March 31, 2020

Voice Recognition Market will be growing at a CAGR of 14.5% during the forecast period from 2018 to 2026

According to a new market report published by Credence Research Inc., “Global Voice Recognition Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2018 – 2026”, the global market for voice recognition is expected to see an increase of 14.5% in CAGR during the 2018-2026 forecast period.

Product Insights

Voice recognition systems are security solutions used to either grant or deny access to individuals by identifying and matching their voice patterns. More and more biometric security solutions have been deployed in the banking and finance sectors to improve security and customer experience. Government agencies and businesses across the globe, on the other hand, are adopting biometric technologies to thwart security threats. Increased incidences of fraud in various sectors and increased adoption of mobile banking, especially among e-commerce retailers, are expected to drive the global voice recognition market.

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The global market for voice recognition is likely to reach high levels in the coming years due to technological advancements and the resulting shift towards automated and smart solutions. Rapid technological progress has led to the development and growing use of voice recognition technology for multiple applications. Technology is used across a variety of end-use verticals, including healthcare, consumer, BFSI, and automotive, among others. In addition, a multitude of research in the field of Internet of Things (IoT) and Artificial Intelligence (AI) further promotes market growth. However, lack of accuracy, especially in noisy and severe environments, inability to recognize voice in regional accents, and high costs associated with AI-based systems are some of the factors that are challenging the growth of the market for voice recognition.

Competitive Insights:

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.

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[Note: Our Free Complimentary Sample Report Accommodate a Brief Introduction To The Synopsis, TOC, List of Tables and Figures, Competitive Landscape and Geographic Segmentation, Innovation and Future Developments Based on Research Methodology are also Included]

Report Scope by Segments

By Components:

  • Hardware
  • Software

By Application

  • Artificial Intelligence
  • Non-Artificial Intelligence

By End-Use Vertical

  • Automobile
  • BFSI
  • Consumer
  • Government
  • Healthcare 
  • Home, Security & Automation
  • Others (Retail, Education, Legal, and Military)

By Geography Segment

  • North America (the U.S., Rest of North America)
  • Europe (U.K., Germany, France, Rest of Europe)
  • Asia Pacific (China, Japan, India, Rest of Asia Pacific)
  • Rest of World (Middle East & Africa (MEA), Latin America)

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