The global voice and speech recognition market size was valued at USD 8.23 billion in 2018 and is anticipated to grow at a CAGR of 18.3% during the forecast period. Voice or speech recognition is the ability of a program to receive, interpret and perform spoken commands. These solutions are the perfect filler that fills in with voice commands between consumers and technology for being helped with reminders and simple tasks. Voice recognition operates devices, performs commands at fingertips without company of keyboard. From a security standpoint, there is an inevitable need for voice recognition solutions driving growth in global market.
A few applications of voice and speech recognition include automobiles, smart phones and intelligent virtual assistants such as Amazon’s Alexa, Apple’s Siri and Microsoft’s Cortana. The different type voice recognition software solutions include speaker dependent solution, speaker independent solution, discrete speech recognition, continuous speech recognition and natural language recognition.
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An increasing demand for voice and speech recognition solutions came from automobiles sector and increasing modernization of vehicles drove market growth. The idea being voice recognition solutions decreases human errors while improving production efficiency supplementing growth of market. It has been anticipated that 50% of searches are going to be voice searches by 2020. These systems increase scale of efficiency because while 120 words can be spoken in a minute, only 60 words can be typed on an average in the same time.
An increasing number of data breaches such as security attacks give notable credence to voice recognition systems that are more reliable authentication methods. Growing number of security concerns drive market. After demonetization in India, a 400-1000% increase in digital transactions was witnessed. The increasing number of online transactions will augment growth in better authentications services such as voice and speech recognition market. Many of major companies such as Google, Microsoft reported an error rate of 8% and Apple has also been reporting lesser error rates in voice recognition that indicates growth for market in the future.
By End -User
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The global voice and speech recognition market is segmented based upon component, interface, end-user and region. Based on component, the market is segmented into hardware, software and services. The hardware segment accounted for highest share in market.
The interface segment is divided into AI-based and Non-AI based systems. Non-AI based systems is expected to dominate market throughout the forecast period. The AI-based segment is expected to grow at a very fast rate owing to technological improvements and use in broader range of applications.
An increasing run for the solutions also came from biometric systems for user authentication, thereby boosting market growth. There also came a demand from mobile banking applications and electronic health record (EHR) applications which support growth of speech and voice recognition market. The factors that helped the cause of these solutions also came from adoption of voice assistive systems at homes and commercial enterprises. The factors that influenced demand were greater accuracy and precision, time management and reduced human errors. Emerging economies had a driving market for their application in service robots and technological advancements as factors expected to provide numerous growth opportunities in coming years.
These authentications have been a safer mode as realized in banks such as ANZ in Australia with ID led transactions. This is so because online transactions have become extremely popular in online shopping to purchase various products. This mode relieves the customer of security breaches and online thefts occurring during payment process. With growth of mobile phones and penetration of internet, mobile banking and transaction volumes through mobiles have been increasing which provides better incentive for better authentications services. More than 60% of total fraud cases are mobile fraud accounts revealed a study.
North America accounted for largest share in market owing to striving need for automation in customer service and integration of virtual assistants with smart home appliances boost market growth. An overwhelming need to streamline enterprise communication aspects that improves productivity further helps support market growth. The growing high penetration of mobile devices and rising demand for voice recognition from BFSI and healthcare sectors is expected to support market growth during forecast period. Voice recognition has other supporting factors that comprise technological strides, need for customer management, a hastening demand for mobility, conversion to smart homes and a compulsive requirement to improve workforce productivity.
China is the world’s largest populace and is expected to have high adoption rates for voice recognition technologies. The number of mobile transactions has reportedly increased by 28% which makes it ideal for implementation of this software.
Market players are introducing new products in the market to cater to a growing customer base and players are venturing into new markets to expand customer portal and make market presence strong. The leading players in the market include Google, Inc., Baidu, Inc., Facebook, Inc., Amazon.com, Inc., Advanced Voice Recognition Systems, Inc., Apple, Inc., IBM Corporation, Microsoft Corporation, Brianasoft, VoiceBox Technologies, Fulcrum Biometrics, Neurotechnology, M2SYS Biometrics, Sensory Inc., Voice Base, Inc., Agnitio Corp., Auraya Systems, VoiceTrust and Nuance Communications.