According to Business Market Insights’ research, the Europe Voice Biometrics Market was valued at US$ 436.45 million in 2022 and is expected to reach US$ 1,357.50 million by 2028, registering an annual growth rate of 20.8% from 2022 to 2028. The growing demand for voice authentication in mobile banking applications and rising emergence of artificial intelligence in voice biometrics are the critical factors attributed to the market expansion.
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Auraya, Inc.
Aware Inc
NICE Ltd
Nuance Communications, Inc
Phonexia
Pindrop
SESTEK
Verint Systems, Inc
Whispeak
AI-powered speech biometrics leverages the unique characteristics of a person's voice for secure authentication. It works by comparing a user's live speech against a pre-recorded voiceprint in real-time, analyzing numerous speech parameters. This dynamic, live comparison makes it exceptionally difficult for fraudsters to gain unauthorized access, as there's no static data to steal.
The accuracy of speech biometrics is continuously enhanced by advancements in AI, expanding its applications beyond simple identification. For instance, it's being used for secure payment authentication. Integration with conversational AI platforms, like Google's Contact Center AI (CCAI), further strengthens its capabilities. CCAI's Speaker ID feature allows callers to enroll and authenticate themselves seamlessly through voice biometrics.
Moreover, AI-driven Automatic Speech Recognition (ASR) solutions are integrating voice biometrics directly. This combination enables simultaneous recognition and authentication, streamlining the user experience. By eliminating the need for traditional multi-factor authentication or lengthy agent verification processes, customers receive faster service, agents can focus on more complex tasks, and fraudulent activity is detected more efficiently.
The increasing integration of AI into voice biometrics is driving significant growth and innovation in the market, shaping the future of secure voice-enabled interactions.
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Author’s Bio:
Suryakant Gadekar
Senior Market Research Expert at Business Market Insights