Research and Markets Predicts High Growth for Voice-Controlled Devices

Research and Markets has predicted that the global voice-controlled devices market will grow at a compound annual rate of 7.84 percent  through 2020.

Voice recognition technology has become very popular in areas such as mobile banking, which requires users to identify themselves via spoken commands before making transactions, the firm noted in its "Global Voice Controlled Devices Market 2016-2020" report.

According to the report, existing voice recognition systems make use of cloud servers to understand the user better. millions of such voice searches are processed using cloud servers, and the data from them is analyzed and processed in order to improve search results.

Further, the report states that need for constant connectivity is a major challenge hindering the growth of the market.

The report identifies Apple, Fitbit, Google, Microsoft, Nuance Communications, Pebble, Samsung, Sony, VoiceBox Technologies, and Xiaomi as the key vendors in the industry.

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