Voice Recognition Market - Forecast(2020 - 2025)

 Every individual has a unique voice. The voice pattern of an individual depends on a number of factors some of which include tone, pitch, volume and so on. An individual’s voice is so unique that it has its own unique fingerprint. Scientists over the last few decades have made use of this fact and have used technology to identify individuals by this unique voice pattern. On this basis, biometric technology was developed which could identify and authenticate an individual based on fingerprint or IRIS pattern and now of course, voice pattern. Governments around the world have been using voice recognition technology to identify persons of interest by listening on certain conversations based on which the individual could be traced to any location around the world. Various intelligence agencies have been using the technology for surveillance and pre-emptive strikes against these persons of interest. Government agencies have also been using voice biometrics as a means of authentication and verification for individuals to access physical as well as logical data access. 

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On the consumer front, numerous devices, not necessarily for the purpose of authentication or verification, but for speech recognition, have employed voice recognition software. Based on what an individual says, the device can perform a set of functions. For examples, Apple Inc.’s Siri is able to recognize speech and accordingly take action based on what the input command is. Various devices have not started employing speech recognition software in their devices. Wearables Market is also looking at the technology and the same is already implemented across certain smart watches.

The BFSI sector is keenly investing in voice recognition technology, as it would revolutionize the industry in terms of how an individual can access information remotely. As of today, an individual needs to enter a password or provide personal details in order to be identified as the concerned individual. With voice recognition, none of this would be required as the voice would be the key to identifying if an individual is who she/he says they are.

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The Voice recognition Market can be segmented as

• on the basis of interface 
  
• AI-based and Non AI-based 
• In terms of industry 
  
• Automotive, Healthcare, Consumer Electronics, BFSI, Government, Defense and Others
• In terms of requirement 
  
• Authentication & verification and Speech recognition   
• By Geography
  
• North America, South America, APAC, Europe, Middle East and Africa

Following are just a few of the companies that are operating in the Voice recognition market. 

• Advanced Voice Recognition Systems, Inc., 
  
• Agnitio SL, 
  
• Biotrust ID B.V., 
  
• Lumenvox, LLC 
  
• Nuance Communications Inc. 
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