Five9 launches voice biometrics cloud developer service, voice recognition market to add $2.6B by 2024
Five9 has announced the launch of a new cloud voice biometric service for contact center solution developers to help them leverage real-time voice data.
The new Five9 VoiceStream is an API for developer-friendly real-time media streaming from cloud to cloud to enable frictionless interactions with high security and protection of voice data, according to the announcement. Five9 customers and partners can use the RESTful API to stream audio from the agent or caller alongside advanced CTI call events in real time for customer authentication, agent assistance, agent coaching and training, and speech analytics like sentiment analysis.
“We are witnessing a wave of innovation in the contact center,” says Jonathan Rosenberg, CTO and head of AI at Five9. “We’ve seen an increased adoption of voice biometrics, agent assistants, sentiment analysis and real-time speech analytics – all showing the need for real-time audio content of calls. VoiceStream represents a major next step in the evolution of APIs for real-time communications. We’ve had web-friendly APIs for controlling a call, but not for streaming one. Until now.”
“As leading experts in voice biometrics, we are always looking for breakthrough ways to bring new value to our customers,” states Pat Carroll, CEO, ValidSoft. “We are delighted and privileged to be one of the first partners to build apps with the Five9 VoiceStream API, whereby we can now deliver voice identity assurance to companies who wish to eliminate customer friction without any compromise on security. The customer only needs to speak, there is no need for any other additional authentication methods, all achieved with unparalleled real-time accuracy and precision.”
The size of the market for voice biometrics will increase by $2.6 billion from 2020 to 2024, or 15.9 percent CAGR, according to a new report from Technavio.
That means Technavio is expecting the voice recognition market to roughly double in size over the forecast period, with a significant increase in adoption by the BFSI sector, which dominated the market in 2019. Deployment in the healthcare sector is expected to be a major driver of voice recognition growth over the next five years, to secure access through digital channels.
The 120-page ‘Voice recognition biometrics market by end-user and geography – forecast and analysis 2020-2024’ also shows 32 percent of the market’s growth will be in the APAC region, led by China and Japan.