The report on the Automatic Speech Recognition market report includes future industry Trends, Size, Share, Past, current data and deep analysis, and forecast. This market offers a coordinated and orderly methodology for the most important aspects that have influenced the market within the past and also the forthcoming market prospects on which the organizations can rely upon before investing. It furnishes with an affordable examination of the marketplace for better decision-making and assessment to place resources into it. The report analyses the weather and an entire detailed outlook of the most players that are likely to feature to the demand within the global Automatic Speech Recognition market within the upcoming years.
The market study
additionally gives a to-the-point evaluation of the techniques and plans of
action that are being executed by the manufacturers and firms to contribute to Automatic
Speech Recognition market growth. A number of the foremost conspicuous measures
taken by the organizations are partnerships, mergers & acquisitions, and
collaborations to increase their overall reach. The key players are likewise
presenting newer product varieties within the market to enhance the merchandise
portfolio by embracing the new innovation and completing it in their
enterprise.
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Global automatic speech recognition market is expected to observe a high
growth on account of increase in advanced electronic devices usage in the
future. One of the major drivers observed in the market is the increasing voice
passwords use by consumers. Text passwords are difficult to remember and easy
to crack. Moreover, text passwords offer security threats. Therefore,
organizations are focusing on adopting biometric passwords in the form of voice
which are easy to remember as well as operate by population. Over the past
decades, the field of automatic speech recognition was mostly a research topic.
As early as 1932, researchers at Bell labs investigated the science of speech
recognition.
With increase in the amount of fraud, organizations realized a need for
a robust system which could serve the purpose for fraud management. In this
system, a person’s voice is treated as a password for identification and
authentication. The main objective of using automatic speech recognition
application is to fasten the security system with high accuracy. Such an
application eradicates the need of a keyboard. Moreover, these applications
have contributed to increase in accuracy, response time and efficiency which in
turn is expected to drive its demand over the forecast period. Security systems
based on voice are efficient in crowd control.
The need for entering correct passwords with keyboard for access results
in time delays and long queues. Therefore, automatic voice based security
systems are expected to find major applications where crowd control is
required. Lack of supporting I.T infrastructure is hampering overall system
growth as establishment of automatic speech recognition systems requires highly
efficient I.T systems and maintenance. Mindset change is another factor which
is expected to restrain global industry growth in the future.
Some organizations are expected to hesitate in implementing new
technologies and stick with their old systems. Voice recognition consists of
front end and back end techniques. Front end techniques do face a challenge of
accuracy and time delay. Therefore, back end recognition technique is vastly
used owing to its high precision and speed benefits. These applications require
a high amount of accuracy and should be able to handle disturbances or errors
generated by noise. These systems also require high voice sensitivity detecting
low pitch sounds as well.
The automatic speech recognition market is expected to contribute to the
growth of speech analytics as well. Speech analytics, popularly known as audio
mining is used to make meaningful inferences from the words captured. Study of
voice based important business related materials are expected to give rise to
better decision making related to strategy and operational issues.
Global market is segmented on the basis of application areas. These
application segments include fraud management, durable electronic goods,
military services, healthcare and education. The technology finds its use in
banking sectors, military, medical devices and cellular services.
Banks are developing systems which allow transactions enabled through
voice based security authentication. Substantial research is being done to
implement in the field of military to implement voice recognition systems in
high field aircrafts and helicopters. Speech recognition is also used for
education purpose by people with disabilities. Other implementation includes
home appliances, video games, interactive voice response and robotics. North
America followed by Europe accounted for high demand for speech enabled
applications. Such facilities require use of voice recognition technology
thereby these regions formed a larger share in the global speech recognition
market.
Federal government has adopted Electronic Health Records and is expected
to increase regional market growth over the forecast period. Asia Pacific
region and Middle East region are expected to observe significant growth on
account of the presence of developing economies including China, India, Japan
and UAE. Africa and South America are expected to observe slow growth on
account of lack of technology and language barriers.
Nuance Communications, headquartered in Burlington, Massachusetts, USA
recently announced its dragon drive connected car platform. This platform gives
the automakers privilege to generate voice enables apps and services. These
apps can be used to connect with smart devices and systems from behind the
wheel. More applications of such kind are expected to come up with development
in technology especially in the field of neural network and fuzzy logic.
Primarily banks are the major customers of these applications. Among them are
ANZ in Asia Pacific, BBVA in Spain, US bank in USA.
These banking institutions believe that voice biometrics provide a better
mobile banking experience in terms of safety, accuracy and speed. The market is
observing an increasing demand for speech based biometrics for identification
purpose. This growth is mainly on account of growing amount of fraud. The
vendors must concentrate on cost effective and easy to use automatic speech
based applications that cater the need of fraud management.
Top Key Players of Automatic
Speech Recognition Market:
Agnito, Apple, Auraya
Systems, Aurix, Cisco, Google, IBM, LumenVox LLC, Microsoft Corp, MModal Inc,
Nuance Communication, Raytheon BBN, Validsoft Ltd, Voice Biometrics Group,
Voice Trust AG and Voxeo.
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