Healthcare and BFSI Sectors Driving Global Voice Recognition Biometrics Market

Published Date : Jun 27, 2017

ALBANY, New York, June 27, 2017 – announces the availability of a new report in its repository, titled “Global Voice Recognition Biometrics Market 2017-2021.” The report is a thorough study of the current scenario of the market for voice recognition biometrics, and based on in-depth reports of various factors expected to impact the demand, it projects the market to expand at a robust CAGR of 19.36% during the forecast period of 2017 to 2021. The report has been compiled to serve as a credible business tool for audiences such as biometric component and equipment manufacturers and suppliers, device manufacturers, system designers, software service providers, and installation, monitoring, and controlling companies. The report segments the global voice recognition biometrics market on the basis of end-users and takes stock of the potential of the market in all lucrative regions. 

As per the findings of the report, biometric voice recognition in the healthcare sector is one of the major driver of the global market for voice recognition biometrics, owing to the ubiquity of smartphones and other digital assistants in the healthcare sector. In the recent past, the report detects that mobile apps for several healthcare purposes such as diagnosis, electronic prescribing, bill payments, and appointment has gained popularity. To provide unauthorized access and preserve confidential data, vendors use voice biometrics in these apps.                                                                                                                   

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Growing popularity of voice recognition biometrics in the banking, financial sector, and insurance (BFSI) and the growing preference of voice recognition among law enforcement are some of the other factors augmenting the demand in the global voice recognition biometrics market, which on the other hand, is challenged by factors such as lack of accuracy, absence of standardization, and vulnerability of biometric systems. Nevertheless, the market is expected to gain from several trends such as the introduction of voice recognition biometrics for multimodal biometrics, wearables as well as in the automotive sector. 

Based on end-users, the report segments the global voice recognition biometrics market into government, BFSI, healthcare, and telecommunications. The incrementing instance of data theft and online fraud are expected to turn the financial sector as most lucrative end-user segment of this market towards the end of the forecast period. Geographically, the report analyzes the potential of voice recognition biometrics market in Asia Pacific, Europe, North America, South America, and the Middle East and Africa. In current scenario, North America is the most profitable region, owing to increased adoption of mobile devices, high adoptability of rate of new technology, and disposable income. 

The report rates Nuance Communications, AGNITIO, VoiceTrust, and VoiceVault as the leaders in the global voice recognition biometrics market, which is fragmented in nature with a large number of regional and multinational biometric companies. Enhancing product portfolio and acquiring local player to expand geographical presence are two key strategies adopted by these companies to counter the competition. Some of the other key companies identified by the report in voice recognition biometrics market are M2SYS Technology, Auraya Systems, OneVault, SayPay Technologies, VoiceIt Technologies, Sensiple, SpeechPro, Sensory, SPITCH, Uniphore,, and ValidSoft. 

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