How has COVID19 Impacted AI Voice Verification Market?

By
Zaraki Kenpachi
-
Voice verification technology enables identification of an individual on the basis of voice biometrics. Its works in the same manner as blood DNA and fingerprint matching enables identification of individual. Its main application is in verification of financial transactions to guard against frauds. By assigning proper combination of voice biometrics, consumers can use their own unique voice to authorize transactions, signing and protecting personal data thus reducing risk of fraud and identity theft by making highly secure environment.
The market is in it nascent stage of development due to lack of awareness among end-user industries and regulatory bodies. However, the market is expected to grow with healthy growth rate due to increased adoption in financial institutions & corporate Enterprises, using voice biometric products in combination with speech recognition.
The other drivers for this market includes increasing popularity of voice verification in cell phone solutions, no dependency on infrastructure enabling easy implementation, and low initial investments. However, factors posing challenge on the growth of this market are lack of awareness and confusion created between Voice Biometrics and Speech Recognition.
Major application of voice verification is in verticals such as financial services, healthcare, telecommunications, and government. Major application market reviewed include transactional authentication and verification systems, wireless security device, PC/network security, physical access control and in government and law enforcement department.
Some of the major challenges faced by the industry are the need for highly accurate solutions thus leading to uncertainties in technological adoption.  Some of the market players include Persay, Scansoft, Diaphonics and others.
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