The global Voice Biometrics Market size is expected to grow from $984 million in 2019 to $2,845 million by 2024, equivalent to a Compound Annual Growth Rate (CAGR) of 23.7%
That’s according to a new report from MarketsandMarkets, which says the key factors driving demand include an increasing need for robust fraud detection and prevention systems across the Banking, Financial Services, and Insurance (BFSI) industry vertical and a need for reducing authentication and identification costs.
North America is expected to account for the largest market size in the Voice Biometrics Market by region during the forecast period. The region is home to many key vendors, such as Nuance Communications, Verint, and Pindrop.
APAC is expected to grow at the highest CAGR during the forecast period with increasing investments in strengthening security infrastructure. An increasing demand for cloud-based solutions from retail and eCommerce and healthcare verticals is expected to drive the Voice Biometrics Market in the region.
Overall, the report identifies the key market players as Nuance Communications (US), NICE (Israel), Verint (US), AimBrain (UK), Voice Biometrics Group (US), Phonexia (Czech Republic), OneVault (South Africa), SESTEK (Turkey), LumenVox (US), LexisNexis Risk Solutions (US), VoicePIN (Poland), Uniphore (India), Pindrop (US), Aculab (UK) and Auraya (Australia).