Voice recognition: Key market research findings
- Emergence of voice recognition solutions like VocalPassword by Nuance Communications and voice-based law enforcement technologies to foster growth in the market
- Voice recognition biometrics market expected to converge in IoT
Technavio has added a new market research report on the global voice recognition biometrics market, to its IT security portfolio. Technavio’s market research analysts estimate this market to grow at a rate of over 22% during the forecast period of 2014-2019. The advantages of voice recognition biometrics like its low cost of operation coupled with its user-friendliness will aid in augmenting its demand during the forecast period. While North America dominates the market in terms of revenue, the fastest growing geography is Europe, which is estimated to grow at a rate of over 26% between 2014 and 2019.
The new market research report from Technavio discusses in detail the key drivers and trends responsible for growth, as well as the segments with the maximum growth potential.
“Thanks to recent advances in Internet of Things (IoT) technology, all smart devices can now be connected to a central hub. This helps in centralizing the control for all devices and minimizes human interaction. Integration of voice biometrics with security solutions, especially in the government sector, will allow users to control the device by voice and save time and money involved in the verification process,” says Navin Rajendra, Lead Analyst, IT Hardware, Software, Services, Technavio Research.
The government sector dominates the market in terms of revenue and is expected to surpass US$ 1,000 million by 2019. In the government sector, voice biometrics enables officials to carry out mass surveillance, which helps them to easily identify criminals and fraudsters. Further, the advent of voice recognition solutions like VocalPassword by Nuance Communications and voice-based law enforcement technologies will help the government to replace traditional non-biometric solutions like PINs and passwords as they are often misused.
Global voice recognition biometrics market in government sector 2014-2019 (US$ millions)
Source: Technavio, 2015
This is an exciting time for all vendors of this market because of the thriving growth rate. A segment to look out for is the BFSI segment, which analysts predict is going to grow due to the advent of three-factor authentication. The leading companies in this market are AGNITiO, Nuance Communications, VoicePass, VoiceTrust, and VoiceVault.
More detailed analysis is available in the Technavio report Global Voice Recognition Biometrics Market 2015-2019.
https://www.technavio.com/%3Cp%3E%3Cstrong%3EWe%20can%20customize%20repor…
