Voice Recognition Market to Hit $10 Billion by 2028
Analyst firm Global Market Insights expects the voice recognition market to surpass $10 billion by 2028, fueled largely by innovations in the financial services and healthcare industries. The company last year had predicted that the market would hit a valuation of $7 billion by 2026.
Among the growth drivers cited are a rise in adoption of voice biometrics, government regulations requiring secure authentication technologies, a need to prevent unauthorized access to IT facilities and other security-sensitive areas, growing popularity of mobile payments using voice recognition software, the proliferation of smart consumer electronics devices, and ongoing development of voice-enabled in-car infotainment systems.
The firm also noted particularly robust growth in the cloud-based voice recognition market due to several benefits, such as high speed, scalability, IT security, and 24/7 services.
Additionally, technological advancements, such as artificial intelligence (AI) and natural language processing (NLP), are prompting various sectors to replace their existing authentication systems with voice-based biometrics to enhance user identity verifications.
Voice recognition is a safe authentication technology that identifies a person while protecting sensitive data, the firm concluded in its report.
These solutions can be remotely customized for use cases like dictation, short commands, captioning, and subtitles to accommodate domain-specific terms and rare words in many languages. Medical voice recognition software minimizes typing errors and automates spell-check in real time, decreases the cost of transcription, offers end-to-end security, and imports records directly into electronic health records, the firm concluded.