Voice biometrics is a technology that uses distinctive voice-led attributes to authenticate a person’s identity. It uses unique sound characteristics such as rhythm, tone, and speech to confirm the verification. The refined algorithms deployed in the process are compared with the speech patterns of the data provided with the speech models provided to confirm or deny the user’s identity. Rapid advances in the technologies used for authorization and payment have helped the biometrics industry expand its customer base around the world. The need for technological software in biometric technology is obvious due to advanced features that help improve the authentication program. This will create significant demand for voice biometric software in the coming years.
Recently, In July, 2021, Enacomm recently announced a new alliance with Apiture to roll out voice biometric data for financial institutions across the United States. After the launch of the new partnership, Apiture users will have access to Enacomm’s voice biometrics and interactive voice response (IVR). The integration will not only offer a more secure system of authentication, it will also enhance the overall customer experience by presenting compatibility with Amazon Alexa and Google Home digital assistants like voice assistants.
The global voice biometrics market is majorly divided based on component, application, organization, type, and industry verticals. The component segment is bifurcated into software, services professional services training, education consulting support, maintenance deployment, and integration managed services. On the basis of application, the global market is classified into fraud detection and prevention access control, authentication forensic voice analysis, criminal investigation. By type, it is segmented into passive voice biometrics and active voice biometrics. Further, the global market for voice biometrics is also diversified into financial services, retail, ecommerce government, defense banking, insurance, telecommunications, IT, and healthcare among others.
The major part of the global voice biometrics market is dominated by North America, while the largest growth expected in Asia Pacific region due to factors such as artificial intelligence, rising smartphone consumption, machine learning, and enterprise adoption of voice biometrics in financial, banking and telecommunications segments. Other regional markets are poised to respond in a positive amid security concerns around the globe.
The leading Key companies contributing in the global voice biometrics market include Verint Systems Inc., Nuance Communications Inc., LexisNexis Risk Solutions Inc., NICE Ltd., Phonexia, Voice Biometrics Group, AimBrain Solutions Limited, Uniphore Software Solutions Pvt. Ltd., VoicePin.com, and LumenVox LLC.
