The voice recognition market is expected to surpass USD 10 billion by 2028, as reported in a research study by Global Market Insights Inc. The market growth can be attributed to the emergence of fintech technology and innovations in banking processes along with digitization.
The cloud-based voice recognition market is expanding owing to its several benefits such as high speed, scalability, IT security, and 24/7 services. These solutions can be remotely customized to transcribe domain-specific terms and rare words by providing hints and boost the transcription accuracy in different languages. The cloud-based deployment model enables the users to access APIs for different use cases such as dictation, short commands, captioning, and subtitles. The market players are undertaking strategic mergers & acquisitions to offer high-quality solutions to the customers. For instance, in April 2021, Microsoft Corporation acquired Nuance Communications, Inc., an AI-based voice recognition solutions provider to boost cloud healthcare business. This allows to offer better patient-physician interactions in person or in the telemedicine appointments.
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The in-flight voice recognition technology helps aircraft pilots to decrease their workload by automating various device operations based on commands. It provides flight crews with access to frequent commands; this enables them to efficiently manage various operations. Continuous technological advancements in the aerospace industry coupled with the focus on improving flight safety provide impetus to the voice recognition market. The voice recognition system allows pilots to save time while obtaining Air Traffic Control (ATC) commands, thereby allowing them to concentrate completely on flying efficiently & safely. Voice recognition systems provide improved situational awareness by identifying, capturing, and presenting ATC communications relevant to the aircraft’s operation for review or replay.
The developing consumer electronics industry in North America is augmenting the voice recognition market growth. Increasing disposable incomes of consumers in North America are boosting the sale of consumer electronic devices. According to Statistics Canada, disposable incomes of the lowest-income households grew to 3.0% and 3.3%, respectively, in the first two quarters of 2021 while that of the highest-income households decreased by 6.4% and then increased by 3.9% over the same period. Growth in disposable incomes indicates the additional spending power of the consumer in the country. Individuals are increasingly spending on advanced smartphones and tablets equipped with voice recognition technology to enable convenient user authentications. Voice recognition solutions help to identify a person, thereby providing enhanced security to sensitive data.
Some of the major findings of the voice recognition market report are:
- Stringent government polices to improve data security will positively impact the voice recognition market growth. For instance, the General Data Protection Regulation (GDPR) enhances data management across every sector including healthcare and BFSI to improve the data protection & privacy of individuals across Europe. Voice recognition is a safe authentication technology that identifies a person while protecting sensitive data.
- Technological advancements, such as Artificial intelligence (AI) and Natural Language Processing (NLP), are prompting various sectors to replace their existing authentication systems with voice-based biometrics to enhance user identity verifications. In response to the increased demand from various end-use verticals, numerous market players are integrating this innovative technology into their voice recognition systems. For instance, Aculab PLC employs Artificial Neural Networks (ANNs) and analytical signal processing technologies to offer real-time frictionless & universal authentications.
- The increasing introduction of consumer electronic devices that uses voice recognition to protect data stored in device and various applications supports the market growth. Global population is increasing the use of voice interactions with digital assistants such as Siri & Alexa, smartphones, and smart home devices to streamline various tasks.
- The growing demand for voice recognition solutions in healthcare sectors is providing impetus to the market. Medical voice recognition software minimizes typing errors and automates spellcheck in real time. It decreases the cost of transcription, offers end-to-end security, and imports records directly into an electronic health record (EHR).
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Voice recognition industry 360º synopsis, 2018 – 2028
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Deployment model trends
2.1.4 Technology trends
2.1.5 End-use trends
Chapter 3 Voice Recognition Industry Insights
3.1 Introduction
3.2 Impact of COVID-19 outbreak
3.3 Industry ecosystem analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Regulatory landscape
3.7 Industry impact forces
3.7.1 Growth drivers
3.7.1.1 Rise in adoption of voice biometrics for enhancing identity and security among various industry verticals
3.7.1.2 Increasing adoption of the AI-based voice recognition systems
3.7.1.3 Stringent government regulations drive the need for secure authentication technologies in healthcare sector
3.7.1.4 Need to prevent unauthorized access to IT facilities and other security-sensitive areas
3.7.1.5 Growing popularity of mobile payments using voice recognition software
3.7.1.6 Proliferation of smart consumer electronics devices in Asia Pacific
3.7.1.7 Development of voice-enabled in-car infotainment systems in Europe and the U
3.7.2 Industry pitfalls & challenges
3.7.2.1 Data security & privacy concerns
3.7.2.2 High cost of implementation
3.8 Growth potential analysis
3.9 Porter’s analysis
3.10 PESTEL analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
