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Voice Recognition Market to Grow at a Robust Pace During 2021-2026

SEP 21,2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Voice Recognition Market.

 

 

Voice Recognition Market is likely to witness an impressive CAGR of 17.5% during the forecast period. Factors such as growing demand for easier, faster, and safer user authentication among various sectors, stringent government policies associated with user’s data security, growing fraudulent activities in several industry verticals, and increasing adoption of AI-based voice recognition systems are some of the major factors driving the growth of the market during the forecast period.

Voice recognition is a biometric technology which is used to identify, distinguish and authenticate a particular individual’s voice or for speaker identification. It evaluates the voice biometrics of an individual, such as frequency and flow of their voice and their natural accent in order to prevent any identity fraud activity.

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

Voice Recognition Market Share: By Deployment Model Type

Based on the deployment model type, the market is segmented as on-premise and cloud. The cloud-based deployment model is expected to register higher growth during the forecast period. It offers various gainful features, such as IT security, scalability, high speed, and 24*7 services and requires only a proper internet connection which minimizes the physical infrastructural costs, boosting the segment’s growth over the forecast period.

Voice Recognition Market Share: By Technology Type

Based on the technology type, the market is segmented as AI-based and non-AI based. AI-based technology is estimated to hold the major share of the market during the forecast period. Factors such as capability of AI models to process larger dataset with more accuracy compared to traditional models, to adapt changes in language on their own and enhance their accuracy level through their self-learning abilities, to identify various components such as semantics, accent, context, and words from foreign languages, are expected to fuel the product demand in the market during the forecast period.

Voice Recognition Market Share: By End-Use Type

Based on the end-use type, the market is segmented as aerospace, automotive, BFSI, consumer electronics, government & defense, healthcare, and others. BFSI sector is projected to witness significant growth during the forecast period on account of rapidly growing digital banking coupled with increase in number of identity frauds. Increasing identity fraud activities can lead to enormous losses for financial institutions, thus banks are focusing on implementing technologies, such as voice recognition technology to authenticate users’ identity and process a secure transfer of their information from remote locations, increasing the accuracy of detecting a person with a fraudulent behavior, fueling the market growth during the forecast period.

Voice Recognition Market Share: By Region

In terms of regions, Asia-Pacific is estimated to be the fastest-growing region in the market owing to increasing adoption of smart electronic devices in the region during the forecast period. Factors such as consumer electronics devices being integrated with biometric-based voice recognition technology which offers hands-free activation and interactive actions using voice commands, and growing production and consumption of electronic devices in the region are expected to accelerate the growth of the regional market over the forecast period. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.

Key Players:               

  • Aculab PLC
  • Agnitio S.L.
  • Auraya Systems
  • Aware, Inc.
  • Daon, Inc.
  • ID R&D, Inc.
  • Mobvoi Information Technology Company Limited
  • NEC Corporation
  • Nuance Communications, Inc.
  • OneVault.

Features of the Report

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.

The Voice Recognition Market analysis report discusses the following heads in great detail:

  • Market structure: Overview, industry life cycle analysis, supply chain analysis
  • COVID-19 Impact Assessment
  • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
  • Market trend and forecast analysis
  • Market segment trend and forecast
  • Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
  • Attractive market segments and associated growth opportunities
  • Emerging trends
  • Strategic growth opportunities for the existing and new players
  • Key success factors

 

 

 

 

 

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