Voice Recognition Market Trends, Challenges and Growth Drivers Analysis 2024

Voice Recognition Market size is anticipated to witness significant growth over the forecast timeline, owing to the increase in adoption of biometric technologies such as remote authentication using voice verification and growing popularity of voice-activated devices such as thermostats, lights, and other voice-enabled appliances. Growing frequencies of frauds in various end-user industries such as retail & healthcare and increasing adoption of mobile banking by e-commerce retailers & banks are expected to drive the voice recognition market growth during forecast timeframe. Advancements in infrastructure activities and present-day concepts, such as smart homes are projecting growth opportunities, particularly in countries including U.K., U.S., and France. The technology shows tremendous growth potential in home automation systems, due to its low energy consumption and convenience. Growing demand for home security and home automation systems such as camera systems and door lock systems is expected to drive the voice recognition market growth over the future.

The technology is used in array of applications, owing to growing adoption of mobile & cloud technology and continuous advancements in computing power. The healthcare sector is anticipated to witness a remarkable growth over the next eight years, due to the use of the technology to produce health data records, thus propelling the voice recognition market growth. This technology is expected to emerge as effective alternative to devices where typing is difficult due to small displays. Growing inclination towards development of AI based systems is expected to gain traction. Leveraging deep learning algorithm to improve search results is expected to be key growth factor in AI based voice recognition market.

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Voice recognition is the fundamental technology leveraged in autonomous and semi-autonomous automobiles. Integration of this technology with automobiles is increasingly gaining popularity, owing to growing stringency in regulations pertaining to mobile phones use while driving and implementation of hands free rules. Voice commands enhance driver and passenger safety by enabling them to concentrate on driving. Manual interfaces to enter data in navigation system involves risks. Therefore, voice recognition market growth is anticipated to surge, owing to the ability of speech destination entry to help drivers follow route correctly. Benefits of this technology such as better productivity, easy accessibility, and flexibility are expected to drive demand. The lack of ability to recognize speech in regional accent and high price of AI based systems is expected to challenge the voice recognition market demand.
Based on applications, the voice recognition market is classified into artificial intelligence based and non-artificial intelligence based. Artificial-intelligence based solutions segment is expected to gain momentum, owing to the ability of this technology to recognize speech patterns accurately. AI transforms voice into well-structured algorithms in steps such as formulation, representation of speech units, demonstration of correct inputs, and development of recognition algorithms.

Based on components, the voice recognition market is segmented into hardware, software, and enhanced devices. The software component is divided into speaker verification, automatic speech recognition (ASR), and audio mining. Enhanced devices segment is projected to account for the maximum market share during the forecast timeframe. The growth of this segment is attributed to swelling demand for voice integrated workstations and navigation systems

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The industry verticals included in the voice recognition market are BFSI, automobile, government, consumer, retail, home security & automation, and healthcare. The consumer segment is expected to hold significant revenue share, owing to growing penetration of the technology in smart devices such as laptops, smart phones, and tablets. Large corporations such as Microsoft, Google, and Apple are leveraging neural networks and large customer bases to understand, process, and take decisions based on real-time voice inputs.

In light of growing demand of IoT technology is evolving with the voice recognition technology which is anticipated to be integrated with consumer durables such as ovens, refrigerators, microwaves, and thermostats. This growth is anticipated to be fueled by increasing efforts of OEMs to integrate this technology in their products. The BFSI sector is expected to witness fast adoption of this technology to enhance security to reduce the increasing number of fraudulent activities.

North America is expected to dominate the voice recognition market, owing to the deployment of biometric systems on a large scale due to the increasing need of high level security. The industry in the region is driven by increasing government initiatives to deploy biometric systems, particularly in the U.S. The Asia Pacific voice recognition market is expected to grow at fast pace, due to increasing IoT applications and demand for voice technology. Growing requirement of this technology from self-service sectors such as banking and call centers is expected to drive voice recognition market growth in the region.

Players in the voice recognition market include Nuance Communications, MMODAL Inc., Apple, Inc., Microsoft Inc., Sensory Inc., Agnitio SL, Advanced Voice Recognition Systems, Biotrust, ValidSoft UK Ltd., VoiceVault, M2SyS LLC, VoiceBox Technologies Corp., Raytheon BBN Technologies, and LumenVox LLC. The voice recognition market is led by innovation and is highly competitive. Major players are increasingly focusing on increasing the accuracy of voice recognition to outwit the competitors.

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