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Voice Biometrics Market analysis (Report 2019-2027): Growing CAGR 23.5%

January 31, 2020 GMT

Sanjose, CA USA, January 30, 2020 (Wired Release) Credence Research -The market for voice biometrics is set to grow with a CAGR of 23.5 per cent during the forecast period.

The voice biometrics arket is driven by the growing adoption of Internet banking and digital banking solutions across the globe. Financial institutions are rapidly shifting to online channels to enhance customer experience and provide more personalized banking experience. These solutions enable financial institutions to provide customers with more access to their accounts, enhance customer retention and satisfaction. However, as the adoption of Internet banking increases, the risk of breaches of online data, identity fraud and transaction fraud is also increasing. Banks are therefore looking for an advanced security solution that goes beyond the user name and password.

The proliferation of enterprise mobility solutions, mobile apps and mobile business workforce is also a major driver of the growth of the market. Furthermore, the adoption of cloud-based biometric solutions is accelerating the pace of adoption among enterprises. However, data security and security issues associated with the biometric solution inhibit the growth of the market.

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[Note: Our Free Complimentary Sample Report Accommodate a Brief Introduction to the Synopsis, TOC, List of Tables and Figures, Competitive Landscape and Geographic Segmentation, Innovation and Future Developments Based on Research Methodology are also included]

The market for voice biometrics is segmented based on the type of active voice biometric, passive voice biometrics. The Active Voice Biometric segment accounted for a majority share of revenue in 2018. Market growth is credited with the numerous benefits offered by the active voice biometric solution, such as phase repetition and reduction of enrolment friction. Whereas passive voice biometric solutions are estimated to gain traction during the forecast period.

As noted by the Federal Trade Commission last year, the financial sector has been increasingly affected by the proliferation in US identity thefts related to the payment and banking sector. North American Free Trade Agreement (NAFTA), urged banks across the region to use advanced authentication services like Voice Biometrics in order to counter the threat of fraudsters in the industry.  With the increasing instances of fraud, the lucrative banking sector in the region experienced the proliferation in the use of biometric technology. Many secure and versatile security solutions are being introduced in the region. In collaboration with Samsung SDS, G+D Mobile Security launched its FIDO-compliant Convego Mobile Authentication in North America. Biometrics such as fingerprint, face, iris, and voice credentials are used in the solution to deliver multifactor authentication security solutions.

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List of Companies Covered:

AimBrain, Aculab, Auraya, LumenVox, LexisNexis Risk Solutions, Voice Biometrics Group, NICE, OneVault, Verint, Nuance Communications, Phonexia, Sestek, Pindrop, Uniphore, and VoicePIN

Key questions answered in this report

What was the market size of voice biometrics in 2018 and forecast up to 2027?

Which is the largest regional market for voice biometrics?

What are the major trends followed in voice biometrics market across different regions?

Who are the key companies in the voice biometrics market?

What are the key strategies adopted by the leading voice biometrics companies in market?

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Research methodology devised for this study:

Our methodology comprises a blend of primary and secondary research for engineering the market size, shares and estimations for global 3D visualization and rendering software market specific to key segments, and regional segmentation.

A. Secondary Research

Some of the basic, but most important sources referred during the study included company annual reports, press releases, and relevant documents throwing light upon the recent developments in the global 3D visualization and rendering software market. Reliable sources such as scientific journals, university research papers and government websites were equally referred for recognizing business opportunities in various geographical markets and market penetration of various products/services. In addition, paid databases were referred to collect information useful for extensive commercial study of the key players operating in 3D visualization and rendering software market. In case where no data was available on the public domain, we used modeling and estimates to arrive at comprehensive data sets. Secondary research helped to prepare a base for 3D visualization and rendering software market study.

B. Primary Research

The extensive secondary research carried out was complemented by extensive primary research to validate data and analysis. Primary research involved telephonic interviews, e-mail interactions as well as face-to-face interviews with the leading industry experts.

The participants tracked for primary interviews include:

Vice President/ CEOs

Marketing/product managers

Market intelligence managers

National sales managers

Purchasing managers

Distributors

Other stakeholders

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