London, 02 January 2015: TechNavio, the independent tech-focused global research firm, has published a report on the Global Voice Recognition Market 2015-2019, which is expected to post a CAGR of 9.40 percent during the forecast period of 2014-2019.
Currently, the Voice Recognition market is associated not only with customer care applications but also with many products and services, showcasing broad applications. Organizations seeking competitive edge want to differentiate their products from other vendors while retaining their customers. Thus, airlines, banks, and brokerage firms use voice recognition to retain customers while improving the security. The increase in the adoption of wireless devices and the changing customer and business demand for access to unlimited information encourage enterprises to use voice recognition applications.
“The need for a strong verification process is leading to the growing integration of voice authentication in mobile banking,” says Faisal Ghaus, Vice President of TechNavio.
“Phone-based banking institutions are partnering with voice authentication vendors and the incorporation of voice metrics is becoming a key competitive advantage.”
Key Market Drivers
- Increased Use of Biometrics
- Increase in Need to Improve Competitive Responsiveness
- Increased Use of Speaker Identification for Forensic Purposes
- Increase in Demand for Voice Recognition in Mobile Devices
Key Market Trends
- Increased Demand in Healthcare Industry
- Increased Demand for Multi-factor and Multi-modal Authentication
- Growing Demand for Voice Authentication in Mobile Banking
- Integration of Voice Verification with Speech Recognition
Key Market Vendors
- Nuance Communications
- Microsoft Corp.
- ValidSoft Ltd.
To define the market circumstances in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
