Asia Pacific Voice Biometrics Market is expected to reach US$ 1,214.90 million by 2028

At 22.6% CAGR, the Asia Pacific voice biometrics market is speculated to be worth US$ 1,214.90 million by 2028, says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific voice biometrics market was valued at US$ 357.29 million in 2022 and is expected to reach US$ 1,214.90 million by 2028, registering an annual growth rate of 22.6% from 2022 to 2028. The increasing adoption of voice biometrics in healthcare industry and increasing demand for fraud detection and prevention system are the critical factors attributed to the market expansion.

Healthcare organizations can secure their medical staff and their patients with voice biometrics. Unlike fingerprint and facial recognition, voice biometrics can be used on any device with a microphone, such as a tablet, PC, or medical device such as an X-ray machine. Users merely need to use their voice to prove their identity to access records and other resources. Voice biometrics can also be utilized in online password reset services to ensure that quick and safe password resets save medical staff and patients time. Another useful application is identifying and verifying patients during consumer contacts in call centers. Call center agents can easily determine or authenticate callers using voice biometrics if they are enrolled, which helps agents deliver a service or obtain necessary information about the caller immediately, saving time, especially in an emergency. Other easy implementations might include incorporating voice biometrics into digital kiosks, which would allow users to be identified when using a voice-assistant equipped kiosk to get a service. Furthermore, several government initiatives to encourage voice biometrics in healthcare are being implemented. The risk of data breaches in the healthcare industry is increasing due to the rapid digitization of healthcare data. Due to this, governments in several nations are enacting legislation to address concerns about the security of patient data. In addition, healthcare institutions that break any HIPAA rules incur steep financial penalties. For instance, the Indian government used biometric patient verification in September 2019 to combat ghost admissions under Ayushman Bharat, the country's premier health insurance scheme. Thus, increasing the adoption of voice biometrics in the healthcare industry will drive the demand for voice biometrics, thereby increasing opportunities for the market.

On he contrary, security and privacy issues hurdles the growth of Asia Pacific voice biometrics market.

Based on component, the Asia Pacific voice biometrics market is categorized into solution and services. The solution held 72.1% market share in 2022, amassing US$ 257.46 million. It is projected to garner US$ 837.40 million by 2028 to expand at 21.7% CAGR during 2022–2028.

Based on type, the Asia Pacific voice biometrics market is bifurcated into active voice biometrics and passive voice biometrics. The passive voice biometrics held 72.3% market share in 2022, amassing US$ 258.17 million. It is projected to garner US$ 940.82 million by 2028 to expand at 24.1% CAGR during 2022–2028.

Based on authentication process, the Asia Pacific voice biometrics market is segmented into automated IVR, agent-assisted, mobile applications, and employee authentication. With 56.3% share of the domain, the agent-assisted segment dominated the market in 2022. It accrued US$ 201.17 million in 2022 and is estimated to generate US$ 692.46 million by 2028 to grow at a CAGR of 22.9% over the forecast period.

Based on deployment, the Asia Pacific voice biometrics market can be bifurcated into cloud and on-premise. With 54.6% share of the domain, the cloud segment dominated the market in 2022. It accrued US$ 195.09 million in 2022 and is estimated to generate US$ 697.88 million by 2028 to grow at a CAGR of 23.7% over the forecast period.

Based on vertical, the Asia Pacific voice biometrics is segmented into BFSI, retail & ecommerce, government & defense, IT & telecom, healthcare & life sciences, transportation & logistics, travel & hospitality, energy & utilities, and others. The BFSI held 32.2% market share in 2022, amassing US$ 115.03 million. It is projected to garner US$ 388.29 million by 2028 to expand at 22.5% CAGR during 2022–2028.

Based on application, the Asia Pacific voice biometrics market can be categorized into authentication and customer verification, forensic voice analysis and criminal investigation, fraud detection and prevention, risk and emergency management, transaction processing, access control, workforce management, and others. The authentication and customer verification held 37.9% market share in 2022, amassing US$ 135.46 million. It is projected to garner US$ 458.63 million by 2028 to expand at 22.5% CAGR during 2022–2028.

Based on country, the Asia Pacific voice biometrics market is segmented into China, Japan, India, South Korea, Australia, and the rest of Asia Pacific. Our regional analysis states that China captured 29.2% market share in 2022. It was assessed at US$ 104.20 million in 2022 and is likely to hit US$ 375.71 million by 2028, exhibiting a CAGR of 23.8% during the forecast period.

Key players dominating the Asia Pacific voice biometrics market are Auraya, Inc.; Aware Inc; NICE Ltd; Nuance Communications, Inc; and Verint Systems, Inc among others.

• In 2022, Regional Australia Bank have installed NICE CXone platform to provide enhanced support their branches across New South Wales.