Reports and Data has released a new report on the voice biometrics market, forecasting that the market will hit $3.91 billion by 2026. The figure represents a CAGR of 23.5 percent based on the firm’s 2018 valuation of the market, which stands at $0.69 billion.
The prediction seems anomalously low when compared to previous reports from Grand View Research and Fortune Business Insights, which have respectively pegged the voice recognition market at $31.25 billion in 2025 and $28.34 billion in 2026. However, the Grand View Report accounts for speech recognition and voice recognition, so those reports may reflect technologies that would not fall under the narrower voice biometrics umbrella.
Either way, the trend is still positive for providers of voice biometric technology. Reports and Data attributes the anticipated growth to the rising demand for strong security options in a digitized society.
To that end, voice recognition offers a secure form of biometric authentication that is relatively easy (and inexpensive) to implement and maintain. The financial sector is expected to make up the largest portion of the voice biometrics market, with many banks already deploying the technology to make their call center operations more efficient. Access control will demonstrate the highest CAGR at 23.7 percent.
Voice recognition technology is also being deployed in more smart devices, with smartphones, smart cars, and smart speakers all making use of virtual assistants. Voice recognition can help safeguard health and financial records, and is expected to be popular with government organizations that need to protect confidential information.
Reports and Data has identified Nuance Communications, NICE, Verint, LumenVox, and LexisNexis Risk Solutions as some of the key players in the voice biometrics space, placing them alongside perennial industry titans like Google, Amazon, Apple, and Facebook.
The research firm has previously predicted that the facial recognition market will reach $11.3 billion in the same 2026 time frame.
October 9, 2019 – by Eric Weiss