Voice Recognition Market Insights

The voice recognition market size was valued at USD 3.6 Billion in 2021 and is likely to grow at a CAGR of 15.23% during 2022-2028 to reach USD 9.79 Billion in 2028.

What is a Voice Recognition?

Voice recognition is a biometric technology that is used to identify, distinguish and authenticate a particular individual’s voice or for speaker identification. It evaluates the voice biometrics of an individual, such as the frequency and flow of their voice and their natural accent in order to prevent any identity fraud activity.

Segment Analysis

The report provides detailed insights about the segment and attractive opportunities in each segment. Market segmentation helps businesses learn about the target customers, minimize risk by figuring out which products are the most likely to earn a profit, and find the best ways to promote and deliver those products to the market.

This report is segmented specifically by the following –

Based on the deployment model type, the market is segmented as on-premise and cloud. The cloud-based deployment model is expected to register higher growth during the forecast period. It offers various gainful features, such as IT security, scalability, high speed, and 24*7 services, and requires only a proper internet connection which minimizes the physical infrastructural costs, boosting the segment’s growth over the forecast period.

Based on the technology type, the market is segmented as AI-based and non-AI based. AI-based technology is estimated to hold the major share of the market during the forecast period. Factors such as the capability of AI models to process larger datasets with more accuracy compared to traditional models, to adapt to changes in language on their own and enhance their accuracy level through their self-learning abilities, to identify various components such as semantics, accent, context, and words from foreign languages, are expected to fuel the product demand in the market during the forecast period.

Based on the end-use type, the market is segmented as aerospace, automotive, BFSI, consumer electronics, government defense, healthcare, and others. The BFSI sector is projected to witness significant growth during the forecast period on account of rapidly growing digital banking coupled with an increase in the number of identity frauds. Increasing identity fraud activities can lead to enormous losses for financial institutions, thus banks are focusing on implementing technologies, such as voice recognition technology to authenticate users’ identity and process a secure transfer of their information from remote locations, increasing the accuracy of detecting a person with fraudulent behavior, fueling the market growth during the forecast period.

In terms of regions, Asia-Pacific accounted for the largest market share of more than 16% in 2021, owing to the increasing adoption of smart electronic devices in the region during the forecast period. Factors such as consumer electronics devices being integrated with biometric-based voice recognition technology which offers hands-free activation and interactive actions using voice commands and growing production and consumption of electronic devices in the region are expected to accelerate the growth of the regional market over the forecast period. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.

Research Methodology

The Voice Recognition Market report is the outcome of thorough analysis of the factors impacting the market size and forecast. Several articles, whitepapers, annual reports, and millions of data are analysed to derive meaningful insights related to the market. Exploratory and in-depth primary interviews are conducted with the industry veterans to gain vital insights that are critical for market analysis and forecasting.

Key Players

According to the report, below given is a list of key players active in the Voice Recognition Market -

• Aculab PLC
• Agnitio S.L.
• Auraya Systems
• Aware, Inc.
• Daon, Inc.
• ID RD, Inc.
• Mobvoi Information Technology Company Limited
• NEC Corporation
• Nuance Communications, Inc.
• OneVault.

About Stratview Research
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