Global AutomaticSpeech 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.
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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. Major vendors dominating the global market
are 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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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.
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