The global voice recognition market is expected to witness a growth of 14.5% compound annual growth rate (CAGR) during the forecast period 2018 – 2026, according to Research and Markets (www.researchandmarkets.com).
Voice recognition systems are security solutions used to either grant or deny access to individuals by identifying and matching their voice pattern. The banking and finance sector has been increasingly deploying biometric security solutions for improving security and customer experience. On the other hand, government agencies and enterprises across the globe are adopting biometric technologies for thwarting security threats.
Research and Markets says that rising incidences of fraudulent activities in various sectors and increased adoption of mobile banking, especially among e-commerce retailers are collectively expected to drive the voice recognition market worldwide. The global voice recognition market is likely to achieve great heights in the coming years due to the advancements in technology and the resulting shift towards automated and smart solution, adds the research group. Rapid progressions in technology have led to development and growing usage of voice recognition technology for multiple applications.
The technology is used across various end-use verticals including healthcare, consumer, BFSI, and automobile among others. Additionally, multitude of research in the field of internet of things (IoT) and artificial intelligence (AI) is further supporting the market growth. However, lack of accuracy, especially in noisy and severe environments, inability to recognize voice in regional accent, and high costs associated with the AI based systems are some of the factors challenging the growth of the voice recognition market, adds Research and Markets.
Major players in the industry have concentrated their efforts on improving their language modeling and recognition algorithms. Advancements in language modeling and recognition algorithms is expected to periodically improve recognition accuracy, thereby driving adoption across different verticals.
Graphic courtesy of G2 Crowd
