"One of the primary growth drivers for this market is the use of biometric voice recognition in the healthcare sector,” says a senior analyst for Information Technology at Technavio. “The recent years witnessed a rise in the use of mobile devices such as smartphones, tablets, and personal digital assistants in the healthcare sector. This led to the development of mobile apps for various applications such as electronic prescribing, diagnosis and treatment, coding, and billing. To prevent unauthorized access to confidential data, vendors will start integrating these apps with voice biometrics, which, in turn, will fuel the growth of the market in the coming years. As the markets recover Technavio expects the voice recognition biometrics market size to grow by USD 2.60 billion during the period 2020-2024.
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Voice Recognition Biometrics Segment Highlights for 2020
- The voice recognition biometrics market is expected to post a year-over-year growth rate of 15.90%.
- BFSI sector dominated the market in 2019.
- Fraudulent activities have become more organized in the BFSI sector. An expected rise in hacking, phishing, and other cybercrimes during the forecast period will lead to the increased adoption of voice recognition biometrics in the BFSI sector.
- As financial transactions require high security, the adoption of voice recognition biometrics will increase significantly in this sector.
- 32% of the growth will originate from the APAC region.
- The increased adoption of mobile devices in the region, which induced banks to adopt voice recognition biometrics to enable end-users to gain access to transactions from remote locations, will significantly drive voice recognition biometrics market growth in this region over the forecast period.
- China and Japan are the key markets for voice recognition biometrics in APAC. Market growth in this region will be faster than the growth of the market in North America, Europe, and South America.
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- The voice recognition biometrics market size is expected to decelerate at a CAGR of almost 19% during the forecast period.
- The voice recognition biometrics market is segmented by end-user (BFSI, government, telecommunications, healthcare, and others) and geography (North America, APAC, Europe, South America, and MEA).
- The market is fragmented due to the presence of a few established vendors holding significant market share.
- The research report offers information on several market vendors, including Auraya Systems Pty. Ltd., Cantab Research Ltd., LumenVox LLC, M2SYS Technology, NICE Ltd., Nuance Communications Inc., OneVault Pty. Ltd., Speech Technology Center Ltd., Uniphore Software Systems Pvt. Ltd., Verint Systems Inc., and VoiceIt Technologies LLC.
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