TechNavio recognizes the following companies as the key players in the Global Automatic Speech Recognition Market: LumenVox LLC, Nuance Communications Inc., and Sensory Inc.
Commenting on the report, an analyst from TechNavio’s team said: “One of the major trends being witnessed in the market is the increasing usage of voice passwords. Normal passwords are easy to remember and crack, thereby increasing security threats. Therefore, organizations are increasingly adopting biometric passwords in which symbols are replaced by the voice of the person. The voice of the person becomes the password and provides identification and authentication. In addition, voice passwords cannot be replicated and will help companies improve customer service by enabling them to support the enrolment and authentication of clients. ASR applications are basically used for customized user authentication when multiple end-users are present or multiple people use the same product such as for secure interactions on mobile phones and electronic devices in vehicles and homes.”
According to the report, one of the major drivers in this market is the increasing demand for speech-based biometrics for identification purposes. The Biometrics segment is witnessing high demand for speech recognition applications because of the growing instances of fraud. Hence, the vendors in this segment are developing cost-effective and easy-to-deploy ASR applications that help in fraud management.
Further, the report states that one of the major challenges in this market is the lack of accuracy in speech recognition systems. Speech recognition applications are highly sensitive to ambient noises, which reduces accuracy levels. Although the Speech Recognition industry has witnessed several technological advancements, the issue of high sensitivity to sound remains a barrier to the adoption of ASR applications.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors. For further information on this report, please visit https://www.technavio.com/report/global-automatic-speech-recognition-mark…
TechNavio, the market research platform of Infiniti Research Ltd., publishes periodic market research reports on niche and emerging technologies. For more information on our market research, please visit https://www.technavio.com/it-hardware-software-services
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TechNavio Announces the Publication of its Research Report – Global Automatic Speech Recognition Market 2014-2018
