The Asia Pacific Voice Biometrics Market is expected to witness market growth of 19.5% CAGR during the forecast period (2024-2031).
The China market dominated the Asia Pacific Voice Biometrics Market by country in 2023, and is expected to continue to be a dominant market till 2031; thereby, achieving a market value of $728.6 million by 2031. The Japan market is showcasing a CAGR of 18.8% during 2024-2031. Additionally, the India market would register a CAGR of 20.2% during 2024-2031.
Telecommunications companies increasingly integrate voice biometrics for customer service and call center applications. By adopting voice authentication, companies reduce the reliance on PINs and passwords, which can be forgotten or stolen.
Additionally, users authenticate their identity via voice when calling customer support or accessing their accounts through interactive voice response (IVR) systems. Telecom providers use voice biometrics to identify fraudulent calls and prevent unauthorized account access.
The growth of the BFSI sector in India and the expansion of the IT sector in China have played crucial roles in accelerating the adoption of innovative technologies such as voice biometrics. India’s BFSI sector has undergone a remarkable transformation, positioning the country as one of the fastest-growing financial sector in the world. Between FY 16 and FY 21, the percentage of people with bank accounts surged from 53% to 78%, reflecting India’s push for financial inclusion. Additionally, India’s fintech industry is projected to reach $150 billion by 2025, with the overall fintech ecosystem expected to generate a staggering $2.1 trillion in opportunity by 2030.
The China market dominated the Asia Pacific Voice Biometrics Market by country in 2023, and is expected to continue to be a dominant market till 2031; thereby, achieving a market value of $728.6 million by 2031. The Japan market is showcasing a CAGR of 18.8% during 2024-2031. Additionally, the India market would register a CAGR of 20.2% during 2024-2031.
Telecommunications companies increasingly integrate voice biometrics for customer service and call center applications. By adopting voice authentication, companies reduce the reliance on PINs and passwords, which can be forgotten or stolen.
Additionally, users authenticate their identity via voice when calling customer support or accessing their accounts through interactive voice response (IVR) systems. Telecom providers use voice biometrics to identify fraudulent calls and prevent unauthorized account access.
The growth of the BFSI sector in India and the expansion of the IT sector in China have played crucial roles in accelerating the adoption of innovative technologies such as voice biometrics. India’s BFSI sector has undergone a remarkable transformation, positioning the country as one of the fastest-growing financial sector in the world. Between FY 16 and FY 21, the percentage of people with bank accounts surged from 53% to 78%, reflecting India’s push for financial inclusion. Additionally, India’s fintech industry is projected to reach $150 billion by 2025, with the overall fintech ecosystem expected to generate a staggering $2.1 trillion in opportunity by 2030.
List of Key Companies Profiled
- Nuance Communications, Inc. (Microsoft Corporation)
- Verint Systems, Inc.
- NICE Ltd.
- Fortra, LLC (HGGC)
- Aware, Inc.
- BioCatch Ltd.
- RELX PLC (LexisNexis Risk Solutions, Inc.)
- Pindrop Security
- Phonexia
- VoicePin.com
Market Report Segmentation
By Type- Active Biometrics
- Passive Biometrics
- Solutions
- Services
- Cloud
- On-premise
- Access Control and Authentication
- Fraud Detection & Prevention
- Forensic Voice Analysis and Criminal Investigation
- Large Enterprises
- Small & Medium Enterprises (SMEs)
- BFSI
- Healthcare & Life Sciences
- Retail & E-commerce
- Telecom & IT
- Government & Defense
- Other End User
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Competition Analysis - Global
Chapter 5. Asia Pacific Voice Biometrics Market by Type
Chapter 6. Asia Pacific Voice Biometrics Market by Component
Chapter 7. Asia Pacific Voice Biometrics Market by Deployment Model
Chapter 8. Asia Pacific Voice Biometrics Market by Application
Chapter 9. Asia Pacific Voice Biometrics Market by Enterprise Size
Chapter 10. Asia Pacific Voice Biometrics Market by End User
Chapter 11. Asia Pacific Voice Biometrics Market by Country
Chapter 12. Company Profiles
Companies Mentioned
- Nuance Communications, Inc. (Microsoft Corporation)
- Verint Systems, Inc.
- NICE Ltd.
- Fortra, LLC (HGGC)
- Aware, Inc.
- BioCatch Ltd.
- RELX PLC (LexisNexis Risk Solutions, Inc.)
- Pindrop Security
- Phonexia
- VoicePin.com
Methodology
LOADING...
