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Global Voice Biometrics Market to reach USD 4.7 billion by 2027

Global Voice Biometrics Market Size study, by Component (Hardware, Software), by Application (Automotive, Banking, Financial Service, and Insurance, Government Agency, Healthcare Industry, Mobile devices, Others) and Regional Forecasts 2020-2027

Product Code: IACTNGT_65314553
Publish Date: 12-12-2020
Page: 200

Global Voice Biometrics Market is valued at approximately USD 0.9 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 22.9% over the forecast period 2020-2027. Voice biometrics is usually used utilized for speech recognition via analysis of an individual voice, pitch, speech, and tone. In terms of security, voice biometric has an extensive advantage in comparison to passwords, as they can be simply hacked or tracked, although voice of an individual is mostly being distinctive and unique as a fingerprint. Thus, the voice biometric technology is gaining a significant traction in a range of industrial application all over the world. Moreover, increasing demand for an intelligent virtual assistant (IVA) and smart speakers with voice capabilities, aided with surging need to minimize identification and authentication costs are the few factors responsible for the high CAGR of the market during the forecast period. For instance, as per the journal of Department of Ministry of Corporate Affairs (MCA) in 2019, the use of virtual assistants with speech recognition capabilities is projected to increase from 60.5 million people in the U.S. in 2017 to 62.4 million in 2018. Also, about 66.6 million Americans are likely to use speech or voice recognition technology by 2019. Recently, various technology companies are identifying interests in speech recognition technologies and voice recognition as a standard for most products, for example, Amazon’s Alexa is on Echo, Apple’s Siri is on HomePod, Google Assistant is on Google Home, and Microsoft’s Cortana is on Invoke. As a result, many market players are integrating new technologies and innovation in their voice technology for the improving safety and security of their products. For example, as per the Department of MCA, in 2017, the word error rate for Microsoft’s voice technology has been recorded at 5.1% by the company, while Google reports that it has reduced its rate to 4.9%. This, in turn, is likely to strengthen the demand for voice biometrics, thereby contributing to the market growth around the world. However, the low cybersecurity budgets, along with the high installation costs of the products are the prime factors restraining the market growth over the forecast period of 2020-2027.

The regional analysis of the global Voice Biometrics market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the rising implementation of voice biometrics technology in banking and financial service sector, along with the presence of a large number of market vendors in the region. Whereas Asia-Pacific is anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as the growing application of voice biometrics in automotive sector, along with rapid growth of industrialization and urbanization in the developing nations, such as China and India, are the few factors creating a lucrative opportunity for the growth of the voice biometrics market in the Asia-Pacific region.

Major market player included in this report are:
Nuance Communications
NICE Systems Ltd.
Verint Systems
Pindrop Security
LexisNexis Risk Solutions
Phonexia S.R.O.
Auraya Systems
Speech Technology Center

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Component:

By Application:
Banking, Financial Service, and Insurance
Government Agency
Healthcare Industry
Mobile devices

By Region:
North America

Asia Pacific
South Korea
Latin America
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027

Target Audience of the Global Voice Biometrics Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2018-2027 (USD Billion)
1.2.1. Voice Biometrics Market, by Region, 2018-2027 (USD Billion)
1.2.2. Voice Biometrics Market, by Component, 2018-2027 (USD Billion)
1.2.3. Voice Biometrics Market, by Application, 2018-2027 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Voice Biometrics Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Voice Biometrics Market Dynamics
3.1. Voice Biometrics Market Impact Analysis (2018-2027)
3.1.1. Market Drivers
3.1.2. Market Challenges
3.1.3. Market Opportunities
Chapter 4. Global Voice Biometrics Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter’s 5 Force Model (2017-2027)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global Voice Biometrics Market, by Component
5.1. Market Snapshot
5.2. Global Voice Biometrics Market by Component, Performance – Potential Analysis
5.3. Global Voice Biometrics Market Estimates & Forecasts by Component 2017-2027 (USD Billion)
5.4. Voice Biometrics Market, Sub Segment Analysis
5.4.1. Hardware
5.4.2. Software
Chapter 6. Global Voice Biometrics Market, by Application
6.1. Market Snapshot
6.2. Global Voice Biometrics Market by Application, Performance – Potential Analysis
6.3. Global Voice Biometrics Market Estimates & Forecasts by Application 2017-2027 (USD Billion)
6.4. Voice Biometrics Market, Sub Segment Analysis
6.4.1. Automotive
6.4.2. Banking, Financial Service, and Insurance
6.4.3. Government Agency
6.4.4. Healthcare Industry
6.4.5. Mobile devices
6.4.6. Others
Chapter 7. Global Voice Biometrics Market, Regional Analysis
7.1. Voice Biometrics Market, Regional Market Snapshot
7.2. North America Voice Biometrics Market
7.2.1. U.S. Voice Biometrics Market Component breakdown estimates & forecasts, 2017-2027 Application breakdown estimates & forecasts, 2017-2027
7.2.2. Canada Voice Biometrics Market
7.3. Europe Voice Biometrics Market Snapshot
7.3.1. U.K. Voice Biometrics Market
7.3.2. Germany Voice Biometrics Market
7.3.3. France Voice Biometrics Market
7.3.4. Spain Voice Biometrics Market
7.3.5. Italy Voice Biometrics Market
7.3.6. Rest of Europe Voice Biometrics Market
7.4. Asia-Pacific Voice Biometrics Market Snapshot
7.4.1. China Voice Biometrics Market
7.4.2. India Voice Biometrics Market
7.4.3. Japan Voice Biometrics Market
7.4.4. Australia Voice Biometrics Market
7.4.5. South Korea Voice Biometrics Market
7.4.6. Rest of Asia Pacific Voice Biometrics Market
7.5. Latin America Voice Biometrics Market Snapshot
7.5.1. Brazil Voice Biometrics Market
7.5.2. Mexico Voice Biometrics Market
7.6. Rest of The World Voice Biometrics Market
Chapter 8. Competitive Intelligence
8.1. Top Market Strategies
8.2. Company Profiles
8.2.1. Nuance Communications Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
8.2.2. NICE Systems Ltd.
8.2.3. Verint Systems
8.2.4. Pindrop Security
8.2.5. LexisNexis Risk Solutions
8.2.6. Phonexia S.R.O.
8.2.7. Aculab
8.2.8. Auraya Systems
8.2.9. Speech Technology Center
8.2.10. LumenVox
Chapter 9. Research Process
9.1. Research Process
9.1.1. Data Mining
9.1.2. Analysis
9.1.3. Market Estimation
9.1.4. Validation
9.1.5. Publishing
9.2. Research Attributes
Research Assumption

The study of the market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geographies to provide a better regional outlook. In the report, country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. Our analysts contact company executives, managers, key opinion leaders, and industry experts. This enables our analyst to derive the closest possible figures without any major deviations in the actual number.

Primary Research Sources:

  • Interview conducted with raw material suppliers & manufacturers.
  • Interview conducted with manufacturers, suppliers & distributors, researchers, & representatives of regulatory bodies.
  • Interview conducted with market players, industry experts, & independent consultants.
  • Secondary Research Sources:
  • Purchased Database: D&B Hoovers, Bloomberg, Inc., Business Information Industry Association, NAICS Association.
  • Internal Database: White papers, Certified Publications, Articles by Recognized Authors and Regulatory Bodies.
  • Government Databases: Food and Agriculture Organization (FAO), European Industrial Hemp Association (EIHA), World Health Organization (WHO), Food and Drug Administration (FDA), International Telecommunication Union (ITU), United States Department of Agriculture (USDA), International organization of Motor Vehicle Manufacturers (OICA).

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