Voice biometrics to reach $21B; Pindrop, PowerVoice pursue new partnerships
The global voice biometrics and speech recognition technology market is set to reach $20.9 billion by 2026, growing at a compound annual growth rate (CAGR) of 18.1 percent over the analysis period, according to new data from Global Industry Analysts.
Among major factors driving growth in the market, the document directly mentions voice-based commerce and customer service applications, clinical documentation for the healthcare industry, and virtual digital assistants for automobiles.
The report also highlights an increase in the adoption of speech-based biometric systems for multi-factor authentication.
In terms of specific voice-based technologies, the report mentions automatic speech recognition, text-to-speech, and speaker verification.
The research expert maintains that advancements in machine learning and speech technology are also substantially reducing the costs of deployment, which, alongside growth in processing power, are all driving growth in the voice biometrics market.
From a geographical standpoint, the report places the U.S. as the main global actor in the growth of the voice and speech recognition technology market throughout the forecast period.
China, Japan, and Canada are also expected to grow throughout the forecast period at a CAGR of 21.6 percent, 16 percent, and 16.4 percent respectively.
Pindrop partners with Google, expands VeriCall API Platform
Riding the wave of growth in the voice biometrics market, Atlanta-based firm Pindrop has entered the Google Cloud Partner Advantage Program as an Independent Software Vendor (ISV) partner.
The collaboration will see the voice biometrics expert make its existing and new authentication solutions to enhance call center experiences available to customers on the Google Cloud platform.
“Securing voice-driven call center and support services is a critical requirement for the enterprise technology stack today,” comments Nirav Sheth, director of partnerships at Google Cloud.
“With Pindrop’s solutions available on Google Cloud Marketplace, organizations will be able to easily deploy Pindrop in their cloud environment and provide AI-enhanced experiences that prioritize secure, satisfactory customer interactions.”
The partnership with Google Cloud comes weeks after Pindrop started a separate collaboration with enterprise cloud communications company Bandwidth.
In addition to the new partnership, Pindrop has also recently expanded its VeriCall Technology (offered by subsidiary Next Caller) by adding passive authentication capabilities and new actionable intelligence to help detect high-risk callers.
The update enables customers to use VeriCall Technology to access risk scores to reduce security questions as well as to utilize one-time passcodes for more callers.
More specifically, the lightweight VeriCall API can analyze calls in 60 milliseconds and is reportedly able to provide two scores through a single endpoint; one to validate the phone number on the caller ID, and the other to provide a fraud risk assessment to isolate bad actors.
Pindrop confirmed VeriCall Technology customers will be able to access the PIN Score feature through their existing API integration, with no additional data inputs required.
PowerVoice announces new partner program
South Korea-based voice biometrics firm PowerVoice has announced the launch of a new global partner program on the occasion of its 20th anniversary.
PowerVoice specializes in voice recognition-powered devices for the Internet of Things (IoT) applications, including fintech, home appliances, automobiles, and call centers, and claims to have built the first commercial voice biometrics service for financial transactions.
The firm is calling for new partners to help develop PowerVoice’s biometric authentication tools further.
“The voice technology field is a market that is both an opportunity and a crisis to PowerVoice as global companies begin to learn about the benefits of it,” comments the firm’s CEO Jeong Hee-suk.
“We will do our best to overcome this and showcase our differentiated technology to the world.”