Voice Recognition Market Size, Share 2020 Global Growth, Opportunities, Trends, Regional Overview, Leading Company Analysis, And Key Country Forecast to 2023

The Voice Recognition Market research report aims to provide an unbiased and a comprehensive outlook of the global market to the readers. Analysts have studied the key trends defining the trajectory of the market. The research report also includes an assessment of the achievements made by the players in the Voice Recognition Market so far. It also notes the key trends in the market that are likely to be lucrative.

Global Voice Recognition Market is expected to grow at a CAGR of over 16% during the forecast period (2018 – 2023).

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Companies covered:

Nuance Communications, Agnitio Corp, Auraya Systems, Brianasoft, Voicebox Technologies, Fulcrum Biometrics, Neurotechnology, Voicetrust, M2sys Biometrics, Sensory, Inc., And Voicebase Inc. and other for more company coverage please register for sample inquiry.

Market Overview

The scope of the report is limited to deployment type which includes Cloud, On-premise. The End Users considered in the scope of the report include Banking, Telecommunications, Healthcare, Government, and Consumer Applications.

Voice based searches have been highly adopted by various consumer demographics. ComScore, an American Analytics Company predicted that 50% of the searches are estimated to be voice searches by 2020. The adoption of voice recognition technologies adds to the efficiency of various processes as an average person can speak about 150 words per minute while only 60 words can be typed in a minute on average. Google has already released statistics according to which 70% of the searches have been made in natural or conversational language which indicate the scope for the adoption of voice recognition. Growing number of security attacks over the last few years, the most notable being Yahoos data breach, which is considered to the biggest security breach of the 21st century, is also expected to boost the adoption of more secure authentication methods like voice based authentication.

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Competitive Insights

March 2018: Voiximplant, a cloud communications platform has announced the launch of a web services platform which is capable of integrating voice recognition capabilities with outbound call campaigns. This enables businesses to design complex call scenarios with an easy to use editor which helps in productivity. Using smart calls has also been found to be three times less expensive compared to human resources.

Growing Security concerns drive the market for voice recognition.

Cyberattacks can steal real names, email addresses, dates of birth and telephone numbers of millions of users. The recent Yahoo breaches knocked an estimated USD 350 million off Yahoos sale price. In India, the government declared a 400-1000% increase in digital transactions after demonetization. The increasing number of online transactions is likely to fuel the growth of emphasis on authentication requirements during the forecast period. Better authentication services such as voice recognition technologies could reduce the possibility of security breaches. Many of the major companies such as Google, Microsoft reported an error rate of about 8%, 6.9% respectively. Apple has also been reporting lesser error rates in speech recognition which indicates the scope for the growth of speech recognition in the future

Banking Expected to Be One of the Primary Recipients of the Technology

A majority of the consumers have been increasingly relying on online shopping for purchasing various products. This has exposed the consumers to a variety of cybercrimes during the payment processes. Banks such as the ANZ in Australia have enabled Voice ID which have increased the level of authentication for the customers ensuring in safer transactions. This feature has been activated for all the money transactions above USD 1000. It has been applied in two-fold such as unique voice prints along with a pass phrase. With the growth of smartphones, mobile banking and transaction volumes through mobiles have been increasing which further provides incentive for better authentication services. About 60% of the total fraud cases are mobile fraud accounts, according to RSA security.

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Influence of the Voice Recognition market report:

  • Comprehensive assessment of all opportunities and risk in the Voice Recognition market.
  • Voice Recognition market recent innovations and major events.
  • Detailed study of business strategies for growth of the Voice Recognition market-leading players.
  • Conclusive study about the growth plot of Voice Recognition market for forthcoming years.
  • In-depth understanding of Voice Recognition market-particular drivers, constraints and major micro markets.
  • Favorable impression inside vital technological and market latest trends striking the Voice Recognition market.

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