Monday, 26 February 2018

The growing need for enhancing security in banking operations is expected to drive the voice recognition market

The global voice recognition market size was valued at USD 51.09 billion in 2015 and is expected to expand at a CAGR of 11.0% over the forecast period. With an aim to enhance security to combat the increasing number of fraudulent activities in banking operations, the BFSI industry is expected to adopt voice-based authentication solutions over the forecast period.

The industry is predicted to witness a high growth with the rising popularity of voice-activated devices and appliances such as lights, thermostats, and other voice-enabled devices. Additionally, the rising demand for home automation and home security products, such as door lock systems and camera systems, is substantially contributing to the industry expansion and the trend is likely to continue over the forecast period. Modern day concepts, such as smart homes and advancements in the infrastructural activities, are attracting high potential especially in developed countries such as the U.S., the UK, and France.

The integration of voice recognition systems in automobiles is gaining worldwide popularity as more countries initiate ‘hands-free’ regulations governing the use of mobile phones while driving vehicles. In addition to this, voice commands help drivers to keep their eyes on the road, thus enhancing the safety of the driver and other commuters. The manual interfaces to enter data in a navigation system result in safety risks; whereas, speech destination entry helps drivers to follow the route correctly while keeping their eyes on the road.

"Enhanced devices’ was the largest voice recognition component segment in 2015"

The enhanced devices segment accounted for 50.3% of the overall market share (in terms of revenue) in 2015. The segment is predicted to witness a significant growth and is projected to reach 59.4% by 2024 (in terms of revenue). The increasing demand for voice-integrated navigation systems and workstations is impelling the growth of the enhanced devices segment. The segment is anticipated to grow at a CAGR of 12.7% from 2016 to 2024.

The hardware segment is expected to lose substantial market share over the next eight years. The segment accounted for 41.7% of the overall market share (in terms of revenue) in 2015. The decrease in the market share of hardware components can be attributed to a decline in their prices and also a remarkable growth in the software segment including voice recognition solutions working on the principle of Automatic Speech Recognition (ASR), speaker verification, and audio mining. The software segment is projected to emerge as the fastest growing component segment, expanding at a CAGR of 17.4% from 2016 to 2024.

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"Leveraging artificial intelligence to enhance voice and speech recognition capabilities is being measured as one of the lucrative opportunities"

The artificial intelligence-based solutions application segment is expected to gain momentum as the technique recognizes the patterns of speech accurately. Artificial intelligence exceptionally transforms the speech into well-structured algorithms by undergoing certain stages including the representation of speech units, formulation, and development of recognition algorithms, as well as the demonstration of correct inputs. This segment accounted for 28.3% of the overall market share (in terms of revenue) in 2015 and is projected to reach 33.0%of the total market (in terms of revenue) by 2024.

"The consumer vertical is estimated to emerge as the fastest growing vertical"

The voice recognition technique is widely used in consumer electronics devices such as smartphones, tablets, laptops, and connected devices. The escalating demand for the Internet of Things (IoT) devices is further fueling the demand for voice recognition in the ‘consumer’ vertical. The consumer segment was valued at USD 6.54 billion in 2015 and is expected to expand at a CAGR of 13.9% over the forecast period.

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