Report : Middle East and Africa 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 18.5% CAGR, the Middle East & Africa voice biometrics market is speculated to be worth US$ 316.25 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Middle East & Africa voice biometrics market was valued at US$ 114.06 million in 2022 and is expected to reach US$ 316.25 million by 2028, registering an annual growth rate of 18.5% from 2022 to 2028. The surge in demand for fraud detection and prevention system and rising demand for voice authentication in mobile banking applications are the critical factors attributed to the market expansion.
Banks constantly remain on top of the best authentication methods to combat online fraud. Authentication mechanisms based on knowledge, such as PINs, passwords, and one-time passwords, have been employed by banks in the past. Further, banking security was affected by the demand for contactless and seamless technologies due to the COVID-19 pandemic. With the advent of digitization in the financial business, fraudulent activities are expanding alarmingly. Fraudsters with access to banking credentials get access to clients' bank accounts due to high-profile data thefts, necessitating a second or third degree of protection in the entire financial authentication system. Banks and financial institutions benefit from speech biometrics technologies that intelligently identify users based on their voiceprints. Unlike typical text passwords and pins, voiceprints are unique to each user. Furthermore, cyber-attacks in the financial industry are increasing as attackers/hackers are becoming more skilled, and the number of potential targets or entry points is expanding. With the continuing growth and incorporation of new banking and financial technology, the total number of users is also growing dramatically. Voice biometrics simplifies user identification and authentication while improving Know Your Customer (KYC) management due to automatic calibration, active and passive authentication, liveliness detection, and panic detection. Further, voice biometrics potentially help to improve KYC procedures. Voice biometrics help include such persons in a financial safety net because the solutions are language-independent. Thus, the growing demand for fraud detection and prevention system in the BFSI industry is driving the growth of the voice biometrics market.
On he contrary, security and privacy issues hurdles the growth of Middle East & Africa voice biometrics market.
Based on component, the Middle East & Africa voice biometrics market is categorized into solution and services. The solution held 74.7% market share in 2022, amassing US$ 85.18 million. It is projected to garner US$ 227.14 million by 2028 to expand at 17.8% CAGR during 2022–2028.
Based on type, the Middle East & Africa voice biometrics market is bifurcated into active voice biometrics and passive voice biometrics. The passive voice biometrics held 69.7% market share in 2022, amassing US$ 79.55 million. It is projected to garner US$ 236.18 million by 2028 to expand at 19.9% CAGR during 2022–2028.
Based on authentication process, the Middle East & Africa 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$ 62.96 million in 2022 and is estimated to generate US$ 176.54 million by 2028 to grow at a CAGR of 18.7% over the forecast period.
Based on deployment, the Middle East & Africa voice biometrics market can be bifurcated into cloud and on-premise. With 56.5% share of the domain, the cloud segment dominated the market in 2022. It accrued US$ 64.47 million in 2022 and is estimated to generate US$ 186.52 million by 2028 to grow at a CAGR of 19.4% over the forecast period.
Based on vertical, the Middle East & Africa 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 33.7% market share in 2022, amassing US$ 38.49 million. It is projected to garner US$ 106.85 million by 2028 to expand at 18.6% CAGR during 2022–2028.
Based on application, the Middle East & Africa 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 41.6% market share in 2022, amassing US$ 47.46 million. It is projected to garner US$ 131.37 million by 2028 to expand at 18.5% CAGR during 2022–2028.
Based on country, the Middle East & Africa voice biometrics market is segmented into South Africa, the UAE, Saudi Arabia, and the rest of Middle East & Africa. Our regional analysis states that the UAE captured 36.6% market share in 2022. It was assessed at US$ 41.78 million in 2022 and is likely to hit US$ 123.71 million by 2028, exhibiting a CAGR of 19.8% during the forecast period.
Key players dominating the Middle East & Africa voice biometrics market are Aware Inc; NICE Ltd; Nuance Communications, Inc; SESTEK; and Verint Systems, Inc. among others.
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