Pulished Date February, 2020
ID: 9248
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Global Voice Biometrics Market by Application (Access Control & Authentication, Fraud Detection & Prevention, Forensic Analysis & Criminal Investigation), Component (Software and Services), Type (Active and Passive), Deployment (On-Premises and Cloud), Organization Size (SME and Large), Industry Vertical (BFSI, Government & Defense, Telecom and IT, Healthcare, Retail & E-Commerce, Others), Region - Forecast to 2025

Pulished: February, 2020
ID: 9248
Pages: 210

Voice Biometrics Market Size & Growth (2020 – 2025)

The global voice biometrics market size is projected to grow from US$ 1.32 billion in 2019 to US$ 3.12 billion in 2024, at a compound annual growth rate (CAGR) of 23.7% over the forecast period.

Voice biometrics is used for identity recognition through the analysis of an individual's tone, speech, and sound. In terms of security, it has a great advantage over passwords, since a password can be easily tracked or hacked. An individual's voice is as distinctive and unique as a fingerprint. In vocal biometrics, a sound is recognized according to two models, namely dependent text and independent text. The growing popularity in various sectors, such as the entertainment industry, cloud computing, social networking and building security, is one of the main factors responsible for the growth of the global voice biometrics market.

Speech recognition is widely used in banks and call centers to prevent fraud. Several players like Verint have developed solutions that use voice biometrics to passively check callers in real-time, without using a password, which makes the authentication process faster, more comfortable and relatively more secure than conventional methods.

Recent developments:

  • INTELid. announced a development partnership with ValidSoft in June 2019. ValidSoft's biometric voice DNA will be added to the INTELid private digital identity blockchain, thereby adding a layer of security and identification to the INTELid digital identity blockchain.
  • Pindrop launched its voice identity platform which extends its technology to the enterprise level beyond the space of the Internet of Things (IoT) call center, voice assistants, homes and smart offices and connected cars in January 2019. The company aims to penetrate several new and crucial sectors of the market with its patented biometric technology Deep Voice.
  • Nuance Communications acquired Voicebox Technologies, one of the first leaders in speech recognition and natural language technologies in May 2018. Voicebox previously provided voice technology for a variety of applications and devices from several key players.

Market growth and trends:

Banking, financial services and insurance have become the main areas of application for voice biometrics. Solutions from banking and financial contact centers are currently ineffective in verifying customers and deterring fraudsters. The financial industry has limited interaction with devices due to inadequate security features. Pindrop Labs, a pioneer in providing voice biometrics solutions, said there had been a 269% increase in fraud attacks against financial institutions in the past four years, which is higher than most other sectors studied. Acquisition of accounts and defaults affect brand reputation and customer confidence.

FinTech analysts predict that the PIN code will become obsolete in the coming years. The financial sector remains at the forefront of adopting new forms of digital security such as voice biometrics, as the demand for security is higher than ever. This is mainly due to the synchronous increase in fraud as well as the use of technologies such as mobile banking. In 2018, HSBC announced the introduction of mobile voice recognition apps and ATMs to allow customers to transact without using passwords or magnetic cards.

Financial institutions should use voice recognition in the future to integrate voice recognition into their voice recognition applications.

Drivers and Market Restraints:

The high demand for high-level security in the financial sector and increased public awareness should also stimulate the market. With the increasing transition towards digitalization in almost all industry verticals, there is an utmost need for proper access control and authentication. Voice biometrics offers one such solution in terms of security as it varies for every individual. The increasing investments by several organizations to improve the overall protection of data has been supporting the growth of the global voice biometrics market. Also, the ongoing advances in technology are foreseen to strengthen further the process involved in the usage of these voice biometrics.

On the flip side, the issues related to hacking, privacy and high cost are acting as a few deterrents to the global voice biometrics business.

Market segmentation:

Depending on the components,

  • Software
  • Service 

Of these, the software segment accounts for a leading portion in the global voice biometrics market and is likely to continue its reign in the forecast period. The features like easy installation and faster authentication, are mainly driving the segment growth. Nonetheless, the services segment is also forecasted to register a considerable growth rate in future

By application,

  • Access control and authentication.
  • Fraud detection and prevention.
  • Forensic analysis and criminal investigation.
  • Others (speech therapy and personalized user experience)

The access control and authentication segment accounts for an outstanding share in the international marketplace and is predicted to continue the same in the foreseen years.

Depending on the types,

  • Active voice biometrics
  • Passive vocal biometrics

Active voice biometrics is the leading segment in the global voice biometrics market due to applications like easy registration, authentication and others in companies.

Based on implementation models,

  • On-Premises
  • Cloud

Cloud deployment is likely to register the highest growth rate and market value in the coming years, owing to the fewer costs involved in its setup and maintenance.

Based on organizational sizes,

  • SME
  • Large Companies

Small and Medium Enterprises are anticipated to register a healthy growth rate in the forecast period due to the increasing adoption of cloud computing and the need for secured infrastructure.

Based on the industry verticals,

  • BFSI
  • Government and Defense
  • Telecommunications and IT
  • Healthcare
  • Retail and Electronic Commerce.
  • Others 

BFSI is the largest end-user segment for voice biometrics that is foreseen to expand with the highest growth rate in the next few years. The increased online transactions and purchases support the development in this sector.

Regional Analysis:

Geographically, the global voice biometrics market is divided into the regions of 

  • North America
  • Europe
  • Asia Pacific (APAC)
  • Middle East and Africa (MEA)
  • Latin America

Among these, North America voice biometrics market occupied the lion's share in the global business because of the presence of key players, early adoption of technology, and increasing investments to ensure security at the organizational level. The Asia Pacific voice biometrics market is predicted to expand with a remarkable growth rate in the estimated period.

Key Market Players:

The global voice biometrics market is dominated by companies such as Agnito SL, Voice Pass Technology, VoiceTrust Ag, MASYS Technology, SpeechPro, ValidSoft, National Security Resources, SayPay Technologies INC., American Safety Council Inc., Nuance Communications, VoiceTrust Holding BV, VoiceVault, OneVault, Uniphore, Voice Security Sysrems, Voice Biometrics and Boid Ag. Some of the main trends observed in the supplier landscape include mergers and acquisitions and innovations.

1. Introduction                                 

                1.1 Market Definition                    

                1.2 Scope of the report                 

                1.3 Study Assumptions                 

                1.4 Base Currency, Base Year and Forecast Periods                           

2. Research Methodology                                           

                2.1 Analysis Design                         

                2.2 Research Phases                      

                                2.2.1 Secondary Research           

                                2.2.2 Primary Research 

                                2.2.3 Data Modelling     

                                2.2.4 Expert Validation  

                2.3 Study Timeline                          

3. Report Overview                                        

                3.1 Executive Summary                

                3.2 Key Inferencees                       

4. Market Dynamics                                       

                4.1 Impact Analysis                        

                                4.1.1 Drivers      

                                4.1.2 Restaints 

                                4.1.3 Opportunities        

                4.2 Regulatory Environment                       

                4.3 Technology Timeline & Recent Trends                            

5. Competitor Benchmarking Analysis                                    

                5.1 Key Player Benchmarking                     

                                5.1.1 Market share analysis         

                                5.1.2 Products/Service 

                                5.1.3 Regional Presence

                5.2 Mergers & Acquistion Landscape                      

                5.3 Joint Ventures & Collaborations                        

6. Market Segmentation                                              

                6.1 Voice Biometrics Market, By Component                      

                                6.1.1 Software 

                                6.1.2 Services   

                                6.1.3 Market Size Estimations & Forecasts (2019-2024)   

                                6.1.4 Y-o-Y Growth Rate Analysis              

                                6.1.5 Market Attractiveness Index           

                6.2 Voice Biometrics Market, By Application                        

                                6.2.1 Access Control & Authentication   

                                6.2.2 Fraud Detection & Prevention        

                                6.2.3 Forensic Analysis & Criminal Investigation 

                                6.2.4 Market Size Estimations & Forecasts (2019-2024)   

                                6.2.5 Y-o-Y Growth Rate Analysis              

                                6.2.6 Market Attractiveness Index           

                6.3 Voice Biometrics Market, By Type                    

                                6.3.1 Active       

                                6.3.2 Passive     

                                6.3.3 Market Size Estimations & Forecasts (2019-2024)   

                                6.3.4 Y-o-Y Growth Rate Analysis              

                                6.3.5 Market Attractiveness Index           

                6.4 Voice Biometrics Market, By Deployment                     

                                6.4.1 On-Premises          

                                6.4.2 Cloud        

                                6.4.3 Market Size Estimations & Forecasts (2019-2024)   

                                6.4.4 Y-o-Y Growth Rate Analysis              

                                6.4.5 Market Attractiveness Index           

                6.5 Voice Biometrics Market, By Organization Size                            

                                6.5.1 SME           

                                6.5.2 Large Enterprises 

                                6.5.3 Market Size Estimations & Forecasts (2019-2024)   

                                6.5.4 Y-o-Y Growth Rate Analysis              

                                6.5.5 Market Attractiveness Index           

                6.6 Voice Biometrics Market, By Industry Vertical                             

                                6.6.1 BFSI           

                                6.6.2 Government & Defense    

                                6.6.3 Telecom and IT      

                                6.6.4 Healthcare              

                                6.6.5 Retail & E-Commerce         

                                6.6.6 Market Size Estimations & Forecasts (2019-2024)   

                                6.6.7 Y-o-Y Growth Rate Analysis              

                                6.6.8 Market Attractiveness Index           

7. Geographical Landscape                                         

                7.1 Global Identity Governance and Administration Market, by Region                    

                7.2 North America - Market Analysis (2018 - 2024)                            

                                7.2.1 By Country              



                                7.2.2 By Component      

                                7.2.3 By Application       

                                7.2.4 By Type    

                                7.2.5 By Deployment     

                                7.2.6 By Organization Size           

                                7.2.7 By Industry Vertical             

                7.3 Europe                         

                                7.3.1 By Country              






                                       Rest of Europe

                                7.3.2 By Component      

                                7.3.3 By Application       

                                7.3.4 By Type    

                                7.3.5 By Deployment     

                                7.3.6 By Organization Size           

                                7.3.7 By Industry Vertical             

                7.4 Asia Pacific                  

                                7.4.1 By Country              




                                       South Korea

                                       South East Asia

                                       Australia & NZ

                                       Rest of Asia-Pacific

                                7.4.2 By Component      

                                7.4.3 By Application       

                                7.4.4 By Type    

                                7.4.5 By Deployment     

                                7.4.6 By Organization Size           

                                7.4.7 By Industry Vertical             

                7.5 Latin America                            

                                7.5.1 By Country              




                                       Rest of Latin America

                                7.5.2 By Component      

                                7.5.3 By Application       

                                7.5.4 By Type    

                                7.5.5 By Deployment     

                                7.5.6 By Organization Size           

                                7.5.7 By Industry Vertical             

                7.6 Middle East and Africa                           

                                7.6.1 By Country              

                                       Middle East


                                7.6.2 By Component      

                                7.6.3 By Application       

                                7.6.4 By Type    

                                7.6.5 By Deployment     

                                7.6.6 By Organization Size           

                                7.6.7 By Industry Vertical             

8. Key Player Analysis                                    

                8.1 Agnito SL                     

                                8.1.1 Business Description           

                                8.1.2 Products/Service 

                                8.1.3 Financials 

                                8.1.4 SWOT Analysis      

                                8.1.5 Recent Developments       

                                8.1.6 Analyst Overview 

                8.2 Voice Pass Technology                          

                8.3 VoiceTrust AG                           

                8.4 MASYS Technology                 

                8.5 ValidSoft                     

                8.6 Nuance Communications                     

                8.7 VoiceTrust Holding BV                           

                8.8 American Safety Council Inc.,                              

                8.9 SayPay Technologies Inc.                      

                8.10 VoiceVault               

9. Market Outlook & Investment Opportunities                                 


                List of Tables                     

                List of Figures                   

  • Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • Segment-level analysis in terms of Type and Technology along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
  1. Global Voice Biometrics Market By Region, From 2020-2025 ( USD Billion )
  2. Global Voice Biometrics Market By Component, From 2020-2025 ( USD Billion )
  3. Global Software Market By Region, From 2020-2025 ( USD Billion )
  4. Global Services Market By Region, From 2020-2025 ( USD Billion )
  5. Global Voice Biometrics Market By Application, From 2020-2025 ( USD Billion )
  6. Global Access Control & Authentication Market By Region, From 2020-2025 ( USD Billion )
  7. Global Fraud Detection & Prevention Market By Region, From 2020-2025 ( USD Billion )
  8. Global Forensic Analysis & Criminal Investigation Market By Region, From 2020-2025 ( USD Billion )
  9. Global Voice Biometrics Market By Type, From 2020-2025 ( USD Billion )
  10. Global Active Market By Region, From 2020-2025 ( USD Billion )
  11. Global Passive Market By Region, From 2020-2025 ( USD Billion )
  12. Global Voice Biometrics Market By Deployment, From 2020-2025 ( USD Billion )
  13. Global On-Premises Market By Region, From 2020-2025 ( USD Billion )
  14. Global Cloud Market By Region, From 2020-2025 ( USD Billion )
  15. Global Voice Biometrics Market By Organization Size, From 2020-2025 ( USD Billion )
  16. Global SME Market By Region, From 2020-2025 ( USD Billion )
  17. Global Large Enterprises Market By Region, From 2020-2025 ( USD Billion )
  18. Global Voice Biometrics Market By Industry Vertical, From 2020-2025 ( USD Billion )
  19. Global BFSI Market By Region, From 2020-2025 ( USD Billion )
  20. Global Government & Defense Market By Region, From 2020-2025 ( USD Billion )
  21. Global Telecom and IT Market By Region, From 2020-2025 ( USD Billion )
  22. Global Healthcare Market By Region, From 2020-2025 ( USD Billion )
  23. Global Retail & E-Commerce Market By Region, From 2020-2025 ( USD Billion )

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