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. 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. 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.
Voice biometrics solutionsoffer numerous opportunities for countries that intend to invest in developing new technological features in various industries. Vendors are popularizing the use of voice biometric solutions due to their advanced features providing authentication solutions, client and customer verification,and verification for payment purposes.
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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. Demand for voice biometric solutions is increasing exponentially due to the advanced features offered by these solutions. Vendors across regions are investing in the development of advanced technology for providing authentication solutions. 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. Voice biometric solutions are anticipated to revolutionize many sectors of the economy, including business, 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. The market presents an opportunity for vendors across China, Germany, India, and the U.K. to develop new voice biometric solutions.
The voice biometric solution market can be segmented based on solution, end-user, application, and region. Based on solution, the market can be segmented into automatic speech recognition software and speech-to-text systems. In terms of end-user, the market can be classified into automotive, IT & telecom, consumer electronics, banking financial services and insurance (BFSI), government, healthcare, retail, others (call centers, defense, etc.).The banking financial services and insurance (BFSI) segment is anticipated to hold a prominent market share during the forecast period. Based on application, the market can be categorized into forensic voice analysis, access security, payments, others (vocal passphrase, etc.).
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The access security segment can be further divided into authentication and fraud detection andcustomer verification. The payments segment can be further split into transaction processing and speech-enabled password reset. 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. 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.