Voice Biometrics Market Global Forecast Report by Component (Solutions, Services), Type (Active Voice Biometrics, Passive Voice Biometrics), Deployment Mode (On-premises, Cloud-based), Organization Size (Large Enterprises, Small and Medium-sized Enterprises (SMEs)), Application (Fraud Detection and Prevention, Access Control Authentication, Forensic Voice Analysis and Criminal Investigation, Others), End User (BFSI, IT and Telecom, Consumer Electronics, Automotive, Government, Healthcare, Others), Countries and Company Analysis 2025-2033

Furthermore, as reported by the Reserve Bank of India (RBI), there were 12,069 instances of financial fraud in the card and internet category during the first half of fiscal year 2024, compared to 2,321 occurrences during the same period the previous year. Banks are employing biometrics technology for user authentication in response to the growing threat of financial crimes. For example, the Indian private sector bank City Union Bank Limited (CUB) introduced voice biometrics in April 2023 to allow new clients to access a mobile banking app. This function was added by the bank to protect its clients against scammers.

Growth Drivers for the Voice Biometrics Market

Growing Need in the BFSI Sector for Sturdy Fraud Detection and Prevention Systems

The complicated and multifaceted subject of fraud poses a serious problem for financial organizations. The Federal Trade Commission's (FTC) recent figures demonstrate the need of addressing this problem. It demonstrates that 2.6 million customers reported falling victim to fraud in 2023, with losses totaling USD 10 billion. Better and more efficient protection solutions, such voice biometrics with strong Machine Learning (ML), data analytics, and predictive capability, are required due to the rising incidence of financial fraud. Users might not need to respond to security questions in the future because to the rapid advancements in biometrics. Instead, the great accuracy of biometric and voice recognition technology can be used to create automated and fraud-free systems.

Rising Rates of Bank Fraud Cases and Cyberattacks

In order to identify irregularities that can point to fraudulent activity, voice biometrics systems examine speech patterns and behaviors. Red flags can be raised and alarms for additional inquiry can be triggered by deviations from a user's normal speech profile, such as abrupt changes in pitch, tone, or speaking style. In addition, the market outlook for voice biometrics is being stimulated by the widespread usage of complex algorithms, such as liveness detection and speaker identification techniques, to differentiate between real-time human voices and artificial or prepared samples. For example, around 8,700 bank fraud instances totaling INR 1.85 trillion were reported to the Reserve Bank of India (RBI) in India. According to data from the Indian Computer Emergency Response Team (CERT-In), there were 2,46,514 and 2,90,445 cyber security incidents involving digital banking in India, respectively.

Voice Biometrics Market Overview by Regions

The voice biometrics market is expanding globally, with North America leading in technology adoption, Europe emphasizing security and privacy, Asia-Pacific growing rapidly due to mobile usage, and the Middle East focusing on enhanced customer experiences across various sectors. An overview of the market by region is given below:

United States Voice Biometrics Market

The market for speech biometrics in the US is expanding quickly due to rising need for safe authentication techniques and developments in artificial intelligence. Voice recognition improves customer experience and prevents fraud in key industries like banking, healthcare, and security. The market is growing as a result of the proliferation of smart devices and IoT applications. Although problems like privacy and accuracy difficulties still exist, they should be resolved by continued technology advancements. As more businesses use voice biometrics to increase security and optimize operations, the market is expected to reach a substantial valuation by 2033.

The Center for Medicare and Medicaid Services in the United States projects that national health spending would reach USD 6.2 trillion by 2028, growing at an average annual rate of 5.4% between 2019 and 2028. This also covers the cost of computer and IT services for improved patient data storage and security. In addition, health systems are looking for voice-enabled transcriptions to find conditions that can be reimbursed throughout the diagnosis process while making sure that important health indicators are not overlooked.

Germany Voice Biometrics Market

The need for improved security and authentication solutions across a range of industries, including healthcare, telecommunications, and finance, is driving the speech biometrics market in Germany. This trend is fueled by the growing usage of digital services and smart devices, with speech recognition technology providing enhanced user experience and convenience. Businesses invest in secure voice solutions as a result of market dynamics shaped by regulatory compliance, especially in data protection. Ongoing developments in AI and machine learning are anticipated to spur innovation and increase market potential, establishing Germany as a major participant in the European voice biometrics scene despite obstacles including privacy issues and integration difficulties.

India Voice Biometrics Market

The market for voice biometrics in India is expanding significantly due to growing security concerns and the growing use of digital services in industries like e-governance, banking, and telecom. Given the size of the population and the widespread use of smartphones, voice authentication offers a convenient substitute for safe access and fraud avoidance. Prospects for the business are further strengthened by government programs encouraging digital identity verification. Although there are still obstacles such different accents and privacy concerns, these are being overcome by developments in machine learning and artificial intelligence. As more companies realize how beneficial it is to include voice biometrics into their operations, the market is anticipated to grow quickly by 2025.

United Arab Emirates Voice Biometrics Market

The market for voice biometrics in the United Arab Emirates is expanding quickly because to the increased need for safe authentication methods in industries including banking, healthcare, and government services. Voice recognition technology is essential for improving security and user experience as the UAE moves toward digital transformation and smart city projects. Government investment in cutting-edge biometric technology is fueled by its emphasis on cybersecurity and adherence to data protection laws. Technological developments in AI and machine learning are anticipated to drive market expansion and establish the UAE as a leader in the Middle Eastern voice biometrics scene, notwithstanding obstacles relating to accent variety and privacy issues.

Voice Biometrics Company Analysis

The major participants in the Voice Biometrics market includes Aculab PLC, Aware Inc, NICE Ltd, Nuance Communications Inc. (Microsoft Corporation), OneVault, Phonexia SRO, Verint Systems Inc, etc.

Voice Biometrics Company News

In March 2024, Voice biometrics for face generation and matching were introduced by Corsound AI. A voice and a face might be precisely matched by the company's AI systems. If the private Tel Aviv startup can accomplish this consistently and with minimal error rates, it will contribute to the development of a new biometric surveillance strategy and the addition of a new remote authentication option for onboarding.

In January 2024, to counter AI-driven fraud, ID R&D released a voice clone detecting tool. The device is intended to stop fraud and criminal activity by identifying voice clones and audio deepfakes.

In January 2024, for forensic voice comparison, Phonexia released Phonexia Voice Inspector 5.1. The new software products comply with the European Network of Forensic Science Institutes' (ENFSI) requirements and meet the international standard for court admissibility.

Component- Industry is divided into 2 viewpoints:

1. Solutions
2. Services

Type - Industry is divided into 2 viewpoints:

1. Active Voice Biometrics
2. Passive Voice Biometrics

Deployment Mode- Industry is divided into 2 viewpoints:

1. On-premises
2. Cloud-based

Organization Size- Industry is divided into 2 viewpoints:

1. Large Enterprises
2. Small and Medium-sized Enterprises (SMEs)

Application- Industry is divided into 4 viewpoints:

1. Fraud Detection and Prevention
2. Access Control Authentication
3. Forensic Voice Analysis and Criminal Investigation
4. Others

End User- Industry is divided into 7 viewpoints:

1. BFSI
2. IT and Telecom
3. Consumer Electronics
4. Automotive
5. Government
6. Healthcare
7. Others

Countries- Industry is divided into 25 viewpoints:

North America

• United States
• Canada

Europe

• France
• Germany
• Italy
• Spain
• United Kingdom
• Belgium
• Netherlands
• Turkey

Asia Pacific

• China
• Japan
• India
• Australia
• South Korea
• Thailand
• Malaysia
• Indonesia
• New Zealand

Latin America

• Brazil     
• Mexico  
• Argentina

Middle East & Africa

• South Africa
• Saudi Arabia
• United Arab Emirates

All companies have been covered with 5 Viewpoints

1. Overview
2. Key Persons
3. Recent Development & Strategies
4. Product Portfolio
5. Financial Insights

Company Analysis

1. Aculab PLC
2. Aware Inc
3. NICE Ltd
4. Nuance Communications Inc. (Microsoft Corporation)
5. OneVault
6. Phonexia SRO
7. Verint Systems Inc 

Report Details: