Speech & Voice Recognition Market Analysis by Trends, Opportunities, Challenges, Revenue & Forecast
Speech & Voice Recognition Market size is anticipated to witness growth over the forecast timeline owing to the increase in demand for biometric solutions in identity verification. Growing number of fraudulent activities in several sectors along with the rising number of smartphone devices and growing usage of mobile computing is further expected to drive the speech & voice recognition market growth.
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The technology is serving the demand in security for achieving flexible & efficient communications with several features such as simple pattern matching, where spoken words are recorded and recognized in the system entirely along with artificial neural network, which is a largely simplified and a computerized version of a human brain. In addition, enhanced adaptability and advancements in automated technology is expected to spur the speech & voice recognition market size.
The technology is being implemented in an ever-increasing array of applications owing to the ongoing innovations in computing power and widespread adoption of cloud-based computer technology. The speech & voice recognition market growth has been noticed majorly in the healthcare industry where the technology has been used to generate health records. Handheld devices are gradually becoming affordable and are growing powerful, and it has become likely to run videos & audios on these devices. Speech recognition systems in the healthcare sector are emerging as an efficient alternative in devices where typing is difficult owing to small screens.
Factors such as lack of accuracy, impaired speech, occurrence of error in data processing owing to the improper encoding and compression algorithms is expected to limit the growth of speech & voice recognition market. In addition, the increasing cost of computers with high processing speed and complexity of processing along with the lack of proper training to recognize the individual accent is curbing the market growth.
One of the most notable voice and speech powered electronic assistant’s examples is Siri, a voice activated personal assistant developed by Apple Inc., which allows voice commands and voice based queries. Siri does not require any assistance from computers or any mobile devices, as the speech and voice recognition helps the assistant answer queries using simple commands offered in simple languages. Siri helps in looking for information, creating calendar events, playing music and getting directions & recommendations using speech and voice recognition software’s. With the inclusion of such features in the smartphones, the speech & voice recognition market will witness strong growth opportunities.
The speech & voice recognition market is segmented into artificial intelligence and software technologies. The artificial intelligence deals with the machine exhibiting intelligent behavior and can propel the speech & voice recognition market growth owing to its unique capability of recognizing the pattern of speech precisely. In addition, artificial intelligence is classified into speaker independent and speaker dependent segments. The speaker independent systems can identify any voice or speech, despite of several variations in characteristics from one speaker to another. Moreover, speaker dependent systems work by learning the unique characteristics of an individual’s voice making the system more reliable. Owing to these features the artificial intelligence segment in the speech & voice recognition market is anticipated to show a high growth rate over the forecast timeline.
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Accuracy and speed are the major characteristics of the software which can be used as a tool for dictating and transcribing documents at work. A major benefit of the technology is for the users to do work simultaneously where user is expected to focus on observation, manual operations and still control the machinery by voice input commands that is helping drive the speech & voice recognition market growth. The software works in sync with various electronic software’s which are used daily, such as Microsoft Office and emails.
Customer care services in the speech & voice recognition market will witness growth over the forecast timeline. Various business sectors such as BFSI, IT, telecom, healthcare and hospitality are using the technology to tackle the increasing occurrence of security breach in these sectors which is propelling the industry demand. In the healthcare sector, the main use of speech and voice recognition technology, are for reporting health checkups, in data entry and in environments where the doctor or the dealing person cannot reach. An automated speech recognition system in medical equipment addresses, the ease of use and the hands-free environment which in turn is helping spur the speech & voice recognition market growth.
North America, speech & voice recognition market is predicted to lead owing to the large-scale implementation of biometric systems. Moreover, increasing demand for high level security coupled with strong economic conditions has led to a high adoption of biometric systems in the region thereby, driving the speech & voice recognition market.
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In Asia Pacific, economies such as China, India, Japan are anticipated to see high growth owing to the increasing demand of voice biometrics for security and authentication. Increasing demand of self-service applications in sectors such as BFSI, IT and telecom is further contributing to the growth of speech & voice recognition market in the region. With several government agencies increasingly using voice biometrics for security & authentication and with the presence of several electronics device manufacturers such as Sony, Samsung, LG in these regions it is anticipated to spur the overall speech & voice recognition market growth.
Industry participants in the speech & voice recognition market include Nuance Communications, Apple Inc., MModal. Speech, Microsoft, IBM, and Google. The speech &voice recognition market is a highly competitive industry with presence of many players who are focused on improving accuracy to gain more market share to get better of their competitors. The companies in the speech & voice recognition market are following aggressive competitive strategies which consists of acquiring established companies which act as competitors who are prominent in different markets.
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