Voice Recognition Market 2018-2023 | Growing at Remarkable CAGR of 16% with NUANCE COMMUNICATIONS, AGNITIO CORP, AURAYA SYSTEMS, BRIANASOFT, VOICEBOX TECHNOLOGIES, FULCRUM BIOMETRICS, NEUROTECHNOLOGY

Industry Highlights:
Global Voice Recognition Market is expected to grow at a CAGR of over 16% during the forecast period (2018 - 2023). The scope of the report is limited to deployment type which includes Cloud, On-premise. The End Users considered in the scope of the report include Banking, Telecommunications, Healthcare, Government, and Consumer Applications.

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Voice based searches have been highly adopted by various consumer demographics. ComScore, an American Analytics Company predicted that 50% of the searches are estimated to be voice searches by 2020. The adoption of voice recognition technologies adds to the efficiency of various processes as an average person can speak about 150 words per minute while only 60 words can be typed in a minute on average.
Google has already released statistics according to which 70% of the searches have been made in natural or u2018conversational language’ which indicate the scope for the adoption of voice recognition. Growing number of security attacks over the last few years, the most notable being Yahoo’s data breach, which is considered to the biggest security breach of the 21st century, is also expected to boost the adoption of more secure authentication methods like voice based authentication.

Key Developments in Voice Recognition Market
March 2018: Voiximplant, a cloud communications platform has announced the launch of a web services platform which is capable of integrating voice recognition capabilities with outbound call campaigns. This enables businesses to design complex call scenarios with an easy to use editor which helps in productivity. Using smart calls has also been found to be three times less expensive compared to human resources.

Major Players:
NUANCE COMMUNICATIONS, AGNITIO CORP, AURAYA SYSTEMS, BRIANASOFT, VOICEBOX TECHNOLOGIES, FULCRUM BIOMETRICS, NEUROTECHNOLOGY, VOICETRUST, M2SYS BIOMETRICS, SENSORY, INC., and VOICEBASE INC., amongst others.

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Growing Security concerns drive the market for voice recognition.
Cyberattacks can steal real names, email addresses, dates of birth and telephone numbers of millions of users. The recent Yahoo breaches knocked an estimated USD 350 million off Yahoo’s sale price. In India, the government declared a 400-1000% increase in digital transactions after demonetization. The increasing number of online transactions is likely to fuel the growth of emphasis on authentication requirements during the forecast period. Better authentication services such as voice recognition technologies could reduce the possibility of security breaches. Many of the major companies such as Google, Microsoft reported an error rate of about 8%, 6.9% respectively. Apple has also been reporting lesser error rates in speech recognition which indicates the scope for the growth of speech recognition in the future

Banking Expected to Be One of the Primary Recipients of the Technology
A majority of the consumers have been increasingly relying on online shopping for purchasing various products. This has exposed the consumers to a variety of cybercrimes during the payment processes. Banks such as the ANZ in Australia have enabled Voice ID which have increased the level of authentication for the customers ensuring in safer transactions. This feature has been activated for all the money transactions above USD 1000. It has been applied in two-fold such as unique voice prints along with a pass phrase. With the growth of smartphones, mobile banking and transaction volumes through mobiles have been increasing which further provides incentive for better authentication services. About 60% of the total fraud cases are mobile fraud accounts, according to RSA security.

China Is Expected to Have High Growth for Voice Recognition Market
China has the world’s largest population and is expected to have high adoption rates for voice recognition technologies. It has been reported that the number of mobile transactions has increased by about 28% in the country which provides further need for the implementation of voice recognition software. Furthermore, an app called iFlytek Input has also been deployed to convert spoken Chinese into other languages in the form of text messages such as English. Over 500 million people, including toursits are found to use iFlytek.
Although the speech recognition is growing in the country there has been suspicion that the privacy of the citizens is being compromised. According to the Human Rights Watch the government has been collecting voice patterns for various reasons.

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