What is Voice Verification?
Voice verification is a form of biometrics that involves using voice prints. This voice prints are used to recognise user's phone. This combination is known as voice token. This more advanced voice verification system record and store combinations of sounds and notes. It is widely used in Wireless banking through cellular phones, pagers, and personal digital assistants. Increasing end use industries expenditure has created growth opportunities for the market. Geographically, Asia Pacific region is expected to grow with highest market share over forecast period followed by North America and Europe.
The market study is broken down by Type (Text independent and Text-dependent), by Application (Customer Verification, Forensic Voice Analysis, Fraud Detection and Prevention, Transaction Processing, Workforce Management and Others) and major geographies with country level break-up.
The market of Voice Verification is expected to grow with rising demand in voice processing in number of end use industries. Several companies are operating in the market to provide Voice Verification with number of unique features. The market is highly fragmented with the presence of several market players. They are gaining attention owing to their innovative and novel portfolio. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Nuance (United States), Verint (United States), Pindrop (United States), LexisNexis Risk Solutions (United States), Phonexia (Czech Republic), VBG (United States), Aculab (United Kingdom), Auraya (Australia), OneVault (South Africa), Uniphore (India), SESTEK (Turkey), VoicePIN (Poland), QSS Technosoft (India), Voxta (India), Kaizen Secure Voiz (United States) and AnyVision (Israel) are some of the key players that are part of study coverage.
Segmentation Overview
AdvanceMarketAnalytics has segmented the market of Global Voice Verification market by Type, Application and Region.
On the basis of geography, the market of Voice Verification has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Enterprise Size, the sub-segment i.e. Large Enterprises will boost the Voice Verification market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End Use, the sub-segment i.e. BFSI will boost the Voice Verification market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Deployment , the sub-segment i.e. On-premises will boost the Voice Verification market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
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Market Trend
- Demand for Text-dependant expected to gain Highest Market Share
Market Drivers
- Growing Expenditure of BFSI & IT Industries
- Increasing Demand for Fraud Detection and Prevention
Opportunities
- Rising Demand for Voice Recognition to prevent the theft of Data Loss has Created Growth Opportunities
Restraints
- Security and Privacy Issues due to Advanced Technologies
Challenges
- Lack of Accuracy in Authenticating Users
Key Target Audience
Voice Verification Providers, New Entrants/Investors, Strategic Business Planners, Governments and End Use Industry
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.