Voice Recognition Market Size By Deployment Model (On-Premise, Cloud-Based), By Technology (AI-Based, Non-AI Based), By End-Use (Aerospace, Automotive, BFSI, Consumer Electronics, Government & Defense, Healthcare), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 - 2026

Published Date: Nov 2020  |  Report ID: GMI1572  |  Authors: Preeti Wadhwani, Saloni Gankar

Report Format: PDF   |   Pages: 250   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Voice Recognition Market size worth around USD 2 billion in 2019 and is anticipated to grow at 18% CAGR between 2020 and 2026. The demand for easy, faster, and convenient user authentication among various sectors will play a crucial role in driving the market growth.
 

Voice Recognition Market
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Stringent government polices associated with users’ data security will positively impact the market demand. For instance, the General Data Protection Regulation (GDPR) reshapes the way in which data is handled across every sector including healthcare and banking to improve data protection & privacy of individuals across Europe. Voice biometric belongs to one of the safest authentication technologies as it uniquely identifies a person, providing enhanced security of sensitive data.
 

The increasing fraudulent activities in several industry verticals will drive the adoption of voice recognition technology for secure authentication. In 2019, Federal Trade Commission (FTC), reported that individuals in the U.S. lost USD 667 million in imposter scams in which a large number of people were contacted via phone calls. This creates the market demand for flexible and cost-effective form of biometric authentication tools to prevent fraud and enhance security.
 

Voice recognition systems monitor the accent & cadence, as well as indicate the size and shape of nasal passages, vocal tract, and larynx of a person to identify and authenticate the individual, reducing the possibility of fraudulent activities.
 

The voice recognition technology is gaining high popularity due to the emergence of COVID-19 pandemic. The companies and healthcare professionals are using AI algorithms to examine changes in speech and diagnose COVID-19 patients. The technology helps in identifying infected individuals using slight variations in their speech characteristics.
 

In October 2020, Mayo Clinic partnered with Vocalis Health, Inc., an AI-based vocal biometric solutions provider, to develop new voice-based tools for monitoring, screening, and detecting patient health. The collaboration was aimed at helping physicians to identify vocal biomarkers for Pulmonary Hypertension (PH) and treat their patients. Similarly, Sonde Health Inc., a digital medicine company, is using voice tests to diagnose aging-related diseases, such as dementia and Parkinson's, from speech samples.
 

The growing adoption of cloud-based voice solutions among organizations to improve the scalability and reduce cost

The South Korea cloud-based voice recognition market is projected to expand at 31% CAGR during 2020 to 2026. About 53.1% of South Korean companies have adopted cloud computing for testing, resource management, data storage, and backup, as of November 2018. The cloud-based deployment mode offers several benefits such as scalability, IT security, high speed, and 24/7 services.
 

Cloud solutions only require a proper internet connection that reduces the cost spent on physical infrastructure. The instant provisioning in cloud environment also eliminates the time spent on performing voice recognition and provides quick feedback to users.
 

The expansion of leading cloud providers in South Korea will provide growth opportunities for the cloud-based market. In February 2020, Google LLC launched its first cloud region in Seoul, South Korea to meet the growing demand for cloud services in the country.
 

Increasing demand for AI-based voice recognition to gain insights, enhance efficiency, and identify relevant information from large databases

The AI-based segment accounted for more than 60% of the voice recognition market share in 2019. With the advent of AI model, the capability of voice biometrics systems has improved exponentially. These models can process a much larger dataset with more accuracy compared to traditional models. AI models can adapt to changes in language on their own and improve their accuracy through their self-learning abilities.
 

The AI-enabled voice recognition system is trained to identify various components such as accent, semantics, context, and words from foreign languages. The model enables accurate and easier voice identification to understand the components of natural language. As advancements and innovations around voice identification technology continue to evolve, the demand of AI-based voice recognition market is likely to increase.
 

Rapid growth of digital banking along with increasing number of identity frauds in the BFSI sector is driving voice recognition market growth

U.S. Voice Recognition Market Size

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Identity fraud has emerged as a major concern for the BFSI industry, which could lead to enormous losses for financial institutions. The payment systems in the U.S. is experiencing rapid, dynamic, and persistent threats as technological developments in cybercrime have made it easier to commit payments fraud. According to Consumer Sentinel Network, maintained by the Federal Trade Commission (FTC), of the 3.2 million identity theft and fraud reports received in 2019 in the U.S., 1.7 million were fraud-related, and about 651,000 were identity theft complaints.
 

The banks are focusing on implementing technologies to securely verify users’ identity and process a secure transfer of their information from remote locations. The voice recognition technology is gaining popularity in the market across multiple points of contacts, such as ATMs, self-service kiosks, branch offices, and mobile devices, increasing the accuracy of detecting a person with a fraudulent behavior.
 

Penetration of biometric voice-enabled smart devices in Asia Pacific is driving the market growth

APAC Voice Recognition Market Share

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The Asia Pacific voice recognition market is estimated to witness 23.5% CAGR through 2026 due to the rising adoption of smart electronics devices. As of December 2019, India had 502.2 million smartphone users with 77% of users accessing internet through smartphones. Consumer electronics devices including security systems, game consoles, access control door locks, home automation, and mobile devices are being integrated with biometric based voice recognition technology that offers hands-free activation and interactive actions using voice commands.
 

With the increasing production and consumption of electronics devices in the region, the market demand for voice recognition technology is expected to grow over the forecast time period.
 

Aggressive product launches remain a key strategy among players in the market

Market leaders are focusing on continuous product launches and mergers & acquisitions to increase their presence and gain a competitive edge in the market. For instance, in March 2019, Phonexia S.R.O., launched Phonexia Deep EmbeddigsTM, a fourth-generation voice biometrics technology. The technology can be used in financial services, automotive, criminal investigations, embedded device, Industry 4.0, IoT, smart homes, and virtual assistant applications. Similarly, in January 2019, Pindrop released the voice identity platform to expand its enterprise-grade technology into smart homes, connected cars, voice assistants, and IoT.
 

Key players operating in the voice recognition market are Aculab PLC, Agnitio SL, Auraya Systems, Aware, Inc., Daon Inc., ID R&D Inc,  Mobvoi Information Technology Company Limited, Kaizen Secure Voiz (KSV), NEC Corporation, Nuance Communications, Inc., OneVault, Phonexia S.R.O., Pindrop Security, Inc., Spitch, Uniphore Software Systems, ValidSoft, Veridas, Verint Systems Inc., Vocalect Biometric Solutions, LLC, and VoicePIN
 

This market research report on voice recognition includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2026 for the following segments:

Market, By Deployment Model

  • On-premise
  • Cloud based

Market, By Technology

  • AI-based
  • Non-AI based

Market, By End-Use

  • Aerospace
  • Automotive
  • BFSI
  • Consumer electronics
  • Government & defense
  • Healthcare
  • Others

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Singapore
    • Australia
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Colombia
  • MEA
    • UAE
    • Saudi Arabia
    • South Africa

 

Frequently Asked Questions (FAQ) :

The global voice recognition industry size is valued at around USD 2 billion in 2019 and is anticipated to grow at 18% CAGR through 2026.
The South Korea cloud-based voice recognition market share is poised to grow at 31% CAGR through 2026 driven by the various benefits of cloud-based deployment mode, including scalability, IT security, high speed, and 24/7 services.
The AI-based segment held over 60% of the global voice recognition industry share in 2019. The ability of an AI-enabled voice recognition system to identify numerous components like semantics, accent, words, and context from foreign languages, will drive the market growth.
The Asia Pacific voice recognition industry size is poised to witness 23.5% CAGR through 2026 owing to the growing adoption of smart electronics devices.

Premium Report Details

  • Published Date: Nov 2020
  • Pages: 250
  • Tables: 243
  • Charts / Figures: 28
  • Companies covered: 20
  • Countries covered: 21

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