Voice recognition market to reach US$2.5 billion in revenue by 2015
A recent special research report on voice biometrics released by the Biometrics Research Group Inc., the research arm of BiometricUpdate.com, found that the market size for both speech recognition and voice recognition continue to grow exponentially.
The research firm estimates that voice recognition will reach US$2.5 billion in revenue by 2015, mainly driven by the banking sector. Voice recognition is a biometric modality that uses an individual’s voice for recognition purposes.
Due to growing interest in providing consumers with cutting edge technology, while concurrently enhancing banking security, Biometrics Research Group Inc. expects more financial institutions to develop and deploy biometrics, and as a consequence, expects revenue growth for voice biometrics to grow. The firm’s research estimates that at least US$200 million was spent on voice biometrics in the banking sector in 2012. The Biometrics Research Group Inc. estimates that at least US$750 million will be spent on voice biometrics in the banking sector by 2015.
While growth will continue to occur, its pace will be dictated by technological developments. Biometrics Research Group Inc. also expects that the increased use of mobile devices will also drive voice recognition development.
Currently, security measures to lock smartphones, and the data contained within, include: four-digit passcodes, draw pattern unlock algorithms and increasingly fingerprint impressions. The most obvious and conceivable security measure for mobile devices however is voice recognition. Once technological issues such as line noise and voice interference are overcome, the firm expects major smartphone manufacturers will move towards wholesale implementation of the technology for device lock purposes. Such a move will expand compound annual growth rates and increase total market value, though the firm cannot estimate when these developments might occur.
In differentiating the marketplace, Biometrics Research Group Inc. notes that the speech recognition market is much larger and more mature. Speech recognition, in contrast to voice recognition, captures speech and translates it. It is most often applied in manufacturing for companies needing voice entry of data or commands while the operator’s hands are otherwise occupied. Related applications occur in product inspection, inventory control, command/control, and material handling. Speech recognition also finds frequent application in medicine, where voice input can significantly accelerate the writing of routine reports. Furthermore, speech recognition helps users control personal workstations or interact with other mobile applications remotely when touch-tone keypads are not available.
Biometrics Research Group Inc. estimates speech recognition software sales were valued at US$11.5 billion in 2010 and will reach US$20.1 billion in 2015. Software packages include automatic speech recognition and text-to-speech systems. It should be noted that because the firm does not consider speech recognition itself a biometric, it did not include revenue projections from this segment in its global biometric revenue estimates, which are projected to reach US$12 billion in 2014.
You can read the full report here.