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Speech & Voice Recognition Market in APAC will be driven by increasing demand of self-service applications in sectors such as BFSI, IT and telecom

Author : Ronak Bora | Published Date : 2019-03-18 

Speech & Voice Recognition Market in Asia Pacific, economies such as China, India, Japan are anticipated to see high growth owing to the increasing demand of voice biometrics for security and authentication. Increasing demand of self-service applications in sectors such as BFSI, IT and telecom is further contributing to the growth of speech & voice recognition market in the region. With several government agencies increasingly using voice biometrics for security & authentication and with the presence of several electronics device manufacturers such as Sony, Samsung, LG in these regions it is anticipated to spur the overall speech & voice recognition market growth.

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North America, speech & voice recognition market is predicted to lead owing to the large-scale implementation of biometric systems. Moreover, increasing demand for high level security coupled with strong economic conditions has led to a high adoption of biometric systems in the region thereby, driving the speech & voice recognition market. 

The technology is being implemented in an ever-increasing array of applications owing to the ongoing innovations in computing power and widespread adoption of cloud-based computer technology. The speech & voice recognition market growth has been noticed majorly in the healthcare industry where the technology has been used to generate health records. Handheld devices are gradually becoming affordable and are growing powerful, and it has become likely to run videos & audios on these devices. Speech recognition systems in the healthcare sector are emerging as an efficient alternative in devices where typing is difficult owing to small screens.

Speech & voice recognition market software works by analyzing the voice and then converting them into text. Features such as controlling systems, manipulation of texts by using various commands, improvised accuracy with careful correction & dictation ensures a smooth communication in the network. Steady progress has been observed in the software for machine understanding of human speech. For instance, in call centers the voice technology allows the users to navigate menu, identify angry customers who need to be transferred to any human representative.

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The speech & voice recognition market is segmented into artificial intelligence and software technologies. The artificial intelligence deals with the machine exhibiting intelligent behavior and can propel the speech & voice recognition market growth owing to its unique capability of recognizing the pattern of speech precisely. In addition, artificial intelligence is classified into speaker independent and speaker dependent segments. The speaker independent systems can identify any voice or speech, despite of several variations in characteristics from one speaker to another. Moreover, speaker dependent systems work by learning the unique characteristics of an individual’s voice making the system more reliable. Owing to these features the artificial intelligence segment in the speech & voice recognition market is anticipated to show a high growth rate over the forecast timeline.

Industry participants in the speech & voice recognition market include Nuance Communications, Apple Inc., MModal. Speech, Microsoft, IBM, and Google. The speech &voice recognition market is a highly competitive industry with presence of many players who are focused on improving accuracy to gain more market share to get better of their competitors. The companies in the speech & voice recognition market are following aggressive competitive strategies which consists of acquiring established companies which act as competitors who are prominent in different markets.

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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