Voice Recognition Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The Voice Recognition Market was valued at USD 10.70 billion in 2020 and is expected to reach USD 27.155 billion by 2026, at a CAGR of 16.8% over the forecast period 2021 - 2026. Increasing demand for voice-activated systems, voice-enabled virtual assistant system, and voice-enabled devices is driving the market growth, owing to the rising applications in retail, banking, connected devices, smart home, healthcare, and automobile sectors.

• The ever increasing requirement of authentication in the BFSI industry is expected to boost the voice recognition market, the application includes voice recognition as a form of biometrics to tackle fraudulent transactions. According to Tsinghua University, China the demand for biometric recognition technologies in China is expected to reach CNY 34 billion by 2021.
• Voice-based searches have been highly adopted by various consumer demographics. ComScore, an American Analytics Company predicted that 50% of the searches are estimated to be voice searches by 2020. The adoption of voice recognition technologies adds to the efficiency of various processes as an average person can speak about 150 words per minute while only 60 words can be typed in a minute on average.
• According to Google, 20% of queries on Google’s mobile app and Android devices are voice searches and the number is expected to grow exponentially and Google’s voice assistant is now available on more than 400 million devices.

Scope of the Report

The technology is used in an array of applications, increasing adoption in retail, healthcare, mobile banking, e-commerce, AI, and cloud services are expected to propel further the growth in the market. Growing frequency of frauds in end-user industries such as banking, retail, and healthcare is expected to increase the use of biometrics authentication which in turn is going to boost the voice recognition market. 

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Key Market Trends

Growing Security concerns drive the market for voice recognition

• Cyberattacks can steal real names, email addresses, dates of birth, and telephone numbers of millions of users. The recent Yahoo breaches knocked an estimated USD 350 million off Yahoo’s sale price. According to HIPAA Journal, during fiscal 2018 the US Healthcare industry saw largest data breach which affected a total of 8,795,077 individual's records, AccuDoc Solutions, Inc., UnityPoint Health, and Employees Retirement System of Texas were the organizations which were significantly affected by the breach. 
• Based on the study done by IBM in 2018, the cost per stolen record in data breaches worldwide healthcare, finance, and services industry was placed at the top positions and cost per stolen record was USD 408, 206 and 181. 
• The increasing number of online transactions emphasizes on authentication requirements, better authentication services such as voice recognition technologies could reduce the possibility of security breaches. Citi Bank has introduced voice biometrics to verify the identities of customers contacting their call centers. Voice authentication uses biometrics to verify customers’ identities while they’re explaining an issue to a customer service representative over the phone.

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