Voice has emerged as viable authentication system because voice is unique characteristic of any individual same like as iris or fingerprints. Its ability to partner with telephone and to deliver accurate remote authentication makes it a preferred authentication system for online transactions. Integration of voice recognition system in cars is expected to gain popularity globally as more countries initiating “hands-free” regulations governing use of mobile phone while driving vehicles.
The global voice recognition market report has been segmented on the basis of component, application, end-use vertical, and region.
On the basis of component, the global voice recognition market has been segmented into hardware, software, and enhanced devices. The enhanced devices segment is projected to account for highest market share in terms of revenue during the forecast period, and projected to witness a significant growth over the forecast period. This can be attributed due to increasing demand for voice-integrated navigation systems in vehicles.
Among all the end-use industry segments, banking financial services and insurance(BFSI), automotive, consumer electronics, government, home security and home automation, healthcare, IT & telecom, and others (retail and defense). The healthcare segment is expected to hold highest share in the global voice recognition market in terms of revenue. The consumer electronics segment is projected to register highest CAGR during next ten years, owing to increasing use of consumer electronics devices such as tablets, laptops, smartphones, and connected devices. Rising demand for internet of things (IoT) devices is further expected to propel demand for voice recognition in consumer vertical.
On the basis of region, the global voice recognition market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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North America market accounted for major share in terms of revenue in the global voice recognition market in 2016. Asia Pacific voice recognition market is projected to witness higher growth over next seven years compared to other regions, owing to increasing demand for consumer electronics products and home automation systems in countries such as India, and Japan in this region, and presence of major consumer electronics manufacturers in China.
Key players operating in the global market include Apple, Inc., BioTrust ID B.V., Facebook, Inc., Google, Inc., Agnitio S.L., Advanced Voice Recognition Systems, Inc., International Business Machines Corporation, Amazon.com Inc., LumenVox LLC, and Microsoft Corporation.