Market Trends of Voice Recognition Industry
This section covers the major market trends shaping the Voice Recognition Market according to our research experts:
Growing Security Concerns Drive the Market for Voice Recognition
- Cyberattacks can steal millions of users' real names, email addresses, dates of birth, and telephone numbers. The recent Yahoo breaches knocked an estimated USD 350 million off Yahoo's sale price. According to HIPAA Journal, during fiscal 2021, the US Healthcare industry saw the most significant data breach, affecting 42,431,699 individual records. AccuDoc Solutions Inc., UnityPoint Health, and the Employees Retirement System of Texas were the organizations that were significantly affected by the breach.
- According to a study done by IBM, the cost per stolen record, USD 4.35 million, in data breaches globally in the finance, healthcare, and services industry was placed at the top position. Personal data is valuable, which prompts cybercriminals to commit crimes. Personal information is sold on the dark web for USD 5 for a credit card number, USD 30 for an entire identity, or USD 1,000 for medical records.
- The increasing number of online transactions emphasizes authentication requirements. Better authentication services, such as voice recognition technologies, can reduce the possibility of security breaches. Citi Bank has introduced voice biometrics to verify customers' identities contacting their call centers. Voice authentication uses biometrics to verify customers' identities while explaining an issue to a customer service representative over the phone.
- Furthermore, increasing developments in voice-assist digital payment systems are expected to drive market growth. For instance, in September 2022, Tonetag collaborated with big public sector institutions to provide its consumers with UPI 123Pay solutions. Users of feature phones may contact the appropriate IVR number and conduct financial transactions utilizing their voice as input. As per the company, its VoiceSe service enables customers to complete financial transactions, pay their utility bills, inquire about account balances, and recharge, among other things.
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Asia-Pacific Region is Expected to Have High Growth in the Voice Recognition Market
- Having the world's largest population, China is expected to have high adoption rates for voice recognition technologies. CNNIC reported that 903.63 million mobile users utilized payment services on their devices in 2021, which provides a further need to implement voice recognition software.
- According to the head of the council of the Speech Industry Alliance of China (SIAC) and chairman of iFlytek, a renowned Chinese AI business, the number of smart gadgets is rapidly expanding due to increasing demand for speaking engagement. Furthermore, the number of engagement services managed by the company's voice assistants increased by 84% year-over-year in 2021.
- Furthermore, in July 2022, Homepod Software 15.6 added Japanese, Cantonese, and Mandarin voice recognition. Such instances are expected to propel the growth of the market over the forecast period.
- In February 2022, ICICI Home Finance company launched a multilingual IVR (Interactive Voice Response) system, which handles half of its customer requests without human intervention. The IVR can capture service requests in eight Indian languages.
- 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 observed increased sales of their respective voice-assisted smart devices. For instance, according to the latest Ascential Digital Commerce analysis, eCommerce revenues in Southeast Asia were expected to increase by 18% in 2022, climbing up to USD 38.2 billion.
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