Speech recognition software: Key market research findings
- Increased use of voice passwords
- Integration of voice verification with speech recognition
Technavio has released a new market research report on the global speech recognition software market, which is expected to grow at a CAGR of 17% between 2016 and 2020. Currently, the biometrics segment is witnessing a high demand for speech recognition software because of the growing instances of fraud across organizations. Vendors are developing easy-to-deploy and cost-effective speech recognition applications that help in fraud management. The increase in demand for authentication in financial institutions, healthcare enterprises, and government organizations is driving the growth of this market. APAC is expected to witness fastest growth in the market because of the increasing initiatives of small and medium-sized enterprises in India and China to implement speech recognition software to mitigate fraud and employee attendance issues.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Of late, the organizations are adopting biometric passwords in which symbols are replaced by the voice of the person. The voice of an individual becomes the password and provides identification and authentication. Voice passwords cannot be replicated and can help companies improve customer services by enabling them to support the enrolment and authentication of clients. For instance, voice passwords could be used to secure interactions between mobile phones and electronic devices in vehicles and homes,” says Amrita Choudhury, Lead Analyst, ICT, Technavio Research
Several vendors are working towards the integration of voice recognition with the speech recognition technology. Instead of offering voice verification as a stand-alone product, vendors are offering integrated voice verification and speech recognition. A number of vendors have either launched or are in the process of launching voice recognition applications that involve the integration of these two technologies. Of late, the vendors are also developing customized speech recognition applications for warehouse workers.
The leading vendors in the global speech recognition software market are AT&T, IBM, Microsoft and Nuance Communications. The market is highly competitive owing to the presence of only a few vendors. Intense competition prevails in the market as the new players are developing many innovative applications. The vendors in this market are struggling to introduce technological advances and improve customer experience, owing to the expanding nature of the market.
A more detailed analysis is available in the Technavio report, Global Speech Recognition Software Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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