The voice biometrics market in North America is expected to grow from US$ 613.68 million in 2022 to US$ 1,808.85 million by 2028; it is estimated to grow at a CAGR of 19.7% 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.
North America Voice Biometrics Market Revenue and Forecast to 2028 (US$ Million)
North America Voice Biometrics Market Segmentation
The North America voice biometrics market is segmented into component, type, authentication process, deployment, vertical, application, and country. Based on component, the North America voice biometrics market is bifurcated into solution and services. The solution segment dominated the market in 2022. Based on type, the North America 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 North America 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 North America voice biometrics market is bifurcated into cloud and on-premise. The cloud segment dominated the market in 2022. Based on vertical, the North America 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 North America 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 North America voice biometrics market is segmented into the US, Canada, and Mexico. Further, the US dominated the market in 2022.
A few of the 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.