The global speech and voice recognition market size will reach $31.8 billion by 2025, according to a new report from Research and Markets (www.researchandmarkets.com).
Demand for voice activated systems, voice-enabled devices, and voice-enabled virtual assistant systems is slated to increase over the coming years owing to rising applications in the banking and automobile sectors, adds the research group. Soaring need to counter fraudulent activities and enhance security in the banking sector is accelerating the adoption of voice biometrics for the authentication of users.
The automobile sector is expected to gain momentum in the near future owing to advancements in technology and emergence of innovative concepts such as autonomous and connected cars. Increasing integration of voice-activated software in next generation cars is likely to stoke the growth of the market during the forecast period.
Research and Markets says voice recognition is also a core technology widely used in the healthcare sector to enhance the electronic health record systems by providing an ease to doctors to speak and keep records instead of manual typing or writing. In 2017, the healthcare sector held the largest share in the for voice and speech recognition software market. It is poised to register healthy growth over the forecast period.
AI-based voice and speech recognition software is projected to witness a high compound annual growth rate [CAGR] during the forecast period owing to continual development of machine learning techniques and integration of connected devices with personal assistants.
However, Research and Markets notes that the lack of accuracy of these technologies in recognizing regional accents and dialects is anticipated to limit the growth of the market. Additionally, sentiment analysis using changes in the pitch of voice can provide growth opportunities to the voice and speech recognition software market.