Global Voice Recognition Market to Grow at a CAGR of 9.40 % by 2019

Voice Recognition Market

Global Voice Recognition Market provides an overview of the voice recognition market spread out globally. The key regions covered in the report includes Americas, APAC and EMEA. According to the research study, global voice recognition market is estimated to grow at a CAGR of 9.40 % over the forecast period of 2014 to 2019.

Firstly, the report starts with a brief introduction of ‘Voice Recognition Industry’ along with the market description consisting of size, status and forecast. Voice recognition is a software that has the capability to convert and decode human vocal sound into speech that is easily understood by a computer. It is an ability of a machine to receive, understand and dictate the spoken commands.

According to the report, major factors driving the growth of the market is the increased use of biometrics. The biometrics segment is witnessing a high demand for speech recognition applications because of the rise in fraudulent activities globally. This technology has become very popular in mobile banking, which requires identification of authenticated users by their spoken commands to help them make transactions.

The market segmentation has been also analyzed in the report. This report is divided on the basis of product types and applications. Analysts have used SWOT analysis to identify the strengths and weaknesses impacting the segments of the global market. To calculate the market size, the report considers the revenue generated from the sales of software applications and hardware systems. Software applications discussed in the report, such as ASR (Automated Speech Recognition), text-to-speech and voice biometrics.

Moreover, one of the emerging trends is the demand for voice recognition in the Healthcare industry. Voice recognition facility helps in improving efficiency by reducing the time taken for notes and filling out charts for patients. Further, the report states the main challenge which is the lack of accuracy in voice recognition systems faced by the market.

In addition, the report discusses the key drivers that influence the growth of the market as well as the key trends developing in the market. Key vendors operating in the global market are as follows:

·        Microsoft

·        Nuance Communications

·        Validsoft

The report further represents the vendor ranking and a corresponding detailed analysis of the top vendors in the Global Voice Recognition market. Other prominent vendors are Agnitio, AT&T, Auraya Systems, Raytheon BBN Technologies, Voice Biometrics Group, Voice Trust, Telisma, LumenVox and Voxeo.