Voice Recognition Market size worth over $7 Bn by 2026
Published Date: November 17, 2020 Authors: Preeti Wadhwani, Saloni Gankar
Voice Recognition Market size is projected to exceed USD 7 billion by 2026, according to a new research report by Global Market Insights, Inc.
An increasing demand for authentication in the BFSI industry is expected to propel the voice recognition industry growth. Banks and other organizations including TalkTalk, Lloyds Bank, Vodafone, and Halifax are rapidly rolling out these services for securing payment processing.
Voice recognition market is expected to witness strong demand from police departments for improving criminal investigation. The criminal investigations department is responsible for protecting the public without interfering with their civil liberties and privacies. The integration of voice identification enables police to identify individuals by the time, frequency, and intensity of their speech-sound waves. The EU-funded Speaker Identification Integrated Project (SIIP) helps in identifying criminals through voice recognition. The system uses a Global Info Sharing Mechanism (GISM) and Speaker-Identification (SID) engine to identify language, gender, age, accent, and detect voice cloning of unknown speakers.
The ongoing coronavirus (COVID-19) pandemic will surge the market demand for voice recognition solutions to prevent the spread of the virus. Increased focus on social distancing to prevent the spread of virus will result in users shifting toward contactless technologies. With the rise in demand for touch-based biometrics authentication in the healthcare sector, voice-based solution has become an effective technology for early detection, patient screening & public safety. A university in Rome, Italy is conducting a pilot run for AI-based tool to test COVID-19 through voice-based diagnosis using a smartphone. However, widespread disruptions in the supply chain due to COVID-19 will impact the voice recognition market growth.
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Demand for high level of security and privacy among certain industries is driving on-premise segment market growth
On-premise deployment provides better safety to users due to in-house data storage that prevents threats associated with data breach. The on-premise software being reliable, secure, and customized provides full control over infrastructure and data to meet data residency and compliance requirements. Financial and government organizations that collect sensitive information are required to have a certain level of security & privacy. Due to extra privacy concerns, these companies are more likely to adopt on-premise model than cloud.
Browse key industry insights spread across 250 pages with 243 market data tables and 28 figures & charts from the report, “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” in detail along with the table of contents:
Low implementation & maintenance cost of non-AI-based systems will drive voice recognition market adoption
The high cost and time associated with AI-based technologies will encourage enterprises to shift toward non-AI based voice recognition systems. AI-based systems require frequent updates in order to operate in changing environment that leads to increasing implementation cost. Also, the widespread adoption of AI has been slower among industries in developing economies due to the lack of skilled resources. According to the National Association of Software and Service Companies (NASSCOM), only 25% of the Indian enterprises have deployed AI solutions, as of September 2020. Challenges, such as low rate of digitization, disparate datasets, low ecosystem maturity, and inadequate training data, are restricting the companies to implement AI-based systems.
The use of voice recognition for citizens identification by governments will boost the market growth
The government sector is increasingly investing in biometric identification platforms for delivering efficient, cost-effective, and safe services for citizens. The integration of voice biometric technologies into government services enables citizens’ identification during online voting solutions and helps in detection and prevention of fraudulence activities. Voice biometric can be used as a digital ID allowing government authorities to identify suspect individuals. Since the integration of ArmorVox voice biometric engine developed by Auraya into Inland Revenue Department (IRD), in 2014, the New Zealand Government has achieved 2.7 million citizens’ voice biometric enrolments. The implementation allowed customers to use voice as their password, enabling easier and reliable verification process.
Stable economic conditions, a strong automotive sector, and growth of connected vehicles will drive the Europe voice recognition market growth
The European market generated around 30% revenue share in 2019 due to the presence of leading automobile manufacturers, such as BMW, Volkswagen, Ford, and Mercedes, that are increasingly investing in development of connected vehicles. These market leaders are integrating voice interface software to improve individual’s experience within connected cars. In September 2018, BMW revealed Intelligent personal assistant in its cars allowing users to control standard in-car features by voice commands. The increase in production of luxury cars integrated with innovative technologies will boost voice recognition market revenue during the forecast period.
Several key players are increasingly investing in R&D for introducing innovative voice recognition systems
The companies operating in the market are investing highly in R&D activities for new product launches to attract a large customer base and expand business operations. For instance, in March 2020, Nuance Communications, Inc., one of the leading players in the market, invested USD 275.9 million in R&D for enhancing its deep learning technology for speech recognition. The players are also adopting strategies, such as mergers & acquisitions and technology innovations, to sustain in the highly competitive market. The players are focusing on development and introduction of new products that encourage growth and innovation in the voice recognition market.
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