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 global voice recognition market is expected to witness a growth of 14.5% CAGR during the forecast period 2018 – 2026.
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Voice recognition systems are security solutions used to either grant or deny access to individuals by identifying and matching their voice pattern. The banking and finance sector has been increasingly deploying biometric security solutions for improving security and customer experience. On the other hand, government agencies and enterprises across the globe are adopting biometric technologies for thwarting security threats. Rising incidences of fraudulent activities in various sectors and increased adoption of mobile banking, especially among e-commerce retailers are collectively expected to drive the voice recognition market worldwide. The global voice recognition market is likely to achieve great heights in the coming years due to the advancements in technology and the resulting shift towards automated and smart solutions. Rapid progressions in technology have led to development and growing usage of voice recognition technology for multiple applications. The technology is used across various end-use verticals including healthcare, consumer, BFSI, and automobile among others. Additionally, multitude of research in the field of internet of things (IoT) and artificial intelligence (AI) is further supporting the market growth. However, lack of accuracy, especially in noisy and severe environments, inability to recognize voice in regional accent, and high costs associated with the AI based systems are some of the factors challenging the growth of the voice recognition market.
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Major players in the industry have concentrated their efforts on improving their language modeling and recognition algorithms. Advancements in language modeling and recognition algorithms is expected to periodically improve recognition accuracy, thereby driving adoption across different verticals. Some of the major and established players identified in the global voice recognition market include Nuance Communications, Advanced Voice Recognition Systems, Microsoft Inc., Apple, Inc., MMODAL Inc., Sensor, Inc., Biotrust, Agnitio SL, ValidSoft UK Ltd., VoiceBox Technologies Corp., Raytheon BBN Technologies, M2Sys LLC, and LumenVox LLC among others.
- By Components:
- By Application
- Artificial Intelligence
- Non-Artificial Intelligence
- By End-Use Vertical
- Home, Security & Automation
- Others (Retail, Education, Legal, and Military)
- North America
- Asia Pacific
- Latin America (LATAM)
- Middle East and Africa (MEA)
Browse the full Global Voice Recognition Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2018 – 2026 report at https://www.credenceresearch.com/report/voice-recognition-market