The market report on the Voice Recognition Market published by Stratview Research indicates lucrative growth opportunities in the Voice Recognition industry during the next five-year period and ensures more information regarding the market trends. The following summary will give an overview of the challenges, trends, market dynamics, and key players.
Voice Recognition Market Forecast:
The voice recognition market was valued at USD 3.6 billion in 2021 and is likely to grow at a CAGR of 15.23% during 2022-2028 to reach USD 9.79 billion in 2028.
Market Drivers
The growth of the voice recognition market is primarily driven by-
Growing demand for easier, faster, and safer user authentication among various sectors,
Stringent government policies associated with user data security,
Growing fraudulent activities in several industry verticals,
Increasing adoption of AI-based voice recognition systems.
What is voice recognition?
Voice recognition is a biometric technology that is used to identify, distinguish and authenticate a particular individual’s voice or for speaker identification. It evaluates the voice biometrics of an individual, such as the frequency and flow of their voice and their natural accent in order to prevent any identity fraud activity.
COVID-19 IMPACT
The global pandemic Covid-19 largely impacted all the major industries in the year 2020. However, the voice recognition market boomed during this period. As the whole world was in lockdown, the number of people working from home increased generating a need for intelligent and smart equipment. Due to a need for contactless human engagement, speech technology for finding and aiding in entertainment, communication, and medical fields was adopted.
Here are the key players in the market –
Aculab PLC
Agnitio S.L.
Auraya Systems
Aware, Inc.
Daon, Inc.
ID R&D, Inc.
Mobvoi Information Technology Company Limited
NEC Corporation
Nuance Communications, Inc.
OneVault.
Voice Recognition Market Segmentation:
The report segments are based upon applications, material, product type, demographics, geographics, benefits and volume etc. It also recognizes the most-attractive segments and sub-segments.
Based on the deployment model type, the market is segmented as on-premise and cloud. The cloud-based deployment model is expected to register higher growth during the forecast period. It offers various gainful features, such as IT security, scalability, high speed, and 24*7 services, and requires only a proper internet connection which minimizes the physical infrastructural costs, boosting the segment’s growth over the forecast period.
Based on the technology type, the market is segmented as AI-based and non-AI based. AI-based technology is estimated to hold the major share of the market during the forecast period. Factors such as the capability of AI models to process larger datasets with more accuracy compared to traditional models, to adapt to changes in language on their own and enhance their accuracy level through their self-learning abilities, to identify various components such as semantics, accent, context, and words from foreign languages, are expected to fuel the product demand in the market during the forecast period.
Based on the end-use type, the market is segmented as aerospace, automotive, BFSI, consumer electronics, government & defense, healthcare, and others. The BFSI sector is projected to witness significant growth during the forecast period on account of rapidly growing digital banking coupled with an increase in the number of identity frauds. Increasing identity fraud activities can lead to enormous losses for financial institutions, thus banks are focusing on implementing technologies, such as voice recognition technology to authenticate users’ identity and process a secure transfer of their information from remote locations, increasing the accuracy of detecting a person with fraudulent behavior, fueling the market growth during the forecast period.
In terms of regions, Asia-Pacific accounted for the largest market share of more than 16% in 2021, owing to the increasing adoption of smart electronic devices in the region during the forecast period. Factors such as consumer electronics devices being integrated with biometric-based voice recognition technology which offers hands-free activation and interactive actions using voice commands and growing production and consumption of electronic devices in the region are expected to accelerate the growth of the regional market over the forecast period. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
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