones
The report also segments the market by applications, which include authentication and customer verification, forensic voice analysis, and criminal investigation, fraud detection and prevention, risk and emergency management, transaction processing, access control, workforce management, and others, such as speech therapy, vocal passphrase, and personalized user experience. Of those, the transaction processing segment is expected at the highest CAGR due to the increasing need for customer identity authentication across call centers.
MarketsandMarkets also expects the healthcare and life sciences vertical to grow at the highest CAGR because of the growing regulatory need to protect sensitive data.
Major players identified in the report include Nuance Communications, NICE, Verint Systems, Pindrop, LexisNexis Risk Solutions, Phonexia, VBG, Aculab, Auraya, OneVault, Aware, Speechpro, LumenVox, Uniphore, Sestek, Voicepin, QSS Technosoft, Voxta, and Interactions. The report also identifies ID R&D, Kaizen, Hypr, Element, Trust Stamp, and AnyVision as startups and smaller players wqorthy of attention.
Companies and Suppliers Mentioned