Voice biometrics is utilized for voice recognition through analysis of an individuals pitch, speech, voice and tone. In terms of security, it has a great advantage over passwords, as a password can be easily tracked or hacked; voice of an individual is as distinctive and unique as a fingerprint. In voice biometrics, a voice is recognized in two patterns, namely text-dependent and text-independent.
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Gaining popularity among various sectors such as the entertainment industry, cloud computing, social networking, and building security is one of the major factors responsible to drive the growth of the voice biometrics market.
Furthermore, huge demand for high-level security in the financial sector and increasing public awareness are also expected to provide growth to the market. A major factor restricting the growth of the market are issues related to privacy and high cost.
The world voice biometrics market is segmented into end user and geography. Based on end user, the market is segmented into automotive, banking & financial service, government sector, healthcare industry, and mobile industry.
By component, the market is segmented into software and hardware. Geographically, the market is segmented into four regions namely North America, Europe, Asia-Pacific, and LAMEA. Presently, North America occupies the major of the market. In 2015, South African credit solutions firm TransUnion signed a partnership with OneVault to develop national level voice bank.
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Top players in the market are Agnitio SL, American Safety Council, Inc., Bioid Ag, Nuance Communications Inc., OneValult, VoiceTrust Ag, SayPay Technologies Inc., ValidSoft Ltd., VoiceTrust Holding BV, VoicePass Technology, VoiceVault, and Voice Biometrics Group (VBG).
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