With nearly every part of our lives now connected in some way, identity verification is becoming a constant activity. Typing passwords and such is a tedious task, especially if you’re diligent in changing your passwords regularly and keeping them complex. Fortunately, other forms of identity verification are becoming more popular, making the process simpler, whether talking to a representative or logging into an account.
Among them is voice authentication, which, along with facial recognition, is expected to see significant growth in the coming years. The global voice and face recognition market, which stood at $4.5 billion in 2016, is expected to reach $24 billion by 2025.
A major boost to the voice authentication market will come from the government sector, as defense and military organizations seek to increase their security measures. Growing use in government agencies will also drive the use of voice biometrics and facial recognition in commercial markets as well, especially in banking and other security conscious industries. North America is expected to see the largest growth in adoption, driven by a combination of government and consumer demand.
Customer service organizations at financial institutions and other service providers will leverage advanced authentication techniques to secure access to applications, accounts, and internally for access to facilities, servers, and other infrastructure. For customers, this provides not only an easier, quicker means of authentication, but a more secure one as well. Many organizations have already implemented voice authentication internally and, as customers learn to use these newer forms of verification, they will start demanding them from other vendors, further driving adoption.
In addition, customer satisfaction will naturally increase, as businesses are able to more quickly identify customers and address their needs without going through lengthy manual verification processes. Likewise, customer representatives will deal with fewer customers agitated by constantly having to identify themselves, driving an increase in employee satisfaction.
While the drivers of the voice authentication market may be primarily security driven, the additional benefits in commercial markets go well beyond helping reduce identity fraud, which cost businesses billions each year.
To learn more about how voice authentication can help better secure your business, click here.