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Global Voice Biometrics Market Outlook 2019-2024: Anticipating a CAGR of 23.7% During the Forecast Period with Passive Voice Biometrics Growing at a High RateDUBLIN, May 13, 2019 /PRNewswire/ -- The "Voice Biometrics Market by Application, Component, Type, Deployment, Organization Size, Industry Vertical, Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.  The global voice biometrics market is expected to grow from USD 984 million in 2019 to USD 2,845 million by 2024, at a Compound Annual Growth Rate (CAGR) of 23.7% during the forecast period. Major growth factors for the market include an increasing demand for robust fraud detection and prevention systems across the BFSI industry and need for reducing authentication and identification costs. However, the security and privacy issues with new advanced technologies would limit the market growth. The voice biometrics market comprises major solution providers such as Nuance Communications (US), NICE (Israel), Verint (US), AimBrain (UK), Voice Biometrics Group (US), Phonexia (Czech Republic), OneVault (South Africa), SESTEK (Turkey), LumenVox (US), LexisNexis Risk Solutions (US), VoicePIN (Poland), Uniphore (India), Pindrop (US), Aculab (UK), and Auraya (Australia). The study includes an in-depth competitive analysis of these key players in the voice biometrics market with their company profiles, recent developments, and key market strategies. "Passive voice biometrics segment to grow at a higher CAGR during the forecast period" As compared to active voice biometrics technique, the technique requires more storage capacity and processing power. The passive voice biometrics segment is expected to grow at a higher CAGR due to an increasing deployment by companies majorly in BFSI, retail and eCommerce, and telecommunications and IT verticals. Large enterprises have been showing an increasing interest for the passive type of biometrics solutions. The security infrastructure may include hardware and software components, which can be installed on-premises. Active and passive voice biometrics offerings enable enterprises to deploy such solutions across channels, such as IVR, live agents, and mobile. The availability of sufficient fund for the on-premises deployment type and a need for MFA security architecture have increased the adoption of such solutions among large enterprises. However, the lack of technological awareness, privacy issues, and limited technical expertise in advanced technologies remain significant hurdles in the voice biometrics adoption across the region. The cloud-based voice biometrics software presents an optimal solution for these countries by minimizing integration complexities and installation costs. Key Topics Covered 1 Introduction 5.2.2 Restraints 5.2.2.1 Security and Privacy Issues With New Advanced Technologies 5.2.2.2 Low Cybersecurity Budget of Organizations and High Installation Costs 5.2.3 Opportunities 5.2.3.1 Advent of Advanced Technologies, Such as AI and DNN 5.2.3.2 Need for Safeguarding the Privacy of Healthcare Data 5.2.4 Challenges 5.2.4.1 Lack of Accuracy in Authenticating Users 5.3 Industry Trends 5.3.1 Voice Biometrics Innovations 5.3.1.1 Using AI-Enabled Technologies, Such as Machine Learning and Deep Learning to Comply With Regulations and Compliances 5.3.1.2 Aiops for Change-Tolerant Algorithms 5.3.1.3 Artificial Intelligence for Analyzing Users' Data 5.3.2 Voice Biometrics Market: Use Cases 5.3.2.1 Detecting Fraud With Voice Biometrics From Nuance Communications 5.3.2.2 Preventing Frauds and Delivering Better Service With NICE RTA Solution 5.3.3 Regulatory Implications 5.3.3.1 General Data Protection Regulation 5.3.3.2 Sarbanes-Oxley Act 5.3.3.3 Basel 5.3.3.4 Governance, Risk and Compliance Standards 5.3.3.5 EU Data Protection Regulation 5.3.3.6 Health Information Technology for Economic and Clinical Health 5.3.3.7 Health Insurance Portability and Accountability Act 6 Voice Biometrics Market By Component 6.1 Introduction 6.2 Software 6.2.1 Need for Easy, Faster, and Convenient User Authentication Drives the Growth of Voice Biometrics 6.3 Services 6.3.1 Professional Services 6.3.1.1 Consulting 6.3.1.1.1 Need for Enhanced Strategic Outlook, Improved Performance Efficiencies, and Business Transformation to Drive the Consulting Services 6.3.1.2 Training and Education 6.3.1.2.1 Need for Guidance in Implementing Voice Biometrics Solutions to Foster the Growth of Education and Training Services 6.3.1.3 Deployment and Integration 6.3.1.3.1 Rise in the Adoption of Voice Biometrics Solutions With Inherent Need to Align Solution to the Client Environment to Drive the Deployment and Integration Services 6.3.1.4 Support and Maintenance 6.3.1.4.1 Complexity of Operations and the Need for Regular Assistance During the Software Lifecycle to Foster the Growth of Support and Maintenance Services 6.3.2 Managed Services 6.3.2.1 Need to Comply With Stringent Regulations Driving Managed Services 7 Voice Biometrics Market By Application 7.1 Introduction 7.2 Access Control and Authentication 7.2.1 Enhanced Security for Accessing Personal Information to Drive the Adoption of Voice Biometrics Solutions 7.3 Fraud Detection and Prevention 7.3.1 Customer Authentication During Live Conversation to Increase the Significance of Voice Biometrics Solutions 7.4 Forensic Voice Analysis and Criminal Investigation 7.4.1 Speaker Identification Capability to Drive the Need for Voice Biometrics in Forensic Voice Analysis and Criminal Investigation 7.5 Others 8 Voice Biometrics Market By Type 8.1 Introduction 8.2 Active Voice Biometrics 8.2.1 Benefits of Lowered Data, Storage Capacity, and Processing Power Requirement, to Increase the Adoption of Active Voice Biometrics 8.3 Passive Voice Biometrics 8.3.1 Advantage of Customer Authentication During Live Conversation Increasing the Significance of Passive Voice Biometrics 9 Voice Biometrics Market By Organization Size 9.1 Introduction 9.2 Small and Medium-Sized Enterprises 9.2.1 Need for Viable Cloud-Based Biometrics Solutions to Drive the Adoption of Voice Biometrics in Small and Medium-Sized Enterprises 9.3 Large Enterprises 9.3.1 Increasing Adoption of Advanced Technologies to Drive the Adoption of Voice Biometrics in Large Enterprises 10 Voice Biometrics Market By Deployment Model 10.1 Introduction 10.2 Cloud 10.2.1 Rapid Implementation, Reduced Operational Cost, 247 Data Accessibility, Scalability, and Ease of Use to Drive the Adoption of Cloud-Based Voice Biometrics Solutions 10.3 On-Premises 10.3.1 Flexibility to Customize Solutions to Be the Key Factor Driving the Growth of On-Premises Voice Biometrics Solutions 11 Voice Biometrics Market By Industry Vertical 11.1 Introduction 11.2 Banking, Financial Services, and Insurance 11.2.1 Need for Enhanced, User-Friendly Authentication Techniques to Boost the Adoption of Voice Biometrics By Financial Organizations 11.3 Retail and eCommerce 11.3.1 Focus on Secured Financial Transactions to Drive the Adoption of Voice Biometrics Solutions in Retail 11.4 Telecommunications and IT 11.4.1 Need to Protect Large Volumes of Sensitive Data to Drive the Adoption of Voice Biometrics Solutions in Telecommunications and IT 11.5 Government and Defense 11.5.1 Increasing Focus on Verifying People's Identification to Drive the Market in the Vertical 11.6 Healthcare 11.6.1 Mandatory Protection of Sensitive Data to Boost the Adoption of Voice Biometrics Solutions in Healthcare Vertical 11.7 Others 12 Geographic Analysis 12.1 Introduction 12.2 North America 12.2.1 United States 12.2.1.1 Rapid Technology and Infrastructure Developments in the US to Lead High Adoption of Voice Biometrics Solutions 12.2.2 Canada 12.2.2.1 Increasing Adoption of AI Technology Among Banking and Telecom Industries to Boost the Adoption of Voice Biometrics in Canada 12.3 Europe 12.3.1 United Kingdom 12.3.1.1 Increasing Investments in Research and Development to Boost the Market Growth in the United Kingdom 12.3.2 Germany 12.3.2.1 Increasing Need for Migrant Authentication to Spur Demand for Voice Biometric Solutions in Germany 12.3.3 France 12.3.3.1 Growing Security Concerns to Spur Demand for Voice Biometrics Solutions in France 12.3.4 Rest of Europe 12.4 Asia Pacific 12.4.1 China 12.4.1.1 Increasing Demand for Enhanced Security for Preventing Criminal Activities to Enhance the Market Growth in China 12.4.2 Australia and New Zealand 12.4.2.1 Voice Biometrics Solution Providers' Growing Focus in Australia and New Zealand to Drive Market Growth 12.4.3 India 12.4.3.1 Rapidly Increasing Use of Internet to Spur the Demand for Voice Biometrics Solutions in India 12.4.4 Singapore 12.4.4.1 Growing Need for Secured Financial Transactions to Enhance the Deployment of Voice Biometrics Solutions in Singapore 12.4.5 Rest of Asia Pacific 12.5 Middle East and Africa 12.5.1 Africa 12.5.1.1 Growing Demand Among Financial and Telecom Organizations to Drive the Voice Biometrics Technology in African Region 12.5.2 Middle East 12.5.2.1 Growing Demand From Banking and Financial Organizations Would Drive the Market 12.6 Latin America 12.6.1 Brazil 12.6.1.1 Emerging Start-ups in Brazil to Drive the Voice Biometrics Market 12.6.2 Mexico 12.6.2.1 Growing Use of New Technologies to Secure Financial and Personal Data to Create the Demand for Voice Biometrics Solutions in Mexico 12.6.3 Rest of Latin America 13 Competitive Landscape 13.1 Microquadrant Overview 13.1.1 Visionaries 13.1.2 Innovators 13.1.3 Dynamic Differentiators 13.1.4 Emerging Companies 13.2 Competitive Benchmarking 13.2.1 Strength of Product Portfolio Adopted By Major Players in the Market 13.2.2 Business Strategy Excellence Adopted By Major Players in the Market 13.3 Market Ranking 14 Company Profiles 14.1 Introduction 14.2 Nuance Communications 14.3 NICE 14.4 Verint 14.5 Phonexia 14.6 Pindrop 14.7 AimBrain 14.8 Voice Biometrics Group 14.9 Aculab 14.10 Auraya 14.11 Uniphore 14.12 VoicePIN 14.13 LexisNexis Risk Solutions 14.14 LumenVox 14.15 OneVault 14.16 SESTEK For more information about this report visit https://www.researchandmarkets.com/r/xnubfk Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research. Media Contact: Laura Wood, Senior Manager SOURCE Research and Markets 
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