Global Voice Recognition Market Size, Share, Development, Growth and Demand Forecast to 2024

One of the evolving trends in the global voice recognition market is the augmented demand for voice recognition, in the healthcare sector. Voice recognition helps in refining efficiency by reducing the time taken for filling out charts, and notes for patients. This helps in verbalizing notes faster and saves time while treating and diagnosing patients. Voice recognition market is the improved use of biometrics. Globally, the biometrics segment is experiencing an extraordinary demand for voice recognition applications, due to the growth in falsified activities. The vendors in the biometric segment are developing easy-to-deploy, and cost effective automatic speech recognition (ASR) applications, which are expected to influence the growth of the voice recognition market. Voice recognition is used for biometric safety resolutions, and by determining the voice of a specific person to allow or deny access. The biometric technology has become prevalent in mobile banking, which requires proof of identity of genuine users by their verbal commands to assist them in making transactions.

Software that has the capability to convert and decrypt human voice into speech, which is effortlessly understood by a computer, is known as voice recognition software. The global voice-recognition market can be segmented on the basis of end-use markets into enterprise, consumer, and healthcare markets.

The major factor driving the growth of the global voice recognition market is the growing advent of smartphones. The rapid increase of mobile devices is making voice interfaces, even more pervasive and useful. Speech recognition software on mobile devices is quick and easy to use, than fiddling around with a keyboard on the screen. Google, Microsoft, and Apple all have speech recognition functionality assembled into their mobile operating systems, which makes it easier to carry out tasks.

There are various speech recognition software and tools packages available in the market, some of which are more advanced and fully loaded than others, but generally, they can be used for controlling a user's computer. TalkTyper and Dragon Naturally Speaking are the most popular speech recognition tools and software packages available for use in the market.

The introduction of voice recognition technology in vehicles and automotives sector has empowered passengers or users, for giving voice instructions to the speech recognition system in the vehicle. The speech recognition instructions in vehicles are processed through the infotainment systems in the cars. In addition to providing admittance to the automotive system through hands free speech commands, the infotainment system in the vehicle provides a user-friendly atmosphere to the user. Moreover, voice-assisted services and products contribute greatly in improving speed, accuracy, and efficiency of various consumer and personal electronic devices, which has given a major boost to the global voice recognition market.

One of the major challenges in the global voice recognition market is the shortage of accuracy in the voice recognition systems. Voice recognition applications are extremely sound-sensitive, and therefore any surrounding noise reduces the accuracy level of the voice recognition system.

Major vendors in the voice recognition market are augmenting their focus on research & development inventions, which has resulted in the introduction of products with improved accuracy and high integration ability. Nuance Communications Inc, Microsoft, ValidSoft Ltd, AGNITO, Advanced Voice Recognition Systems Inc., Auraya Systems, LumenVox, LLC, Raytheon Company, Voice Biometrics Group, VoiceTrust and Aspect Software Inc. are some of the major competitors of the global voice recognition market.

Report Coverage

• Provides comprehensive understanding of the market with the help of informed market outlook, opportunities, challenges, trends, size and growth, competitive analysis, major competitors and Porter analysis
• Identifies the key drivers of growth and challenges of the key industry players. Also, assesses the future impact of the propellants and restraints on the market
• Uncovers potential demands in the market
• Porter analysis identifies competitive forces within the market
• Provides information on the historical and current market size and the future potential of the market
• Provides sizes of key regional markets using yardsticks of segments
• Highlights the competitive scenario of the market and major competitors
• Provides profiles of major competitors of the market including details of their operations, product and services, recent developments and key financial metrics. Profiles provide better understanding of competition as well as the demands of the market.