MarketsandMarkets is predicting that the demand for voice biometric technology will triple in the next five years. The firm’s latest report suggests that the market will grow from $1.1 billion in 2020 to $3.9 billion by 2026 at a robust CAGR of 22.8 percent.
According to the report, much of that growth can be attributed to the rising need for secure authentication solutions, particularly in the increasingly digital financial services industry. In that regard, voice biometrics can help prevent account takeovers, even in cases in which a fraudster is able to gain access to someone’s banking information.
MarketsandMarkets also noted that voice biometrics can help companies provide more personalized services for their customers. The mobile applications segment will display the highest CAGR during the forecast period, precisely because more and more organizations are adding voice capabilities to their customer-facing applications.
The voice biometrics market slowed in 2020 due to the impact of COVID-19, though MarketsandMarkets believes it will recover as businesses search for more cost-effective authentication and fraud prevention options. The transaction processing segment will be similarly noteworthy, and will exhibit the highest CAGR during the forecast period.
The demand for active voice services is expected to grow faster than the demand for passive ones. Meanwhile, healthcare will be the vertical with the most growth, due in large part to the need for solutions that can protect sensitive medical information. North America will serve as the largest market for voice biometrics tech, while the Asia Pacific market will grow at the fastest rate.
MarketsandMarkets identified Nuance, Pindrop, Auraya, Aware, Uniphore, ID R&D, and HYPR as some of the key developers of voice biometric technology. The firm’s numbers are comparable to those in a 2019 report from Reports and Data, which forecasted a $3.91 billion voice biometric market. However, they are much lower than the predictions of Grand View Research and Fortune Business Insights, which have pegged the voice recognition market at $31.25 billion $28.34 billion, respectively.
April 6, 2021 – by Eric Weiss