Middle East and Africa Voice Biometrics Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component, Type, Authentication Process, Deployment, Vertical, and Application

The voice biometrics market in the Middle East & Africa is expected to grow from US$ 114.06 million in 2022 to US$ 316.25 million by 2028; it is estimated to grow at a CAGR of 18.5% from 2022 to 2028.

In banking, voice biometric authentication is based on vocal patterns, with each person having distinct phonetic and morphological characteristics that artificial intelligence (AI) can detect. The approaches are more convenient and provide efficiency as the voice biometrics is contactless. Because there is a larger requirement for security than ever before, biometric authentication is rising to the top of the financial technology landscape. Furthermore, due to the widespread acceptance of online banking, mobile and e-banking are increasingly being utilized regularly to transfer and complete transactions, opening up possible channels for cybercriminals to access a user's account and steal money. The need to deliver safe banking services through mobile applications persists as financial service providers invest in mobile app services, which positively impacts the demand for voice biometrics. Users are utilizing voice biometric authentication methods to authenticate themselves while entering into mobile apps and validate online transactions such as money transfers, online payments, and account settings updates. Users then confirm transactions using their voice rather than dedicated commands quickly and securely. In two-factor systems, voice biometrics is utilized as one of the authentication processes. It is combined with another biometric factor, such as a person's retina, fingerprint, or face, or with knowledge-based authentication approaches, such as a password or a passphrase. For banks, the adoption of speech biometric authentication technology is relatively simple from a technical standpoint. As a result, banks are not required to offer new equipment to consumers to authenticate them using voice biometrics. Furthermore, voice verification software can be integrated with the bank's current internal telephone system (PBX) and controlled either on-premises or cloud storage. For instance, Doha Bank integrated facial and voiced recognition into its mobile banking app for seamless and secure access in February 2022. Doha bank, one of Qatar's leading private commercial banks, included additional biometric authentication features to its mobile banking application to improve the ease and security of goods and services. The bank's innovative technology allows clients to log in to the app using voice recognition, becoming the first bank in Qatar to operate with such technology. In addition to voice recognition, the new function enables Doha Bank clients to use face recognition to navigate the app safely. Thus, the increasing demand for voice authentication in mobile banking applications is driving the demand for voice biometrics.

Middle East & Africa Voice Biometrics Market Segmentation

The Middle East & Africa voice biometrics market is segmented into component, type, authentication process, deployment, vertical, application, and country.

• Based on component, the Middle East & Africa voice biometrics market is bifurcated into solution and services. The solution segment dominated the market in 2022.
• Based on type, the Middle East & Africa voice biometrics market is bifurcated into active voice biometrics and passive voice biometrics. The passive voice biometrics segment dominated the market in 2022.
• Based on authentication process, the Middle East & Africa voice biometrics market is segmented into automated IVR, agent-assisted, mobile applications, and employee authentication. The agent-assisted segment dominated the market in 2022.
• Based on deployment, the Middle East & Africa voice biometrics market is bifurcated into cloud and on-premise. The cloud segment dominated the market in 2022.
• Based on vertical, the Middle East & Africa voice biometrics is segmented into BFSI, retail & e-commerce, government & defense, IT & telecom, healthcare & life sciences, transportation & logistics, travel & hospitality, energy & utilities, and others. The BFSI segment dominated the market in 2022.
• Based on application, the Middle East & Africa voice biometrics market is categorized into authentication and customer verification, forensic voice analysis and criminal investigation, fraud detection and prevention, risk and emergency management, transaction processing, access control, workforce management, and others. The authentication and customer verification segment dominated the market in 2022.
• Based on country, the Middle East & Africa voice biometrics market is segmented into South Africa, the UAE, Saudi Arabia, and the Rest of Middle East & Africa. Further, the UAE dominated the market in 2022.

A few of the key players dominating the Middle East & Africa voice biometrics market are Aware Inc; NICE Ltd; Nuance Communications, Inc; SESTEK; and Verint Systems, Inc.