According to a new market report published by Credence Research Inc., “Global Voice Recognition Market (By Components (Hardware and Software), By Application (Artificial Intelligence and Non-Artificial Intelligence), By End-Use Vertical (Automobile, BFSI, Consumer, Government, Healthcare, Home, Security & Automation, and Others))- Growth, Share, Opportunities, Competitive Analysis, and Forecast 2018 – 2026”, the worldwide market for voice recognition is anticipated to grow by 14.5 per cent CAGR during the 2018-2026 forecast period.
Browse the full report at “Global Voice Recognition Market”
Voice recognition schemes are safety solutions used to either grant or deny access to people by recognizing and matching their voice patterns. More and more biometric safety solutions have been deployed in the banking and finance sectors to improve safety and customer experience. Government agencies and businesses across the globe, on the other side, are adopting biometric techniques to thwart safety threats. Increased incidences of fraud in multiple industries and enhanced adoption of mobile banking, particularly among e-commerce distributors, are anticipated to drive the global voice recognition market. The worldwide market for voice recognition is likely to reach high levels in the coming years owing to technological advancements and the resulting change towards automated and intelligent alternatives. Rapid technological progress has resulted to the growth and increasing use of voice recognition technology for various apps. Technology is used across a variety of end-use verticals, including healthcare, consumer, BFSI, and automotive, among others. In addition, a variety of studies in the field of Internet of Things (IoT) and Artificial Intelligence (AI) further promotes market growth. However, absence of precision, particularly in loud and harsh settings, inability to recognize voice in regional accents, and high expenses associated with AI-based systems are some of the variables that are challenging the development of the market for voice recognition.
North America is anticipated to dominate the market for voice recognition due to the large-scale deployment of biometric technologies due to the growing need for high-level safety. The sector in the region is motivated by expanding public efforts to deploy biometric technologies, especially in the United States. The Asia Pacific voice recognition market is anticipated to expand at a rapid rate owing to rising IoT apps and demand for voice technology. The growing demand for this technology from the self-service industries, such as banking and call centers, is anticipated to drive market growth for voice recognition in the region.
Players in the industry for voice recognition include Nuance Communications, MMODAL Inc., Apple, Inc., Microsoft Inc., Sensory Inc., Agnitio SL, Advanced Voice Recognition Systems, Biotrust, ValidSoft UK Ltd., VoiceVault, M2SyS LLC, VoiceBox Technologies Corp., Raytheon BBN Technologies and LumenVox LLC. The market for voice recognition is driven by technology and extremely competitive. Major players progressively focus on enhancing the precision of voice recognition to outwit rivals.
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- Artificial Intelligence
- Non-Artificial Intelligence
By End-Use Vertical
- Home, Security & Automation
- Others (Retail, Education, Legal, and Military)
By Geography Segment
- North America
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Latin America