The voice biometrics market in Europe is expected to grow from US$ 436.45 million in 2022 to US$ 1,357.50 million by 2028; it is estimated to grow at a CAGR of 20.8% from 2022 to 2028.
Artificial intelligence (AI)-driven speech biometrics technology works by ensuring that a user's unique voice (in a natural language live interaction) is compared in real-time with a voiceprint recorded in a database based on various parameters during the conversation. As a result, hacking the solution is extremely difficult for a fraudster to acquire access to someone's account or profile because no static data is necessary for the transaction that could be captured. AI advances are improving the accuracy of speech biometrics to utilize it for applications beyond identification and personalization, such as payment authentication. Furthermore, Google's Contact Center Artificial Intelligence (CCAI) platform was enhanced in October 2021 to include voice biometrics and conversational AI in call center applications. The CCAI has a Speaker ID feature that allows callers to enroll and authenticate themselves using speech biometrics. A few AI automatic speech recognition (ASR) solutions integrate speech recognition with authentication capabilities such as voice biometrics to improve the speed and efficacy of voice-enabled services. This technology recognizes and authenticates the user and understands what they are saying, eliminating the requirement for multi-factor authentication or agent screening questions to determine whether a call is from a valid customer. The consumer receives speedier service, agents spend less time on regular authentication, and fraud is detected more quickly. Thus, the rising emergence of AI in voice biometrics will create future trends for the voice biometrics market.
Europe Voice Biometrics Market Revenue and Forecast to 2028 (US$ Million)
Europe Voice Biometrics Market Segmentation
The Europe voice biometrics market is segmented into component, type, authentication process, deployment, vertical, application, and country. Based on component, the Europe voice biometrics market is bifurcated into solution and services. The solution segment dominated the market in 2022. Based on type, the Europe voice biometrics market is bifurcated into active voice biometrics and passive voice biometrics. The passive voice biometrics segment dominated the market in 2022. Based on authentication process, the Europe voice biometrics market is segmented into automated IVR, agent-assisted, mobile applications, and employee authentication. The agent-assisted segment dominated the market in 2022. Based on deployment, the Europe voice biometrics market is bifurcated into cloud and on-premise. The cloud segment dominated the market in 2022. Based on vertical, the Europe voice biometrics is segmented into BFSI, retail & e-commerce, government & defense, IT & telecom, healthcare & life sciences, transportation & logistics, travel & hospitality, energy & utilities, and others. The BFSI segment dominated the market in 2022. Based on application, the Europe voice biometrics market is 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 segment dominated the market in 2022. Based on country, the Europe voice biometrics market is segmented into France, Germany, the UK, Italy, Russia, and the Rest of Europe. Further, Germany dominated the market in 2022.
A few of the 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.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 436.45 Million |
| Market Size by 2028 | US$ 1,357.50 Million |
| CAGR (2022 - 2028) | 20.8% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Component
|
|
Regions and Countries Covered
|
|
| Europe | UK, Germany, France, Russia, Italy, Rest of Europe |
| Market leaders and key company profiles |
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The Europe Voice Biometrics Market is valued at US$ 436.45 Million in 2022, it is projected to reach US$ 1,357.50 Million by 2028.
As per our report Europe Voice Biometrics Market, the market size is valued at US$ 436.45 Million in 2022, projecting it to reach US$ 1,357.50 Million by 2028. This translates to a CAGR of approximately 20.8% during the forecast period.
The Europe Voice Biometrics Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Europe Voice Biometrics Market report:
The Europe Voice Biometrics Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Voice Biometrics Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Voice Biometrics Market value chain can benefit from the information contained in a comprehensive market report.
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