Vocal biometrics is the term for technology that uses an individual's distinct voice traits—such as pitch, tone, and pronunciation—to identify and confirm their identification. It is a subfield of biometrics, a larger field with the goal of developing safe and trustworthy techniques for identification and authentication.
North America Voice Biometrics Market Driving Factors and Challenges
The market for voice biometrics is expanding due to the emergence of contemporary technologies including artificial intelligence (AI), machine learning (ML), cloud computing, and data analytics as well as the high demand for maintaining financial and healthcare data. Global urbanisation and digitization are driving growth in end-use industries like banking, financial services and insurance (BFSI), government and public sectors, and IT and telecom. Hackers are consequently focusing on the crucial data and resources utilised in these fields. Furthermore, in order to certify people using biometrics as credentials, extensive, reliable, and unchangeable algorithms must be used. Excellent biometric security is provided by the benefits of biometric authentication over speech recognition and the anticipated advancement of AI-based voice recognition technology, which lowers the danger of hacking or reproduction.
There are several obstacles facing the voice biometrics market in North America. Increased privacy and data security concerns call for strict adherence to privacy legislation, which in turn calls for strict implementation of privacy-related measures. Reliability issues stem from technological constraints, such as false positives or negatives. It is difficult to integrate speech biometrics into current systems; significant investments and infrastructural modifications are needed. Regulatory compliance requires navigating complex systems, especially when it comes to the processing of biometric data. The creation of accurate user identification systems is complicated by the heterogeneous linguistic landscape. The widespread adoption of authentication is hampered by resistance to depart from conventional procedures. In addition, the initial implementation expenses and infrastructure compatibility issues serve as obstacles that hinder the market's expansion within specific companies.
Impact of COVID-19 on North America Voice Biometrics Market
The COVID-19 pandemic-induced worldwide lockdown in 2020 created a brief halt in the voice biometrics business, affecting a number of industries, most notably manufacturing, logistics, transportation, and retail. Worldwide industries were impacted by disruptions in supply chains and operations. Manpower constraints hampered production even though essential commodities were exempt. By early 2021, things should be getting better. The market for voice biometrics products and services is predicted to grow significantly in 2021, notwithstanding the difficulties. Businesses want more personalised connections, better consumer experiences, and digital change. Reduced operational expenses, enhanced fraud detection, improved authentication, and real-time decision-making to promote voice identification market adoption are among the top priorities.
North America Voice Biometrics Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; AimBrain Solutions Limited, LexisNexis Risk Solutions Inc., LumenVox LLC., NICE Ltd., Nuance Communications Inc., Phonexia, Uniphore Software Solutions Pvt. Ltd., Verint Systems Inc., Voice Biometrics Group, VoicePin.com, Others.
North America Voice Biometrics Market Segmentation:
By Component: Based on the Component, North America Voice Biometrics Market is segmented as; Services, Solution.
By Type: Based on the Type, North America Voice Biometrics Market is segmented as; Active Voice Biometrics, Passive Voice Biometrics.
By Authentication Process: Based on the Authentication Process, North America Voice Biometrics Market is segmented as; Agent-assisted, Automated IVR, Employee Authentication, Mobile Application.
By Application: Based on the Application, North America Voice Biometrics Market is segmented as; Access Control, Authentication and Customer Verification, Forensic Voice Analysis and Criminal Investigation, Fraud Detection and Prevention, Risk and Emergency Management, Transaction Processing, Workforce Management, Others.
By Vertical: Based on the Vertical, North America Voice Biometrics Market is segmented as; BFSI, Energy & Utilities, Government & Defense, Healthcare & Life Sciences, IT & Telecom, Retail & E-commerce, Transportation & Logistics, Travel & Hospitality, Others.
By Region: This research also includes data for Canada, Mexico, US and rest of North America.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.