The global voice recognition market is expected to witness significant rise over the projected period owing to escalated demand in application areas. The introduction of this technology in vehicles has facilitated the users in giving oral instructions to the system in the automotives. The system provides a user-friendly environment in the vehicle to the user. Furthermore, it assists the user in giving simple voice commands, with hand-free access to the automotive system. Moreover, these products and services have contributed largely in improving speed, accuracy, and efficiency of personal and consumer electronic equipment. Major vendors in the market have mainly emphasized on research and development activities that have resulted in introduction of products with high precision.
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The market is expected to be driven by the growing interaction between machines and humans. On the basis of applications, the voice recognition technology is used in several sectors. It is largely used in economic sectors along with industry, healthcare, manufacturing, and services sectors. Market vendors have highly accentuated on developing applications such as Automatic Speech Recognition (ASR) that are easy to set up and cost-efficient. These systems facilitate in minimizing the errors caused by noise and distinguishing between words that sound similar.
The market can be segmented on the basis of technologies. Voice recognition comprises back-end and front-end speech recognition techniques. The latter technique generally takes less time in dispensation than front-end techniques. The former technique is more efficient and accurately finds wide range of applications in clinics and healthcare units.
The lack of precision in these systems is estimated to hamper market growth. The applications should cancel ambient noise and need to be highly sound sensitive to avoid or minimize the occurrence of faults or errors in the speech recognition system. In addition, implementation of voice recognition technique has not commenced in the field of computers. Lack of sustainability of the system in business environment is considered to be major reason for this.
European countries such as the UK, France, Italy, and Germany have high percentage of users for mobile banking and voice-enabled navigation. These facilities involve use of speech recognition techniques. Accelerated use of these services has led to expansion of market in the European regional market. Several schemes and initiatives such as “Health IT Strategic Plan” undertaken by the Federal Government to support adoption of Electronic Health Records (EHR) are expected to fuel market growth in North American region. Rebound of global recession has created several opportunities in emerging economies such as India and China. These opportunities have impelled growth of the Asia Pacific regional market.
Major market players in the market are Auraya Systems, Advanced Voice Recognition Systems, Apple, Agnitio, Aurix, Cisco, IBM, LumenVox LLC, Google, MModal, Inc., Microsoft Corp., Nuance Communications, ValidSoft Ltd., Raytheon BBN Technologies, Voice Biometrics Group, Voxeo, and Voice Trust AG.
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