The Global Voice Recognition Market to Grow at a CAGR of 22 Percent Through 2016

Analyst firm TechNavio this week forecasted the global voice recognition market to grow at a compounded annual growth rate of 22 percent through 2016.

According to the analyst firm, one of the key factors contributing to this market growth is the increasing demand for voice biometrics. The report also maintains that the global voice recognition market has also been witnessing the increasing demand for speech recognition in mobile devices. However, the inability to suppress ambient noise could pose a challenge to the growth of this market, it concluded. 

Use of speaker identification technology by law enforcement is one of the major drivers of the market, according to the report, which cited a growing need for processes to determine if the voice of a crime suspect matches the voice of forensic samples. "This technology enables crime departments to identify criminals with one of the most unique human characteristics, the voice, thereby offering a relatively high level of accuracy," the report said.

Banking is another emerging use of the technology, according to the report.

''The need for stronger verification is leading to the growing integration of voice authentication into mobile banking. In regions such as North America and Western Europe, a large number of banking customers use phone banking facilities. Large numbers of these financial institutions are adopting voice-based authentication solutions to accept or reject mobile transactions by a user," a member of TechNavio's Enterprise Computing Team said.

"In addition, incorporating voice authentication in mobile devices is cost-effective and at the same time provides stronger security. Hence, the trend of integrating voice authentication in mobile banking is expected to grow stronger over the years. Indeed, phone-based banking institutions are partnering with voice authentication vendors and the incorporation of voice metrics is becoming a key competitive advantage," the analyst continued.

TechNavio's report, "The Global Voice Recognition Market, 2012-2016," identified Nuance Communications, MModal, and ValidSoft as the key vendors dominating this market. Other vendors mentioned are Agnitio, Advanced Voice Recognition Systems, LumenVox, Telisma/On Mobile Global, AT&T, Raytheon/BBN Technologies, Microsoft, Voxeo (recently acquired by Aspect Software), Speech Technology Center, Voice Trust, VoiceVault, Voice Biometrics Group, and Auraya Systems.

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