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Voice Recognition Biometrics Market to Exhibit 19% CAGR from 2017 to 2021 Report
MarketResearchReports.biz has recently announced the addition of a market research report covering the global market for voice recognition biometrics to its vast research report repository. The report, titled “Global Voice Recognition Biometrics Market 2017-2021,” states that the market will exhibit a promising 19% CAGR over the period between 2017 and 2021. The significant rise in adoption of voice recognition biometrics in the healthcare industry and vast potential growth opportunities in the automotive industry will be the key to market’s future growth prospects.
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Owing to a continuous rise in the use of mobile devices such as personal digital assistants, smartphones, and tablet computers by patients as well as healthcare practitioners, a slew of mobile applications for processes such as diagnosis and treatment, medication prescribing, billing, and coding have been introduced in the global market. With the increasing use of these applications, the issue of preventing unauthorized access to patient data has intensified, compelling vendors to integrate these apps with technologies such as voice recognition biometrics. In other industries as well, the demand for voice recognition biometrics solutions is rising due to the same factor - the prevention of unauthorized access to confidential user data.
From the end-user perspective, the global voice recognition biometrics market is segmented into the government sector, banking, financial services, and Insurance (BFSI) sector, telecommunications, and healthcare. Of these, the BFSI sector is presently the dominant user of the voice recognition biometrics technology and is expected to remain the dominant user over the forecast period as well. The vast rise in prevalence of data theft and online frauds in the sector have intensified the need for the adoption of reliable and innovative user verification techniques, significantly driving the market for voice recognition biometrics.
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From a geographic perspective, the global market for voice recognition biometrics has been examined in the report for regional markets such as North America, South America, Europe, Asia Pacific (APAC), and Middle East and Africa (MEA). Of these, the market across North America is expected to contribute the dominant share in the revenue of the global market over the report’s forecast period.
The increased adoption of mobile in the region has compelled the BFSI sector to adopt voice recognition biometrics to allow end-users carry out transactions from remote locations. The banking, financial services, and Insurance sector being a key end-user of the technology, the high and rising adoption in this area will help the North America market exhibit excellent growth prospects over the next few years.
The global market for voice recognition biometrics features the presence of a large number of small and large companies, making the vendor landscape intensely fragmented. International players in the market are expanding their presence in the market, making it difficult for regional players to reap profitable returns. The global market is expected to witness a surge in acquisitions, where established companies will to acquire smaller vendors with niche offerings in an attempt to expand their geographical reach and product portfolios.
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Some of the leading companies operating in the market are Nuance Communications, AGNITIO, VoiceVault, VoiceTrust, Uniphore, SayPay Technologies, Auraya Systems, VoicePIN.com, OneVault, ValidSoft, M2SYS Technology, Voice Biometrics Group (VBG), VoiceIt Technologies, SpeechPro, and SPITCH.
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