The global voice recognition market is expected to be spurred by technological proliferation and increased use in advanced electronic devices. The increased use of biometrics is amongst the major market drivers. Biometrics used for security purposes helps to grant or deny access to a user involved in a transaction. The market is banking on the current trend in the healthcare sector, which has led to an increased demand in the market for voice recognition tools. The technology finds application in the field of mobile banking, where authentication of users is done through spoken commands to facilitate and fasten the transactions. The logic of using voice recognition software on mobile devices provides an easier and quicker solution to the users rather than fiddling around a keyboard to give commands. With an increase in accuracy of the software, the voice recognition market is expected to become more diverse and witness a significant growth over the forecast period. Financial organizations are increasingly making use of such technologies to gain a competitive advantage over others. Banks are implementing voice-based authentication for transactions performed using mobile phones, which is expected to drive the growth of global voice recognition market.
The introduction of voice recognition technology in automotives and vehicles sector has enabled the users or passengers to give voice commands to speech recognition system in the vehicle. Such commands are carried through infotainment systems in the vehicle. Besides providing the driver with access to the automotive system through hands free communication and giving simple voice commands, the system provides a user-friendly environment in the vehicle to the user. Moreover, voice-aided products and services have contributed greatly in improving accuracy, speed, and efficiency of various personal and consumer electronic devices. Major vendors in the voice recognition market have increased their focus on research & development that has resulted in introduction of products with improved accuracy and high integration ability.
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Voice recognition technology finds application in the healthcare industry, along with economic sectors such as manufacturing and services sector. The increasing interaction between humans and machines is considered to be a key driver in the voice recognition market. High emphasis is placed on developing Automatic Speech Recognition (ASR) applications that are economical and easy to set up. Voice recognition systems help in differentiating between words that sound similar and reducing the inefficiencies caused by ambient noise.
Voice recognition comprises of front-end and back-end techniques. Front-end technique usually takes longer time in processing than back-end techniques. Back-end voice recognition is more efficient and accurate finds wide range of applications in healthcare units and clinics.
Lack of accuracy in the voice recognition systems is considered to be the major challenge to the global voice recognition market. The applications are required to be highly sound sensitive and should cancel noise to avoid any inefficiencies or errors in the voice recognition system. Moreover, the mainstream or conventional implementation of these techniques has not taken place in the field of computers. The major reason for this is perceived to be the absence of sustainability of the system in an office or business environment.
Countries from Europe and the U.S. have a high percentage of users for mobile banking and voice-enabled navigation. Such facilities require use of voice recognition techniques thereby forming a larger share in the global voice recognition market. The initiatives undertaken by the Federal government under the ‘health IT strategic plan’ to support adoption of Electronic Health Records (EHR) are expected to fuel market growth in this region. The Asia Pacific region is expected to witness significant growth due to the presence of developing economies in the region.
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