DUBLIN–(BUSINESS WIRE)–The “Voice Biometrics Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Component, Type, Authentication Process, Deployment, Vertical, and Application” report has been added to ResearchAndMarkets.com’s offering.
The global voice biometrics market share is expected to grow from US$ 1,319.23 million in 2021 to US$ 4,823.85 million by 2028; the voice biometrics market size is estimated to grow at a CAGR of 20.6% from 2022 to 2028.
Voice biometrics simplifies user identification and authentication while improving Know Your Customer (KYC) management through automatic calibration, active and passive authentication, liveliness detection, and panic detection. For example, Barclays uses the phrase “My voice is my password” to verify the caller’s identification, which resulted in a 20-second reduction in user verification time.
Similarly, prominent banks such as HSBC, Wells Fargo, Santander Bank, N. A., and Tangerine Bank are implementing speech recognition in their call centers to speed up the identification and verification process. Further, voice biometrics potentially help to improve KYC procedures.
People in multilingual countries such as South Asia, for instance, have diverse degrees of schooling in different parts of the country. Voice biometrics help include such persons in a financial safety net because the solutions are language-independent. Thus, the growing demand for fraud detection and prevention systems in the BFSI industry is driving the growth of voice biometrics.
In banking, voice biometric authentication is based on vocal patterns, with each person having distinct phonetic and morphological characteristics that artificial intelligence (AI) can detect. The approaches are more convenient and speed up the operations as the voice biometrics is contactless. Because there is a larger requirement for security than ever before, biometric authentication is rising to the top of the financial technology landscape.
Furthermore, because of the widespread acceptance of online banking, mobile and e-banking are increasingly being utilized regularly to transfer and complete transactions, opening up possible channels for cybercriminals to access a user’s account and steal money. The need to deliver safe banking services through mobile applications persists as financial service providers invest in mobile app services, which is having a positive impact on the growth of the voice biometrics market.
Users are utilizing voice biometric authentication methods to authenticate themselves while entering into mobile apps and validating online transactions, such as money transfers, online payments, and account settings updates. Users then confirm transactions using their voice rather than dedicated commands quickly and securely. In two-factor systems, voice biometrics is utilized as one of the authentication processes. It is combined with another biometric factor, such as a person’s retina, fingerprint, or face, or knowledge-based authentication approaches, such as a password or a passphrase.
For banks, the adoption of speech biometric authentication technology is relatively simple from a technical standpoint. As a result, banks are not required to offer new equipment to consumers to authenticate them using voice biometrics. Furthermore, voice verification software can be integrated with the bank’s current internal telephone system (PBX) and controlled either on-premises or via cloud storage in the voice biometrics market.
The global lockdown due to the COVID-19 pandemic caused a modest slowdown in the voice biometrics market in 2020. Almost every industry got negatively impacted by the COVID-19 pandemic, which exacerbated the situation. The lockdown negatively influenced global production, supply networks, logistics, and the continuity of operations in different industries. Manufacturing, transportation and logistics, and retail and consumer products were the industries that faced maximum problems.
The availability of necessary items was disrupted due to a lack of staff to operate production lines, supply chains, and transportation. In early 2021, the condition was under control, while the voice biometrics market solutions and services was rising due to the increased need for improved customer experience and the development of individualized relationships with prospects.
Several industries implemented a wide range of voice biometrics products and services to support digital transformation programs that addressed mission-critical procedures, improved operations, and validated user identification.
Key Market Dynamics
- Growing Demand for Fraud Detection and Prevention System
- Increasing Demand for Voice Authentication in Mobile Banking Applications
- Security and Privacy Issues
- Increasing Adoption of Voice Biometrics in Healthcare Industry
- Rising Emergence of Artificial Intelligence in Voice Biometrics
- Auraya, Inc.
- Aware Inc.
- Nuance Communications, Inc.
- NICE Ltd
- Verint Systems, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/zfjsaa
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