Voice Biometrics Market Size

Voice Biometrics Market Analysis

The Voice Biometrics Market size is estimated at USD 2.25 billion in 2024, and is expected to reach USD 4.88 billion by 2029, growing at a CAGR of 16.75% during the forecast period (2024-2029).

The proliferation in the large-scale use of stolen data by professional fraudsters renders knowledge-based authentication increasingly inadequate for distinguishing legitimate users from fraudsters. This has led to the proliferation of biometric technologies. Voice biometrics is a versatile technology that uses several areas, including call center authentication, hands-free interface, bank account protection, and mobile application development.

• With the increasing use of digital platforms for government and private services deployment and the race of financial firms to make banking simple and more accessible, there is a growing need for a similar, strong, and secured authentication technology with negligible chances of failure. The market is already transitioning from traditional password authentication processes to password-less authentication techniques. Owing to its unique feature of identifying every individual with different traits, voice recognition is gaining traction as one of the powerful authentication techniques.
• The banking, automotive, and healthcare sectors are significant. Healthcare was the largest of the three in deploying voice recognition to assist with creating electronic medical records. Meanwhile, a growing number of banks are integrating voice authentication for an extra layer of security, especially for transactions that take place over the phone.
• Voice banking is conquering the financial industry, and FinTechs are competing to offer more advanced, robust, and secure solutions. The development of voice banking is predicted to move in several directions in the next few years. According to Intelligent Software Engineering, 18 million US consumers have already tried paying by voice, and many banks and financial institutions offer this service to their clients. The growth of voice banking is anticipated to provide growth to the market. The banking sector is expected to register a significant growth rate over the forecast period, owing to the higher adoption of voice recognition in mobile and web banking applications.
• The proficiency of a biometric voice system is dependent on successful speech identification and voice recognition and affects the solution's overall performance. Researchers and corporations employ many approaches to identify voice features from a signal, including LPCC, MFCC, and LPC. The higher acceptability of the biometric voice system is credited to the solutions' efficiency, accuracy, identification speed, increased product capabilities, low cost, and user-friendly nature.
• The COVID-19 pandemic has highlighted the need for voice biometrics as a contactless method of authentication and has positively influenced the demand-side dynamics of the studied market. According to the Biometric Survey 2021, 64% of the respondents have increased prioritization for technology that supports remote onboarding and mobile apps, creating a direct demand for voice biometrics.