The Global Automatic Speech Recognition (ASR) market is expected to grow at a CAGR of above 15% over the forecast period. It may be primarily attributed to the increasing usage of advanced electronic devices. Their applications include robotics, interactive voice response, video games and home appliances.
The growing demand for speech-based biometrics for identification purpose is recognized as a primary driver for this market. The industry is witnessing a tremendous demand for speech recognition applications owing to the increasing incidence of fraud due to the use of text passwords. While regular letter or digit based passwords can be easily memorized and cracked and are a security threat, biometric passwords which replace symbols with the voice of a person are difficult to replicate. The voice of a person serves as a password and renders authentication and identification. Owing to the securities as mentioned above offered, the ASR applications allow the support of authentication and enrollment of clients by enhancing customer service. This method also reduces the use of the keyboard as the text is no longer used as passwords. These applications thus are expected to drive product demand as it increases efficiency, response time and accuracy of the security systems.
Automatic speech recognition also finds applications in user specific customized authentication such as constant interactions on electronic devices and mobile phones when several customers use the same product. Automatic voice based security systems are perceived to find substantial application in crowd control where the voice is used for the safety systems as entering passwords with keyboards often results in the long queue due to a time delay. This may spur product demand significantly over the next few years.
Speech analytics market is also expected to grow owing to the growth in automatic speech recognition market. Speech analytics also known as audio mining are widely used to formulate meaning from the captured words. Better decisions for operational and strategic issues are expected to be solved by the study of voice.
Inaccuracy in ASR systems is one of the biggest challenges faced by speech-based biometrics industry. Reduced accuracy level due to surrounding noise serves as a significant disadvantage to highly sensitive voice recognition applications. The hassle of ASR systems being highly sensitive poses a key challenge to the acceptance of such sensitive applications.
Lack of efficient I.T. infrastructure is expected to hinder the overall market growth. Further, lack of knowledge and ability to adopt new technology by some organizations is anticipated to restrain industry growth.
Voice recognition broadly utilizes front end and back end techniques. Front end techniques are plagued by the challenge of time and accuracy. However, owing to high speed and precision, back-end recognition techniques are widely used. Back end techniques are expected to handle noise generated errors and disturbances. This system also needs to detect low pitch sound and thus is highly sensitive.
The market can be segmented by application into education, healthcare, military services, electronic goods and fraud management. Being a highly efficient technology, it finds wide application in cellular services, medical devices, military, and banking sector. Most of the banks are on the verge of adopting voice recognized security authentication transactions. Additionally, speech recognition systems are gradually being taken by the military sector for use in helicopters and high field aircraft. Physically challenged people also use these systems for education purposes.
North America is expected to emerge as the fastest growing market for speech-enabled applications closely followed by Europe. Developing economies in the Middle East and Asia Pacific such as UAE, Japan, India, and China are presumed to display significant growth over the next few years. South America and Africa are anticipated to display slower growth rate due to language barriers and lack of technical knowledge.
Key industry participants include Sensory Inc., Nuance Communications, and LumenVox LLC. The other primary vendors are Telisma S.A/On Mobile Global Ltd., Raytheon BBN Technologies, Microsoft Tellme, Dolby Fusion Speech, Voxeo, Voice Trust AG. Voice Biometrics Group, Validsoft Ltd, MModal Inc, Microsoft Corp, IBM, Google, Cisco, Aurix, Auraya Systems, Apple, Agnito and AT&T Corp.
Avail customized purchase options to meet your research needs:
Get your queries resolved from an industry expert. Request for a free product review before report purchase.
Speak to the report author to design an exclusive study to serve your research needs.
A testimonial for service excellence represented in the form of BBB "A" Accreditation.
Your personal and confidential information is safe and secure.