Technological inventions in electronic equipment have increased at a fast pace. Biometrics are one such innovation that play a vital role in various industries such as banking, government, telecom, healthcare, etc. According to a new market report published by Transparency Market Research, the global voice biometric solutions market, a segment of biometrics, is expected to reach a value of US$ 13,049.2 Mn by 2026 on account of growing adoption of voice biometric solutions and biometric technology across various industries.
The market is projected to expand at a CAGR of 17.3% during the forecast period from 2018 to 2026. Asia Pacific is anticipated to experience healthy growth which is expected to be followed by Middle East & Africa during the forecast period.
Voice biometrics solutions are used for establishing the identity of a person by analyzing hundreds of voice characteristics, which are more unique to an individual than a fingerprint. The study shows that authentication speech recognition software segment is expected to see flourishing growth, owing to rising demand for authentication and client and customer verification solutions.
Voice authentication is commonly deployed as an additional security layer, especially in organizations targeted by fraud rings.These organizations include banks, insurance companies, and healthcare providers. It provides stronger authentication than a knowledge-based approach by verifying people on the basis of their voice characteristics.
The key drivers of the voice biometric solutions market are increase in the penetration voice biometric solutions, rise in investments in research and development of technological inventions, and adoption of biometric technology. Experts believe that it shouldn’t be overlooked when it comes to organisations’ ability to maximize the customer experience.
Voice biometrics solutions offer numerous opportunities for enterprises that intend to invest in developing new technological features in various industries. For instance, banks and insurance companies are most heavily hit by identity theft and lose billions of dollars each year as a result. Therefore, the banking sector is adopting voice biometric solutions in order to avoid losses.
According to the research, Voice biometric solutions are also anticipated to revolutionize many other sectors of the economy, including healthcare, social networks, environmental monitoring, and transportation. However, a major restraint faced by the market is technical issues during voice tracking due to a noisy environment, disturbances, etc, which may mature over time.
Vendors across regions are investing in the development of advanced technology for providing authentication solutions. In terms of region, the voice biometric solutions market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is projected to dominate the voice biometric solutions market due to the presence of strong players in the U.S. and spending by the U.S. government for the provision of biometric solutions in various public and private organizations, said the study.
The market in Asia Pacific and Europe is likely to present strong growth opportunities during the forecast period due to a rise in investments in the biometric industry and business expansion of vendors across the region.
There will be a greater level of adoption of voice biometric solutions among customer-first organizations as they are not only helping customers remember information but also enabling a greater account security. Recognizing the growing number of complexities customers face with PINs, passwords and security questions, are compelling more organizations to start deploying voice biometrics. The technology is so robust, that it can be used across a variety of platforms, including the contact centre, mobile applications and online. This multi-channel capacity reduces customer frustration all while completely transforming the customer experience, reducing greater incidents of fraud.