Global Voice Biometrics Market Forecasts 2020-2027Posted by Sonika on May 28th, 2021 Bharat Book Bureau Provides the Trending Market Research Report on "Global Voice Biometrics Market Size study, by Component (Hardware, Software), by Application (Automotive, Banking, Financial Service, and Insurance, Government Agency, Healthcare Industry, Mobile devices, Others) and Regional Forecasts 2020-2027"under Media and Technology Market Research Reports section. The report offers a collection of superior market research, market analysis, competitive intelligence and industry reports. Global Voice Biometrics Market is valued at approximately USD 0.9 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 22.9% over the forecast period 2020-2027. Voice biometrics is usually used utilized for speech recognition via analysis of an individual voice, pitch, speech, and tone. In terms of security, voice biometric has an extensive advantage in comparison to passwords, as they can be simply hacked or tracked, although voice of an individual is mostly being distinctive and unique as a fingerprint. Thus, the voice biometric technology is gaining a significant traction in a range of industrial application all over the world. Moreover, increasing demand for an intelligent virtual assistant (IVA) and smart speakers with voice capabilities, aided with surging need to minimize identification and authentication costs are the few factors responsible for the high CAGR of the market during the forecast period. For instance, as per the journal of Department of Ministry of Corporate Affairs (MCA) in 2019, the use of virtual assistants with speech recognition capabilities is projected to increase from 60.5 million people in the U.S. in 2017 to 62.4 million in 2018. Also, about 66.6 million Americans are likely to use speech or voice recognition technology by 2019. Recently, various technology companies are identifying interests in speech recognition technologies and voice recognition as a standard for most products, for example, Amazon’s Alexa is on Echo, Apple’s Siri is on HomePod, Google Assistant is on Google Home, and Microsoft’s Cortana is on Invoke. As a result, many market players are integrating new technologies and innovation in their voice technology for the improving safety and security of their products. For example, as per the Department of MCA, in 2017, the word error rate for Microsoft’s voice technology has been recorded at 5.1% by the company, while Google reports that it has reduced its rate to 4.9%. This, in turn, is likely to strengthen the demand for voice biometrics, thereby contributing to the market growth around the world. However, the low cybersecurity budgets, along with the high installation costs of the products are the prime factors restraining the market growth over the forecast period of 2020-2027. Request a free sample copy of Voice Biometrics Market @ Furthermore, years considered for the study are as follows: Historical year – 2017, 2018 Target Audience of the Global Voice Biometrics Market in Market Study: Key Consulting Companies & Advisors Browse our full report with Table of Contents : About Bharat Book Bureau: Bharat Book is Your One-Stop-Shop with an exhaustive coverage of 4,80,000 reports and insights that includes latest Market Study, Market Trends & Analysis, Forecasts Customized Intelligence, Newsletters and Online Databases. Overall a comprehensive coverage of major industries with a further segmentation of 100+ subsectors. Contact us at: Bharat Book Bureau Like it? Share it! More by this author |