Report : Europe Voice Biometrics Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Solution and Services), Type (Active Voice Biometrics and Passive Voice Biometrics), Authentication Process (Automated IVR, Agent-assisted, Mobile Application, and Employee Authentication), Deployment (Cloud and On-premise), Vertical (BFSI, Retail & E-commerce, Government & Defense, IT & Telecom, Healthcare & Life Sciences, Transportation & Logistics, Travel & Hospitality, Energy & Utilities, and Others), and Application (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)
At 20.8% CAGR, the Europe voice biometrics market is speculated to be worth US$ 1,357.50 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe voice biometrics market was valued at US$ 436.45 million in 2022 and is expected to reach US$ 1,357.50 million by 2028, registering an annual growth rate of 20.8% from 2022 to 2028. The growing demand for voice authentication in mobile banking applications and rising emergence of artificial intelligence in voice biometrics are the critical factors attributed to the market expansion.
In banking, voice biometric authentication is based on vocal patterns, with each person having distinct phonetic and morphological characteristics that artificial intelligence (AI) can detect. The approaches are more convenient and speed up the operations as the voice biometrics is contactless. Because there is a larger requirement for security than ever before, biometric authentication is rising to the top of the financial technology landscape. Furthermore, because of the widespread acceptance of online banking, mobile and e-banking are increasingly being utilized regularly to transfer and complete transactions, opening up possible channels for cybercriminals to access a user's account and steal money. The need to deliver safe banking services through mobile applications persists as financial service providers invest in mobile app services, which is having a positive impact on the demand for voice biometrics. Users are utilizing voice biometric authentication methods to authenticate themselves while entering into mobile apps and validate online transactions such as money transfers, online payments, and account settings updates. Users then confirm transactions using their voice rather than dedicated commands quickly and securely. In two-factor systems, voice biometrics is utilized as one of the authentication processes. It is combined with another biometric factor, such as a person's retina, fingerprint, or face, or with knowledge-based authentication approaches, such as a password or a passphrase. For banks, the adoption of speech biometric authentication technology is relatively simple from a technical standpoint. As a result, banks are not required to offer new equipment to consumers to authenticate them using voice biometrics. Furthermore, voice verification software can be integrated with the bank's current internal telephone system (PBX) and controlled either on-premises or cloud storage. Thus, the increasing demand for voice authentication in mobile banking applications is driving the demand for voice biometrics.
On he contrary, security and privacy issues hurdles the growth of Europe voice biometrics market.
Based on component, the Europe voice biometrics market is categorized into solution and services. The solution held 74.6% market share in 2022, amassing US$ 325.72 million. It is projected to garner US$ 975.78 million by 2028 to expand at 20.1% CAGR during 2022–2028.
Based on type, the Europe voice biometrics market is bifurcated into active voice biometrics and passive voice biometrics. The passive voice biometrics held 71.1% market share in 2022, amassing US$ 310.42 million. It is projected to garner US$ 1,036.24 million by 2028 to expand at 22.3% CAGR during 2022–2028.
Based on authentication process, the Europe voice biometrics market is segmented into automated IVR, agent-assisted, mobile applications, and employee authentication. With 55.2% share of the domain, the agent-assisted segment dominated the market in 2022. It accrued US$ 241.12 million in 2022 and is estimated to generate US$ 761.02 million by 2028 to grow at a CAGR of 21.1% over the forecast period.
Based on deployment, the Europe voice biometrics market can be bifurcated into cloud and on-premise. With 53.3% share of the domain, the cloud segment dominated the market in 2022. It accrued US$ 232.65 million in 2022 and is estimated to generate US$ 759.99 million by 2028 to grow at a CAGR of 21.8% over the forecast period.
Based on vertical, the Europe 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 34.0% market share in 2022, amassing US$ 148.32 million. It is projected to garner US$ 457.94 million by 2028 to expand at 20.7% CAGR during 2022–2028.
Based on application, the Europe 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 37.0% market share in 2022, amassing US$ 161.54 million. It is projected to garner US$ 500.05 million by 2028 to expand at 20.7% CAGR during 2022–2028.
Based on country, the Europe voice biometrics market is segmented into France, Germany, the UK, Italy, Russia, and the rest of Europe. Our regional analysis states that Germany captured 25.2% market share in 2022. It was assessed at US$ 110.19 million in 2022 and is likely to hit US$ 359.50 million by 2028, exhibiting a CAGR of 21.8% during the forecast period.
Key players dominating the Europe voice biometrics market are Aculab; Auraya, Inc.; Aware Inc; NICE Ltd; Nuance Communications, Inc; Phonexia; Pindrop; SESTEK; Verint Systems, Inc.; and Whispeak among others.