Report : North America 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 19.7% CAGR, the North America voice biometrics market is speculated to be worth US$ 1,808.85 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America voice biometrics market was valued at US$ 613.68 million in 2022 and is expected to reach US$ 1,808.85 million by 2028, registering an annual growth rate of 19.7% from 2022 to 2028. The increasing adoption of voice biometrics in healthcare industry and rising emergence of artificial intelligence in voice biometrics 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. Further, Nuance launched the Omnichannel Patient Engagement Virtual Assistant Platform in January 2021 to power the 'Digital Front Door' in healthcare. Nuance's omnichannel patient engagement platform is a well-thought-out, well-implemented, and practical solution for offering an expanded level of digital services to patients and a new integrated philosophy for enabling healthcare's digital front door. Gnani.ai has released armour365TM Voice Biometrics software, which is based on patented technologies, in September of 2021. The solution includes top-of-the-line features such as an anti-spoof layer, replay attack detection, and one enrollment to provide unrivaled security and CX for industries, including contact centers, banks, defense, and healthcare, for applications ranging from omnichannel customer authentication to secured access to sensitive devices. 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 North America voice biometrics market.
Based on component, the North America voice biometrics market is categorized into solution and services. The solution held 73.5% market share in 2022, amassing US$ 450.92 million. It is projected to garner US$ 1,271.26 million by 2028 to expand at 18.9% CAGR during 2022–2028.
Based on type, the North America voice biometrics market is bifurcated into active voice biometrics and passive voice biometrics. The passive voice biometrics held 72.2% market share in 2022, amassing US$ 443.16 million. It is projected to garner US$ 1,333.02 million by 2028 to expand at 20.1% CAGR during 2022–2028.
Based on authentication process, the North America voice biometrics market is segmented into automated IVR, agent-assisted, mobile applications, and employee authentication. With 58.0% share of the domain, the agent-assisted segment dominated the market in 2022. It accrued US$ 356.13 million in 2022 and is estimated to generate US$ 1,063.40 million by 2028 to grow at a CAGR of 20.0% over the forecast period.
Based on deployment, the North America voice biometrics market can be bifurcated into cloud and on-premise. With 53.0% share of the domain, the cloud segment dominated the market in 2022. It accrued US$ 325.11 million in 2022 and is estimated to generate US$ 1,033.67 million by 2028 to grow at a CAGR of 21.3% over the forecast period.
Based on vertical, the North America 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 28.5% market share in 2022, amassing US$ 174.75 million. It is projected to garner US$ 505.97 million by 2028 to expand at 19.4% CAGR during 2022–2028.
Based on application, the North America 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 35.4% market share in 2022, amassing US$ 217.25 million. It is projected to garner US$ 641.00 million by 2028 to expand at 19.8% CAGR during 2022–2028.
Based on country, the North America voice biometrics market is segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 80.5% market share in 2022. It was assessed at US$ 493.85 million in 2022 and is likely to hit US$ 1,477.62 million by 2028, exhibiting a CAGR of 20.0% during the forecast period.
Key players dominating the North America voice biometrics market are Aculab; Auraya, Inc.; Aware Inc; NICE Ltd; Nuance Communications, Inc; Pindrop; and Verint Systems, Inc.among others.