Global Voice Recognition Market 2021 is expected to register a CAGR of 16%, during forecast period with Impact of Covid 19 Analysis

Voice

Global “Voice Recognition Market” Report 2021 (value and volume) by company, regions, product types, end industries, history data and estimate data. Also, Report contains a comprehensive analysis of the important segments like market opportunities, import/export details, market dynamics, key manufacturers, growth rate, and key regions. This report focuses on the Voice Recognition in the Global market, especially in the United States, Europe, China, Japan, South Korea, North America, India. Voice Recognition Market report categorizes the market based on manufacturers, regions, type, and application. Voice Recognition Market reports offer a detailed assessment of the Voice Recognition including enabling technologies, current market situation, market assumptions, restraining factors.

The Global Voice Recognition market swot is provided for the international markets including progress trends, competitive landscape breakdown, and key in regions development status. Development policies and plans are discussed as well as manufacturing processes and cost structures are also analyzed.

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Global Voice Recognition Market is expected to grow at a CAGR of over 16% during the forecast period (2018 – 2023). The scope of the report is limited to deployment type which includes Cloud, On-premise. The End Users considered in the scope of the report include Banking, Telecommunications, Healthcare, Government, and Consumer Applications.

Voice based searches have been highly adopted by various consumer demographics. ComScore, an American Analytics Company predicted that 50% of the searches are estimated to be voice searches by 2021. The adoption of voice recognition technologies adds to the efficiency of various processes as an average person can speak about 150 words per minute while only 60 words can be typed in a minute on average.

Google has already released statistics according to which 70% of the searches have been made in natural or ‘conversational language’ which indicate the scope for the adoption of voice recognition. Growing number of security attacks over the last few years, the most notable being Yahoo’s data breach, which is considered to the biggest security breach of the 21st century, is also expected to boost the adoption of more secure authentication methods like voice based authentication.

Growing Security concerns drive the market for voice recognition.

Cyberattacks can steal real names, email addresses, dates of birth and telephone numbers of millions of users. The recent Yahoo breaches knocked an estimated USD 350 million off Yahoo’s sale price. In India, the government declared a 400-1000% increase in digital transactions after demonetization. The increasing number of online transactions is likely to fuel the growth of emphasis on authentication requirements during the forecast period. Better authentication services such as voice recognition technologies could reduce the possibility of security breaches. Many of the major companies such as Google, Microsoft reported an error rate of about 8%, 6.9% respectively. Apple has also been reporting lesser error rates in speech recognition which indicates the scope for the growth of speech recognition in the future

Banking Expected to Be One of the Primary Recipients of the Technology

A majority of the consumers have been increasingly relying on online shopping for purchasing various products. This has exposed the consumers to a variety of cybercrimes during the payment processes. Banks such as the ANZ in Australia have enabled Voice ID which have increased the level of authentication for the customers ensuring in safer transactions. This feature has been activated for all the money transactions above USD 1000. It has been applied in two-fold such as unique voice prints along with a pass phrase. With the growth of smartphones, mobile banking and transaction volumes through mobiles have been increasing which further provides incentive for better authentication services. About 60% of the total fraud cases are mobile fraud accounts, according to RSA security.

China Is Expected to Have High Growth for Voice Recognition Market

China has the world’s largest population and is expected to have high adoption rates for voice recognition technologies. It has been reported that the number of mobile transactions has increased by about 28% in the country which provides further need for the implementation of voice recognition software. Furthermore, an app called iFlytek Input has also been deployed to convert spoken Chinese into other languages in the form of text messages such as English. Over 500 million people, including toursits are found to use iFlytek.

Although the speech recognition is growing in the country there has been suspicion that the privacy of the citizens is being compromised. According to the Human Rights Watch the government has been collecting voice patterns for various reasons.

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The global Voice Recognition market covers the vision of participant analysis by product types, market share, applications, sales, and revenue.

Voice Recognition Market Report covers the Top Key-players in 2021:-

  • Nuance Communications
  • Agnitio Corp
  • Auraya Systems
  • Brianasoft
  • VoiceBox Technologies
  • Fulcrum Biometrics
  • Neurotechnology
  • VoiceTrust
  • M2SYS Biometrics
  • Sensory
  • Inc.
  • VoiceBase Inc.

Highlighted points of Voice Recognition Market Size:

  • Covers the varying market dynamics of the industry.
  • In-depth analysis of market risks, opportunities, limitations, and growth of the market.
  • Includes market driving and restraining factors.
  • Participants profiles along with product description, overview, and business data.
  • Include details of five years of forecast analysis by types, regions, and applications.

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This Voice Recognition Market Research/analysis Report Contains Answers to your following Questions

  • Which Manufacturing Technology is Used for Voice Recognition? What Developments Are Going On in That Technology? Which Trends Are Causing These Developments?
  • Who Are the Global Key Players in This Voice Recognition Market? What’s Their Company Profile, Their Product Information, Contact Information?
  • What Was Global Market Status of Voice Recognition Market? What Was Capacity, Production Value, Cost and PROFIT of Voice Recognition Market?
  • What Is Current Market Status of Voice Recognition Industry? What’s Market Competition in This Industry, Both Company, and Country Wise? What’s Market Analysis of Voice Recognition Market by Taking Applications and Types in Consideration?
  • What Are Projections of Global Voice Recognition Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What About Import and Export?
  • What Is Voice Recognition Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
  • What Is Economic Impact On Voice Recognition Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
  • What Are Market Dynamics of Voice Recognition Market? What Are Challenges and Opportunities?
  • What Should Be Entry Strategies, Countermeasures to Economic Impact, Marketing Channels for Voice Recognition Industry?

Key Developments in the Voice Recognition Market: in Voice Recognition Market

  • March 2018: Voiximplant, a cloud communications platform has announced the launch of a web services platform which is capable of integrating voice recognition capabilities with outbound call campaigns. This enables businesses to design complex call scenarios with an easy to use editor which helps in productivity. Using smart calls has also been found to be three times less expensive compared to human resources.

    Reasons to Purchase Voice Recognition Market Report

  • Growing security concerns act as a driver to the Global Voice Recognition Market scenario.
  • Analyzing various perspectives of the market with the help of Porter’s five forces analysis
  • The End user that is expected to dominate the market is analyzed in detail
  • The regions which are expected to witness fastest growth during the forecast period are analyzed and estimated for growth.
  • Identify the latest developments, market shares and strategies employed by the major market players.
  • 3-months analyst support along with the Market Estimate sheet (in excel).

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    Finally, the report Global Voice Recognition Market 2021 describes the Voice Recognition industry expansion game plan, the Voice Recognition industry knowledge supply, appendix, analysis findings, and the conclusion.

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