Press Release

According to our latest market study on “Voice Biometrics Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Type, Authentication Process, Deployment, Vertical, and Application,” the voice biometrics market size 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.

AI-driven (Artificial Intelligence) speech biometrics technology ensures that a user’s unique voice (in a natural language live interaction) is compared in real-time with a voiceprint recorded in a database based on various parameters during the conversation. As a result, hacking the solution is extremely difficult for a fraudster to acquire access to someone’s account or profile because no static data is necessary for the transaction that could be captured.

Artificial intelligence advances are improving the accuracy of speech biometrics to the point where it may be utilized for applications beyond identification and personalization, such as payment authentication. For instance, Synaptics and ID R&D released a new solution that includes AI-powered voice biometrics and anti-spoofing algorithms that can be operated on a Synaptics SoC in the edge device. The software has been customized for Synaptics’ VS600 series neural processing unit (NPU), used in smart home devices such as set-top boxes (STBs), smart speakers, and security systems. Furthermore, Google’s Contact Center Artificial Intelligence (CCAI) platform was enhanced in October 2021 to include voice biometrics and conversational AI in call center applications.

Key Players Influencing the Market

• Aculab
• Auraya, Inc
• Aware Inc
• Nuance Communications, Inc
• Nice
• Pindrop
• Phonexia
• SESTEK
• Whispeak
• VERINT SYSTEMS INC

Impact of COVID-19 Pandemic on Global Voice Biometrics Market

North America is one of the most critical regions for the adoption and growth of new technologies due to favorable government policies to boost innovation, the rising presence of a substantial industrial base, and high purchasing power, especially in developed countries such as the US and Canada. The US is a prominent market for voice biometrics market in several industries. The country consists of the maximum number of voice biometrics market developers. Further, COVID-19 had an ambiguous impact on the North American population’s standard of living. During this time, fingerprint and palm-print identification systems decreased. However, contactless methods such as face and voice biometrics increased due to the rising risk of the COVID-19 pandemic. Various biometric systems were impacted to varying degrees in terms of security vulnerabilities. Thus, the increased use of voice biometrics during the COVID-19 pandemic alarmed the developers to focus on this technology, which will further create opportunities for the market.

Key Findings of Study

The voice biometrics market is segmented into component, type, authentication process, deployment, vertical, application, and geography. On the basis of component, the voice biometrics market is segmented into solution and services. In 2021, the solution segment held a larger market share. Based on type, the voice biometrics market is segmented into active voice biometrics and passive voice biometrics. In 2021, the passive voice biometrics segment held a larger market share.

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