London, UK -- (SBWIRE) -- 08/16/2021 -- Global Voice Biometrics Market is valued at approximately USD 0.9 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 22.9% over the forecast period 2020-2027. Voice biometrics is usually used utilized for speech recognition via analysis of an individual voice, pitch, speech, and tone. In terms of security, voice biometric has an extensive advantage in comparison to passwords, as they can be simply hacked or tracked, although the voice of an individual is mostly being distinctive and unique as a fingerprint. Thus, voice biometric technology is gaining significant traction in a range of industrial applications all over the world. Moreover, increasing demand for an intelligent virtual assistant (IVA) and smart speakers with voice capabilities, aided with surging need to minimize identification and authentication costs are the few factors responsible for the high CAGR of the market during the forecast period. For instance, as per the journal of the Department of Ministry of Corporate Affairs (MCA) in 2019, the use of virtual assistants with speech recognition capabilities is projected to increase from 60.5 million people in the U.S. in 2017 to 62.4 million in 2018. Also, about 66.6 million Americans are likely to use speech or voice recognition technology by 2019.

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Recently, various technology companies are identifying interest in speech recognition technologies and voice recognition as a standard for most products, for example, Amazon's Alexa is on Echo, Apple's Siri is on HomePod, Google Assistant is on Google Home, and Microsoft's Cortana is on Invoke. As a result, many market players are integrating new technologies and innovation in their voice technology for the improving safety and security of their products. For example, as per the Department of MCA, in 2017, the word error rate for Microsoft's voice technology has been recorded at 5.1% by the company, while Google reports that it has reduced its rate to 4.9%. This, in turn, is likely to strengthen the demand for voice biometrics, thereby contributing to the market growth around the world. However, the low cybersecurity budgets, along with the high installation costs of the products are the prime factors restraining the market growth over the forecast period of 2020-2027.

Major market players included in this report are:
Nuance Communications
NICE Systems Ltd.
Verint Systems
Pindrop Security
LexisNexis Risk Solutions
Phonexia S.R.O.
Aculab
Auraya Systems
Speech Technology Center
LumenVox

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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of the competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Component:
Hardware
Software

By Application:
Automotive
Banking, Financial Service, and Insurance
Government Agency
Healthcare Industry
Mobile devices
Others

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