The speech
and voice recognition market is expected to be valued at USD 6.19 Billion in 2017 and is
likely to reach USD 18.30 Billion by 2023, at a CAGR of 19.80% between 2017 and
2023. Increased demand for speech-based
biometric systems for multifactor authentication and growing impact of
artificial intelligence (AI) on the accuracy of speech and voice recognition
drive the growth of the market.
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Voice recognition technology expected to grow
at higher CAGR during forecast period
The market for voice recognition is expected to
grow at a higher CAGR during the forecast period. The need for biometrics
authentication leads to the growing integration of voice authentication in
mobile banking and creates a growing demand for multifactor authentication in
enterprises and industries, leading to the growth of the market for voice
recognition.
In October 2016, VoiceVault Inc. (US) partnered
with BioConnect (US) to develop and integrate biometric authentication
technologies into digital banking and finance platforms. This partnership
enabled the integration of the existing voice recognition software of
VoiceVault Inc. into the BioConnect Identity Platform a mobile platform
offering biometric authentication solutions with voice and eye-scanning technology
or password technology.
Consumer vertical expected to hold largest
share of speech and voice recognition market during forecast period
The key factor contributing to the growth of
the speech and voice recognition market in the consumer vertical is increasing
efforts of original equipment manufacturers (OEMs) to bring speech and voice
recognition technology in their devices.
Major players operating in the speech and voice
recognition market include Nuance Communications, Inc. (US), Microsoft Corporation
(US), Alphabet Inc. (US), Cantab Research Limited (UK), Sensory, Inc. (US),
ReadSpeaker Holding B.V. (Netherlands), Pareteum Corporation (US), Iflytek Co.,
Ltd. (China), VoiceVault Inc. (US), VoiceBox Technologies Corp. (US), LumenVox,
LLC (US), and Acapela Group SA (Belgium).
Americas expected to hold largest share of
speech and voice recognition market during forecast period
The key factor contributing to the growth of
the speech and voice recognition market in the Americas is the increase in the
deployment of biometric systems to ensure high level of security in countries
such as the US, Canada, and Mexico. For instance, in June 2017, VIQ Solutions
Inc. (Canada) partnered with Pivot Technology Solutions, Inc. (Canada) to
access Pivot Technology Solutions’ innovative products, next-generation
ultra-secure platform, CyberCrypt, video capture devices, and high-definition
(HD) telepresence systems, along with end-to-end services for the customer base
of public organizations and private enterprises.
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