|Study Period:||2019- 2026|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
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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 systems, 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 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, in China, the demand for biometric recognition technologies in China is expected to reach CNY 34 billion by 2021.
- Various consumer demographics have highly adopted Voice-based searches. ComScore, an American Analytics Company, predicted that 50% of the searches are estimated to be voice searches in upcoming years. 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. Google’s voice assistant is now available on more than 400 million devices.
- Due to the Covid-19 pandemic, most people are adopting voice technology for searching and assisting in the entertainment, communication, and medical field as a way of contactless human interaction.
Scope of the Report
The increasing adoption in retail, healthcare, mobile banking, e-commerce, AI, and cloud services is expected to propel further growth in the market. The growing frequency of frauds in end-user industries such as banking, retail, and healthcare is expected to increase the use of biometrics authentication, which will boost the voice recognition market.
|Other End Users|
|Rest of the World|
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 the largest data breach, which affected a total of 8,795,077 individual records. AccuDoc Solutions, Inc., UnityPoint Health, and the Employees Retirement System of Texas were the organizations that 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 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 explaining an issue to a customer service representative over the phone.
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Asia-Pacific Region Is Expected to Have High Growth for Voice Recognition Market
- China has the world’s largest population and is expected to have high adoption rates for voice recognition technologies. CNNIC has reported that 583.39 million mobile users utilized payment services on their devices in 2018, which provides a further need to implement voice recognition software.
- After demonetization by the Indian government in 2016, RBI reported the value of mobile banking payments across India reached INR 13,104 billion in 2017 and INR 14,738 billion in 2018. This may increase the demand for authentication services, boosting the requirement for voice recognition as an authentication process.
- The growing retail and e-commerce industry in the region has increased the number of voice-based searches; organizations such as Alibaba, Baidu, Google, and Amazon have also observed increased sales of their respective voice-assisted smart devices.
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The voice recognition market is moving towards a fragmented market as market leaders are banking on product innovation and product development to gain an edge. The number of local players is also increasing, creating high rivalry in the market. Key players are Nuance Communications Inc., Auraya Systems Pty Ltd., Microsoft Corporation, Apple Inc., Alphabet Inc., etc. Recent developments in the market are -
- July 2021 – Nuance incorporates voice recognition and virtual assistant security to Minnesota’s largest credit union, Wings Financial Credit Union. This will allow Wing’s customers to answer financial questions at any time using a virtual assistant.
- January 2021 - Chicago-based Rush University Medical Centre announced that they will expand the use of Nuance's system to its 14 clinical specialties after a successful pilot program of automated clinical note taking system. The system, Nuance Dragon Ambient eXperience, uses artificial intelligence technology to generate detailed notes and capture physician-patient conversations which allows physicians to spend less time on administrative work and more time with patients.
- April 2021 - Auraya added on SymNex Consulting’s voice biometrics supplier directory. This gives customers the capability to connect with SymNex and integrate Auraya’s frictionless and secure voice identification biometrics into their call center platform.
- January 2021 - Nuance Communications Inc. launched its new AI-powered patient engagement virtual assistant platform, which integrates and extends the capabilities of the electronic health record (EHR), customer relationship management (CRM), and Patient Access Center systems to enable healthcare provider organizations to modernize what some call the “digital front door” and improve clinical care.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGTHS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Consumers
4.2.3 Threat of New Entrants
4.2.4 Intensity of Competitive Rivalry
4.2.5 Threat of Substitute Product
4.3 Industry Value Chain Analysis
4.4 Impact of COVID-19
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Growth of the Authentication Market
5.1.2 Increase in Voice-based Searches
5.1.3 Demand for Connected Devices
5.2 Market Challenges
5.2.1 High Cost and Accuracy-related Issues
6. MARKET SEGMENTATION
6.2 End User
6.2.6 Consumer Applications
6.2.7 Other End Users
6.3.1 North America
6.3.3 Asia Pacific
6.3.4 Rest of the World
7. COMPETITIVE LANDSCAPE
*List Not Exhaustive
7.1 Company Profiles
7.1.1 Nuance Communications Inc.
7.1.2 Auraya Systems Pty Ltd
7.1.3 Microsoft Corporation
7.1.4 Apple Inc.
7.1.5 Alphabet Inc.
7.1.6 Amazon.com Inc.
7.1.7 Sensory Inc.
7.1.8 Fulcrum Biometrics LLC
7.1.10 Advanced Voice Recognition Systems Inc.
7.1.11 IBM Corporation
7.1.12 Baidu Inc.
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The Voice Recognition Market market is studied from 2019 - 2026.
What is the growth rate of Voice Recognition Market?
The Voice Recognition Market is growing at a CAGR of 16.8% over the next 5 years.
Which region has highest growth rate in Voice Recognition Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Voice Recognition Market?
North America holds highest share in 2020.
Who are the key players in Voice Recognition Market?
Nuance Communications Inc., Auraya Systems Pty Ltd., Microsoft Corporation, Apple Inc., Alphabet Inc. are the major companies operating in Voice Recognition Market.