Selbyville, Delaware, Nov. 17, 2020 (GLOBE NEWSWIRE) --

Global Market Insights, Inc. has recently added a new report on voice recognition market which estimates the global market valuation for voice recognition will cross US$ 7 billion by 2026. The rapid proliferation of advanced technologies, such as AI and machine learning, will surge the demand for voice-enabled smart devices among consumers.

The demand for secured exchange of voice data efficiently and within less time across enterprises has led to increased demand for effective voice recognition software. Cloud-based voice recognition systems are developed and hosted at the location of the service provider. Storage and servers are deployed for storing biometric templates, which can be used for identification or verification. Moving both the voice recognition database and engine onto the cloud enables a seamless system. Cloud-based voice recognition systems offer scalability and flexibility benefits along with providing the real time processing for fast and efficient results.

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With the rise in the adoption of digitization in the healthcare industry and focus on Electronic Medical Records (EMR) solutions and paperless systems, the implementation of voice recognition systems is increasing. The healthcare industry is the prime target for cybercrime due to the availability of valuable data and medical records. According to 2019 Healthcare Data Breach Report, published by HIPAA Journal, 77.6% of data breaches were reported by healthcare providers in 2019. The voice recognition systems help in providing measures that protect patient data also complying with HIPAA guidelines. The technology enables healthcare authorities to maintain high security with advanced authentication devices.

North America voice recognition market growth can be attributed to the high adoption rates for voice recognition technologies in smart electronics devices. In March 2018, Voicebot.ai stated that the adoption of voice-powered devices grew to 47.3 million U.S. adults in the past two years. With the rising expansion of voice biometrics technologies mainly in smartphones, connected cars, and healthcare applications, the market is estimated to witness significant growth in the region over the forecast time period.

Some of the key players operating in the voice recognition market include Agnitio SL, Auraya Systems, Aware, Inc., Daon Inc., ID R&D Inc,  Kaizen Secure Voiz (KSV), NEC Corporation, Nuance Communications, Inc.,  Phonexia S.R.O., Pindrop Security, Inc.,  ValidSoft, Veridas, Verint Systems Inc., Vocalect Biometric Solutions, LLC, VoicePIN, and VoiceVault Inc. These companies are launching innovative solutions to strengthen their market presence. They are introducing AI-enabled voice recognition software with features that enable accurate and clear recognition of voice in noisy environment.

Browse key industry insights spread across 250 pages with 243 market data tables and 28 figures & charts from the report, “Voice Recognition Market Share & Forecast, 2020 - 2026” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/voice-recognition-market

Some major findings of the voice recognition market report are:

  • Voice recognition technology is increasingly gaining traction due to the rise in the demand for identification using simple and spoken passphrase. The technology offers accurate and spoof-enabled authentication while integrating with advanced microphones.
  • Cloud-based voice recognition facilitates customers to quickly access and procure services. It allows the system to be broadly accessible with the ability of quick and reliable integration with other applications.
  • Government authorities adopting voice recognition technology for authentication & verification of individuals to access physical & logical data will propel voice recognition market growth
  • The BFSI sector is increasingly investing in voice recognition technology for enhancing security and authentication during payment transactions
  • The flourishing consumer electronics sector in Asia Pacific will drive the adoption of voice assistant technology in smart devices. Voice-assistant-enabled smartphones and connected devices are witnessing high adoption of voice recognition technologies.

Browse complete reports table of contents (ToC): https://www.gminsights.com/toc/detail/voice-recognition-market

Partial chapters of report table of contents (TOC):

Chapter 3   Voice Recognition Industry Insights

3.1    Industry segmentation

3.2    Industry landscape, 2016 - 2026

3.3    Impact of coronavirus (COVID-19) pandemic

3.3.1    Global outlook

3.3.2    Regional outlook

3.3.2.1    North America

3.3.2.2    Europe

3.3.2.3    Asia Pacific

3.3.2.4    Latin America

3.3.2.5    MEA

3.3.3    Industry value chain

3.3.3.1    Component Suppliers

3.3.3.2    Manufacturers

3.3.3.3    Marketing & distribution channel

3.3.4    Competitive landscape

3.3.4.1    Strategy

3.3.4.2    Distribution network

3.3.4.3    Business growth

3.4    Industry ecosystem analysis

3.4.1    Component suppliers

3.4.2    Software developers

3.4.3    Technology & platform providers

3.4.4    System integrators

3.4.5    Managed service providers

3.4.6    Service providers

3.4.7    Distribution channel analysis

3.4.8    End-users

3.4.9    Vendor matrix

3.5    Technological & innovation landscape

3.5.1    AI and machine learning

3.5.2    IoT

3.5.3    Data analytics

3.5.4    Anti spoofing

3.5.5    Active and passive voice recognition

3.6    Regulatory landscape

3.6.1    North America

3.6.2    Europe

3.6.3    Asia Pacific

3.6.4    Latin America

3.6.5    MEA

3.7    Industry impact forces

3.7.1    Growth drivers

3.7.1.1    Rise in adoption of voice biometrics for enhancing identity and security among various industry verticals

3.7.1.2    Increasing adoption of the AI-based voice recognition systems

3.7.1.3    Stringent government regulations drives the need for secure authentication technologies in healthcare sector

3.7.1.4    Need to prevent unauthorized access to IT facilities and other security-sensitive areas

3.7.1.5    Growing popularity of mobile payments using voice recognition software

3.7.1.6    Proliferation of smart consumer electronics devices in Asia Pacific

3.7.1.7    Development of voice-enabled in-car infotaintment systems in Europe and the U.S.

3.7.2    Industry pitfalls & challenges

3.7.2.1    Data security & privacy concerns

3.7.2.2    High cost of implementation

3.8    Growth potential analysis

3.9    Porter’s analysis

3.9.1    Threat of new entrants

3.9.2    Threat of substitutes

3.9.3    Bargaining power of buyers

3.9.4    Bargaining power of suppliers

3.9.5    Industry rivalry

3.10    PESTEL analysis

3.10.1    Political

3.10.2    Economic

3.10.3    Social

3.10.4    Technplogial

3.10.5    Environmental

3.10.6    Legal

Browse related report:
Voice over Internet Protocol (VoIP) Market Size By Type (Integrated Access/Session Initiation Protocol (SIP) Trunking, Managed IP PBX, Hosted IP PBX), By Access Type (Phone to Phone, Computer to Computer, Computer to Phone), By Call Type (International VoIP Calls, Domestic Calls), By Medium (Fixed, Mobile), By End-Use ( Consumers, SMBs, Large Enterprises), By Application (IT & Telecom, BFSI, Healthcare, Government & Public Sector, Retail, Education, Hospitality), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019 - 2025

https://www.gminsights.com/industry-analysis/voice-over-internet-protocol-voip-market

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision-making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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