Voice recognition market to grow at 22% CAGR to 2019: report

August 14, 2015 - 

Research analyst group Sandler Research has published the “Voice Recognition Biometrics Market 2015-2019 Report” in which it forecasts that the global voice recognition market will grow at 22.15% CAGR to 2019.

Based on an objective combination of primary and secondary information including inputs from key industry experts, the report covers the present scenario and the growth prospects of the global voice recognition biometrics market for 2015-2019.

“VISA is expected to use the voice authentication process to allow its customers reset their passwords through an automated system,” said the report’s author. “The technology will be used to verify online purchases, wherein customers must speak into a microphone to authenticate their transactions. This would provide an added layer of security for online transactions made through credit cards.”

The report states that the rise in error rates will act as a significant challenge for the market.

Sandler Research calculated the market size by considering the revenue generated from the sales of voice recognition biometric solutions, including voice receiver, voice recorder, modulator, voice biometrics software, and database.

Researchers took into account all revenue generated from hardware, software, and integrated solutions, while omitting any revenues generated from after sales services.

The report segments the voice recognition market’s end-users in the categories of government sector, automotive sector, healthcare sector, and BFSI sector.

Meanwhile, it segments the geography regions into North America, APAC, Europe, Latin America, and MEA.

The report includes a profile of the key vendors operating in this market, including AGNITiO, Nuance Communications, VoicePass Technology, VoiceTrust and VoiceVault, along with additional prominent vendors of M2SYS Technology, OneVault, SpeechPro, Uniphore, ValidSoft and Voice Security Systems.

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About Justin Lee

Justin Lee has been a contributor with Biometric Update since 2014. Previously, he was a staff writer for web hosting magazine and website, theWHIR. For more than a decade, Justin has written for various publications on issues relating to technology, arts and culture, and entertainment. Follow him on Twitter @BiometricJustin.