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Automatic Speech Recognition Market Size & Forecast Report, 2014 - 2025

Report ID: MN17615280  |  Published: December 2017  |  Format: Electronic (PDF)  |  Industry: Technology

The global automatic speech recognition market is expected to observe a high growth on account of an increase in advanced electronic devices used in the future. One of the major drivers observed in the market is the increasing voice passwords used by consumers. Text passwords are difficult to remember and easy to crack. Moreover, text passwords offer security threats. Therefore, organizations are focusing on adopting biometric passwords in the form of voice which are easy to remember as well as operate by population. Over the past decades, the field of automatic speech recognition was mostly a research topic. As early as 1932, researchers at Bell labs investigated the science of speech recognition.

With the increase in the amount of fraud, organizations realized a need for a robust system that could serve the purpose of fraud management. In this system, a person’s voice is treated as a password for identification and authentication. The main objective of using automatic speech recognition applications is to fasten the security system with high accuracy. Such an application eradicates the need for a keyboard. Moreover, these applications have contributed to increasing accuracy, response time, and efficiency which in turn is expected to drive its demand over the forecast period. Security systems based on voice are efficient in crowd control.

The need for entering correct passwords with a keyboard for access results in time delays and long queues. Therefore, automatic voice-based security systems are expected to find major applications where crowd control is required. Lack of supporting I.T infrastructure is hampering overall system growth as the establishment of automatic speech recognition systems requires highly efficient I.T systems and maintenance. Mindset change is another factor that is expected to restrain global industry growth in the future.

Some organizations are expected to hesitate in implementing new technologies and stick with their old systems. Voice recognition consists of front-end and back-end techniques. Front-end techniques do face the challenge of accuracy and time delay. Therefore, the back-end recognition technique is vastly used owing to its high precision and speed benefits. These applications require a high amount of accuracy and should be able to handle disturbances or errors generated by noise. These systems also require high voice sensitivity detecting low pitch sounds as well.

The automatic speech recognition market is expected to contribute to the growth of speech analytics as well. Speech analytics, popularly known as audio mining is used to make meaningful inferences from the words captured. The study of voice-based important business-related materials are expected to give rise to better decision making related to strategy and operational issues
The global market is segmented based on application areas. These application segments include fraud management, durable electronic goods, military services, healthcare, and education. The technology finds its use in banking sectors, military, medical devices, and cellular services.

Banks are developing systems that allow transactions enabled through voice-based security authentication. Substantial research is being done implement in the field of the military to implement voice recognition systems in high field aircraft and helicopters. Speech recognition is also used for education purposes by people with disabilities. Other implementation includes home appliances, video games, interactive voice response, and robotics. North America followed by Europe accounted for the high demand for speech-enabled applications. Such facilities require the use of voice recognition technology thereby these regions formed a larger share in the global speech recognition market.

The federal government has adopted Electronic Health Records and is expected to increase regional market growth over the forecast period. Asia Pacific region and the Middle East region are expected to observe significant growth on account of the presence of developing economies including China, India, Japan, and UAE. Africa and South America are expected to observe slow growth on account of lack of technology and language barriers. Major vendors dominating the global market are Agnito, Apple, Auraya Systems, Aurix, Cisco, Google, IBM, LumenVox LLC, Microsoft Corp, MModal Inc, Nuance Communication, Raytheon BBN, Validsoft Ltd, Voice Biometrics Group, Voice Trust AG, and Voxeo.

Nuance Communications, headquartered in Burlington, Massachusetts, USA recently announced its dragon drive connected car platform. This platform gives the automakers privilege to generate voice-enabled apps and services. These apps can be used to connect with smart devices and systems from behind the wheel. More applications of such kind are expected to come up with development in technology especially in the field of neural networks and fuzzy logic. Primarily banks are the major customers of these applications. Among them are ANZ in the Asia Pacific, BBVA in Spain, US bank in the USA.

These banking institutions believe that voice biometrics provide a better mobile banking experience in terms of safety, accuracy, and speed. The market is observing an increasing demand for speech-based biometrics for identification purposes. This growth is mainly on account of the growing amount of fraud. The vendors must concentrate on cost-effective and easy-to-use automatic speech-based applications that cater to the need of fraud management.

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