According to the latest research report titled “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.
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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.
Impact of COVID-19 Pandemic on Voice Biometrics Market
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.
The market for Voice Biometrics is concentrated with some very well-established players. Some of the key players in the Voice Biometrics Market include
- Aculab
- Auraya, Inc.
- Aware Inc.
- Nuance Communications, Inc.
- NICE Ltd
- Pindrop
- Phonexia
- SESTEK
- Verint Systems, Inc.
- Whispeak
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