Banking Sector Offers Incredible Growth Opportunities to Global Voice Biometrics Market
Demand for voice biometrics is expected to grow at a healthy CAGR in the coming years. The demand for voice biometric solution has increased exponentially over the last few years with several banks implementing this technology across their channels. Artificial Intelligence or AI technology developed by researchers can mimic or replicate human speech patterns which are more distinctive than fingerprints or iris scan, making it harder to spoof unlike other biometric techniques. Voice biometrics adoption amongst financial institutions has shifted from experimental mode to production systems due to its ability to provide instant user authentication without requiring any additional hardware devices.
The rapid shift from traditional bank branches to digital channels has led organizations to look for new ways to enhance user experience and security of their transactions. AI-based technologies such as natural speaker verification, text-independent speaker verification, and multi modal biometrics etc., are more robust techniques that can increase accuracy rates while reducing operational costs.
Growing Integration of Advanced Technologies with Authentication Systems to Drive Growth of Voice Biometrics Market
Voice is the most natural, non-intrusive and arguably most universal of all biometrics. Although not yet fully mature, voice recognition technology has become an important player in passive speaker identification for access control applications. The technology holds great potential to provide new levels of security with minimal privacy intrusion from evolving markets where they are being deployed today, including banks and financial services, airlines, border crossings and government departments. This has increased the need to control access, particularly in the face of growing threats from terrorism and credit card fraud. Voice authentication can be used to increase security for both existing applications (e.g., computers, telephones) and new scenarios (e.g., remote kiosk banking).
The vocal biometrics market is still largely in its infancy compared with other biometric modalities - fingerprinting being a notable exception. Due to its flexibility in deployment, however, it has already carved out a significant market for itself. The technology holds much promise for future solutions in markets where legacy technologies are being replaced by more secure systems based on tokenization, PINs or PKI certificates.
Key Trends in Global Voice Biometrics Market
User Voices are More Easily Compromised Using Imitation May Hamper Voice Biometrics Market
One of the advantages to voice biometrics is that there is no need for a user to carry any additional hardware or devices, as they already have their voices. However, this same characteristic can become a disadvantage. In comparison to other biometric methods such as fingerprints and retinal scans, users’ voices are more easily compromised using an imitation. Also having a voice does not necessarily mean the users have the match, as it is possible for two people with different backgrounds to have identical vocals due to environmental factors such as where they were raised, what language they spoke at home, etc. This means that if someone were able to obtain voiceprint by taking samples from end-user then impersonation becomes much easier.
The use of voice biometrics is not authorized or approved by the US government, which means if users are a contract worker for the military it may not be possible to include voiceprint as an authentication mechanism, which further restricts the growth of voice biometrics market in North America to some extent. There have also been studies that suggest that under certain conditions and situations, consumers show poorer enrolment scores when using voice biometrics than with other existing technologies such as fingerprint or retina scans.
Rapidly Growing Digitalization and Mobile Banking to Spur Growth of Asia Pacific Voice Biometrics Market
Asia Pacific voice biometrics market is expected to grow considerably due to the rapidly growing digitalization and mobile banking. The introduction of new technologies in this region is aimed to ease the processing of financial transactions. One major factor boosting the demand for voice biometrics is the rapid growth of mobile banking. The use of tablets and smartphones has increased at a rapid pace due to their convenience; thus, many banks are adopting these devices for providing services to their customers. It is estimated that there will be more than 3 billion smartphones in use by 2028, which would propel the demand for voice-based security over smart devices.
China, Japan, and India are havens for local as well as multinational players in the voice biometrics market; thus, leading to intense competition among them. Moreover, many small and regional banks, due to their large number and low profitability, may pose a threat to the growth of this market in Asia Pacific. Since voice biometric technology is an expensive proposition requiring substantial infrastructure requirements such as advanced device support, superior connectivity across devices operating on different platforms, and extensive storage space for storing reference voices samples; organizations need to weigh the cost required for implementation against its benefits before adopting any system.
Global Voice Biometrics Market: Key Players
NICE (Israel), Nuance (US), Pindrop (US), Verint (US), Phonexia (Czech Republic), LexisNexis Risk Solutions (US), Aculab (UK), VBG (US), Auraya (Australia), Aware (US), OneVault (South Africa), LumenVox (US), SpeechPro (US), SESTEK (Turkey), Uniphore (India), QSS Technosoft (India), VoicePIN (Poland), and Voxta (India) Interactions (US) are some of the prominent players in the global voice biometrics market.
Global Voice Biometrics Market is Segmented as Below:
By Authentication Process:
By Organization Size:
Key Elements Included In The Study: Global Voice Biometrics Market
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