DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Speech & Voice Recognition Market - Forecast to 2022" report to their offering.
The speech recognition market is expected to reach USD 9.97 Billion by 2022, while the he voice recognition market is expected to reach USD 1.99 Billion by 2022. The speech & voice recognition market is driven by the growing need to combat fraudulent activities in several verticals such as enterprise, healthcare, banking, and others as well as the adoption of mobile banking by several national & international banks and e-commerce retailers.
The market for voice recognition is expected to grow at a higher CAGR during the forecast period owing to the need for more secure verification in mobile banking and other sectors, leading to the growing adoption of voice authentication. In regions such as North America and Western Europe, a large number of banking customers use phone banking facilities. Large numbers of these financial institutions are adopting voice-based authentication solutions to accept or reject mobile transactions by a user. Thus, the higher growth of the voice recognition market is attributed to the growing security application in digital and internet-connected devices.
The possibility of improper usage of language and grammatical errors by the user and the oligopoly in the development of speech & voice recognition technology using neural networks restricts the speech & voice recognition technology to cloud-based services restricts the growth of the speech & voice recognition market.
Companies Mentioned:
- Advanced Voice Recognition Systems, Inc.
- Agnitio SL
- Biotrust ID B.V.
- Lumenvox, LLC
- M2SYS LLC
- Microsoft Corporation
- Mmodal Inc.
- Nuance Communications Inc.
- Raytheon BBN Technologies
- Sensory, Inc.
- Validsoft UK Limited
- Voicebox Technologies Corp.
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Voicevault Inc
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Delivery Methods of Speech & Voice Recognition Technology
8 Speech & Voice Recognition Market, By Technology
9 Speech & Voice Recognition Market, By Vertical
10 Speech & Voice Recognition Market, By Geography
11 Competitive Landscape
12 Company Profiles
For more information visit http://www.researchandmarkets.com/research/8dmhkt/speech_and_voice
