The Insight Partners are anticipating major growth in the voice biometrics market. In that regard, the firm has released a new report that predicts that the global market for voice biometrics technology will jump from $1.31 billion in 2021 to $4.82 billion in 2028.
Those figures represent a CAGR of 20.6 percent for the forecast period, and are consistent with other reports on the voice biometrics market. Most notably, MarketsandMarkets and Reports and Data have both placed the market at around $3.91 billion in 2026.
For its part, The Insight Partners attribute the expected growth to the rising demand for effective fraud prevention solutions in the financial sector. The firm noted that digital transformation has coincided with increasing rates of fraud, which in turn creates a need for technology that can counteract that threat.
Voice biometrics can help financial institutions address their Know Your Customer concerns across languages and geographies. The technology is becoming a core component of the verification process in contact centers, where it can be used as a form of biometric authentication and backed up with liveness detection to ensure that the person calling into a contact center is in fact the person they claim to be. Agent-assisted voice biometrics applications stood as the biggest segment of the overall voice biometric market in 2021.
Healthcare, government, and telecommunications are some of the other industries that are expected to make use of voice biometrics tech. The Insight Partners noted that COVID-19 has generated more interest in contactless biometric solutions, and that the pandemic had slightly less of an impact in countries with more robust healthcare systems that allowed people to get vaccines and return to work more quickly. The Insight Partners listed Auraya, Aware, Nuance, NICE, Verint, and Pindrop as some of the biggest players in the voice biometrics space.
March 24, 2022 – by Eric Weiss