Voice Recognition to Remain Profitable through 2026, GMI Reports
Rapid technological advancements in artificial intelligence are expected to augment the voice recognition market through 2026, when Global Market Insights estimates that it will top a $7 billion valuation.
The demand for voice-enabled smart devices is steadily increasing among consumers worldwide. Government authorities are also adopting voice recognition technology for authentication and verification of individuals to access physical and logical data. The financial services sector is also investing in voice recognition technology to improve security and authentication during payment transactions.
The voice recognition market is poised to record significant gains, the firm says, noting that several firms operating in the voice recognition market are creating advanced systems and solutions. For example, in 2020, voice security and authentication firm Pindrop launched Deep Voice 3, the latest version of tits voice recognition technology built on advanced machine learning and deep neural networks.
Global Market Insights also foresees a growing reliance on cloud-based voice recognition systems, which are hosted and developed at the service providers' location. Shifting voice recognition engines and databases to the cloud could help offer a seamless system, increased flexibility and scalability, and real-time processing for efficient and quick results, the firm says.
One vertical that is seeing particularly solid growth is the healthcare sector, due in large part to digitization efforts with electronic medical records, according to Global Market Insights. Voice recognition systems provide measures that protect patient data while complying with Health Information Portability and Accountablility Act (HIPAA) guidelines, enabling healthcare authorities to maintain high security with advanced authentication devices, it said.