Global Voice Recognition Market Size (Volume and Value) And Growth to 2026 Shared in Most recent Research

Voice-enabled smart devices are increasingly gaining traction, owing to the rapid propagation of advanced technologies like machine learning and AI. The rise in demand for identification using simple and spoken passphrases will play a key role in the expansion of the global Voice Recognition Market size. The surge is attributed to the ability of this technology to offer spoof-enabled and accurate verification while integrating with advanced microphones.

According to a recent study conducted at Global Market Insights, Inc., the worldwide voice recognition market share is anticipated to surpass USD 7 billion by 2026.

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Having realized the benefits of this technology, the BFSI and government sectors are also investing in voice recognition devices and technology. The BFSI will use the technology to enhance its security and authentication process during payment transactions while government authorities for the verification of individuals to access logical and physical data.

Alongside, the voice recognition industry has also expanded across the aerospace, automotive, healthcare, and consumer electronics sectors. Of these, the healthcare segment has seen a rise in the deployment of voice recognition systems. The rise is attributed to the growing focus on Electronic Medical Records (EMR) solutions, adoption of digitization, and paperless systems. The healthcare industry consists of valuable data and medical records and hence becomes a chief target for cybercrime.

However, technology helps the authorities in maintaining high security with the deployment of authentication devices. For instance, as per the 2019 Healthcare Data Breach Report, issued by HIPAA Journal, healthcare providers reported nearly 77.6% of data breaches in 2019. The voice recognition systems provided measures that safeguarded patient data while complying with HIPAA guidelines.

 

Speaking of deployment of speech recognition devices, they can be installed on the cloud as well as on-premise. The on-cloud voice recognition systems are developed and hosted at the service provider’s location. Servers and storage are installed to store biometric templates that are used for authentication and identification. When the voice recognition database and engine are moved to the cloud, an individual can experience seamless operations.

 

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Cloud-based speech recognition systems enable customers to rapidly access and use the services as it allows systems to be widely accessible. The broad accessibility is credited to the ability of fast and reliable integration with other applications. This soaring demand for the transformation of voice data securely and efficiently in less time is expected to positively impact the cloud-based voice recognition systems market augmentation.

 

The voice biometrics technologies which are majorly used in smartphones, connected cars, and healthcare applications, have observed a substantial upsurge. The rising adoption of these smart electronic devices in North America will favor the expansion of the regional voice recognition industry revenue. For example, in March 2018, Voicebot.ai specified that the voice-powered devices’ adoption increased to 47.3 million U.S. adults in the past couple of years.

 

The voice assistant technology in smart devices is also flourishing in the Asia Pacific, supported by the increasing consumer electronics sector. Speech recognition technologies are witnessing rising demand in Voice-assistant-enabled smartphones and connected devices in the region, further fueling the business growth.

 

Moreover, key players of the industry are introducing advanced solutions to reinforce their presence in the market. They are launching AI-enabled voice recognition software which consists of features that allow accurate and clear recognition of voice even in a noisy environment.

 

Recently, Google researchers announced that they have designed an improved speech recognition system, VoiceFilter-Lite, that can recognize and segregate a specific speaker in real-time when multiple people are speaking by linking it with an existing voice sample. This new VoiceFilter-Lite model is estimated to speed up the speech recognition process and decrease the required computing power.

 

Browse key industry insights spread across 250 pages with 248 market data tables and 28 figures & charts from the report, Voice Recognition Market in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/voice-recognition-market

Report Content

Chapter 3   Voice Recognition Industry Insights

3.1    Industry segmentation

3.2    Industry landscape, 2016 - 2026

3.3    Impact of coronavirus (COVID-19) pandemic

3.3.1    Global outlook

3.3.2    Regional outlook

3.3.2.1    North America

3.3.2.2    Europe

3.3.2.3    Asia Pacific

3.3.2.4    Latin America

3.3.2.5    MEA

3.3.3    Industry value chain

3.3.3.1    Component Suppliers

3.3.3.2    Manufacturers

3.3.3.3    Marketing & distribution channel

3.3.4    Competitive landscape

3.3.4.1    Strategy

3.3.4.2    Distribution network

3.3.4.3    Business growth

3.4    Industry ecosystem analysis

3.4.1    Component suppliers

3.4.2    Software developers

3.4.3    Technology & platform providers

3.4.4    System integrators

3.4.5    Managed service providers

3.4.6    Service providers

3.4.7    Distribution channel analysis

3.4.8    End-users

3.4.9    Vendor matrix

3.5    Technological & innovation landscape

3.5.1    AI and machine learning

3.5.2    IoT

3.5.3    Data analytics

3.5.4    Anti spoofing

3.5.5    Active and passive voice recognition

3.6    Regulatory landscape

3.6.1    North America

3.6.2    Europe

3.6.3    Asia Pacific

3.6.4    Latin America

3.6.5    MEA

3.7    Industry impact forces

3.7.1    Growth drivers

3.7.1.1    Rise in adoption of voice biometrics for enhancing identity and security among various industry verticals

3.7.1.2    Increasing adoption of the AI-based voice recognition systems

3.7.1.3    Stringent government regulations drives the need for secure authentication technologies in healthcare sector

3.7.1.4    Need to prevent unauthorized access to IT facilities and other security-sensitive areas

3.7.1.5    Growing popularity of mobile payments using voice recognition software

3.7.1.6    Proliferation of smart consumer electronics devices in Asia Pacific

3.7.1.7    Development of voice-enabled in-car infotaintment systems in Europe and the U.S.

3.7.2    Industry pitfalls & challenges

3.7.2.1    Data security & privacy concerns

3.7.2.2    High cost of implementation

3.8    Growth potential analysis

3.9    Porter’s analysis

3.9.1    Threat of new entrants

3.9.2    Threat of substitutes

3.9.3    Bargaining power of buyers

3.9.4    Bargaining power of suppliers

3.9.5    Industry rivalry

3.10    PESTEL analysis

3.10.1    Political

3.10.2    Economic

3.10.3    Social

3.10.4    Technplogial

3.10.5    Environmental

3.10.6    Legal

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

 

Contact Us:

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com

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