Press release
Voice Recognition Market : Eminent Players – Aculab PLC, Agnitio SL, Auraya Systems, Aware, Inc., Daon Inc., ID R&D Inc, Mobvoi Information Technology Company Limited, Kaizen Secure Voiz
Voice Recognition Market
Rapid technological advancements in machine learning and AI is expected to augment the voice recognition market size by 2026. The demand for voice-enabled smart devices is steadily increasing among consumers worldwide. Government authorities are also adopting voice recognition technology for authentication and verification of individuals in order to access physical and logical data. While the BFSI sector is investing in voice recognition technology for improving security and authentication during payment transactions.
Growing demand for identification through simple and spoken passphrase has majorly instigated the popularity of voice recognition technology. The technology provides accurate and spoof-enabled authentication while integration with advanced microphones.
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Several firms operating in the voice recognition market are creating advanced systems and solutions. For example, in 2020, voice security and authentication firm, Pindrop announced the launch of Deep Voice 3, the latest version of the company’s voice recognition technology, that is built on advanced machine learning and deep neural networks. Based on such innovations, Global Market Insights, Inc., estimates that the voice recognition market may register over USD 7 billion by 2026.
How are cloud-based systems contributing towards industry expansion?
Cloud-based voice recognition systems are hosted and developed at the service provider’s location. Storage and servers are deployed for the purpose of storing biometric templates, that might be used for verification or identification.
Shifting voice recognition engine and database onto the cloud could help offer a seamless system. Moreover, cloud-based voice recognition systems can provide flexibility and scalability as well as real-time processing for efficient and quick results.
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How are voice recognition systems helping the healthcare sector?
The use of voice recognition systems in increasing in the healthcare business owing to digitization efforts and the focus on Electronic Medical Records solutions and paperless systems. Due to the availability of medical records and other valuable data, the healthcare sector is becoming a target for cybercrime.
Voice recognition systems provide measures that protect patient data while complying with HIPAA guidelines. They enable healthcare authorities to maintain high security with advanced authentication devices. As per reports, in 2019, 77.6% of data breaches were reported by healthcare workers.
Meanwhile, in a bid to enhance patient and caregiver experience, companies in the healthcare sector are collaborating with tech firms. In 2020, Nuance Communications, in collaboration with leading health system Providence, announced plans of expanding the use of Nuance’s cloud solutions for developing integrated clinical intelligence and better revenue cycle solutions.
Which region is expected to hold a major share in the voice recognition market?
The North America voice recognition market is projected to experience substantial growth over the forecast period owing to high adoption of voice recognition technologies in smart electronic devices. There is a high usage of voice biometrics technologies in the region, especially in connected cars, smartphones and healthcare applications.
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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