Need for Authenticated Technology in the BFSI Sector to Upsurge the Adoption of Voice Recognition Biometrics

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According to the latest market research study by Technavio, the global voice recognition biometrics market is expected to grow at an impressive CAGR of close to 19% during the forecast period 2016 to 2020.

This report by Technavio provides an in-depth analysis of the global voice recognition biometrics market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.

Technavio research analysts categorize the market based on the end-user  

                                                                                                                                                    Source: Technavio

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The top three revenue contributing end-user segments are discussed below

BFSI sector: Rising phishing, hacking, and other cyber crimes during the forecast period will lead to the improved adoption of voice recognition biometrics in the BFSI sector. Voice recognition biometrics in the banking sector are used to withdraw cash from ATMs, for phone banking authentication, and for a mobile banking app.

Owing to the rising security threat, global banks, and financial institutions have integrated voice recognition biometrics for their customers to access online accounts through mobile applications while maintaining the high-security standards. The global BFSI sector needs an authenticated technology that is safe from security threats and hacking. Such requirements are resulting in the increased adoption of voice recognition biometrics to verify an individual’s identity,” says Ishmeet Kaur, a lead analyst at Technavio for research on IT professional services.

Government sector: Rising violent incidences across the globe have made governments aware of the growing requirement of security systems. Voice recognition biometrics empower government officials to carry out mass surveillance, which helps them identify criminals easily. Government organizations also use voice recognition biometrics to provide call center services to citizens in an efficient, cost-effective, and a convenient way.

Telecom sector: The telecom sector is one of the major targets for hackers to interrupt and stop network communication. The telecom industry controls and operates on critical IT and network infrastructures, which are used to communicate and store lots of important data, including customers’ personal information such as addresses, names, and financial data. The effect of such attacks can be ominous as they affect critical communication services.

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The top vendors operating in the global voice recognition biometrics market are:

  • Nuance Communications
  • VoiceTrust
  • VoiceVault

The other prominent vendors in the market include Auraya Systems, M2SYS Technology, OneVault, VoiceIt Technologies, SayPay Technologies, Sensiple, Sensory, SpeechPro, SPITCH,, Uniphore, ValidSoft, and Voice Biometrics Group (VBG).

A more detailed analysis is available in the Technavio report titled, ‘Global Voice Recognition Biometrics Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.

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