Voice-recognition

Voice Recognition Market to cross USD 7 Bn by 2026: Global Market Insights, Inc.

PRESS RELEASE GlobeNewswire
Nov. 18, 2020, 01:00 AM
Selbyville, Delaware, Nov. 17, 2020 (GLOBE NEWSWIRE) —

Global Market Insights, Inc. has recently added a new report on voice recognition market which estimates the global market valuation for voice recognition will cross US$ 7 billion by 2026. The rapid proliferation of advanced technologies, such as AI and machine learning, will surge the demand for voice-enabled smart devices among consumers.The demand for secured exchange of voice data efficiently and within less time across enterprises has led to increased demand for effective voice recognition software. Cloud-based voice recognition systems are developed and hosted at the location of the service provider. Storage and servers are deployed for storing biometric templates, which can be used for identification or verification. Moving both the voice recognition database and engine onto the cloud enables a seamless system. Cloud-based voice recognition systems offer scalability and flexibility benefits along with providing the real time processing for fast and efficient results.With the rise in the adoption of digitization in the healthcare industry and focus on Electronic Medical Records (EMR) solutions and paperless systems, the implementation of voice recognition systems is increasing. The healthcare industry is the prime target for cybercrime due to the availability of valuable data and medical records. According to 2019 Healthcare Data Breach Report, published by HIPAA Journal, 77.6% of data breaches were reported by healthcare providers in 2019. The voice recognition systems help in providing measures that protect patient data also complying with HIPAA guidelines. The technology enables healthcare authorities to maintain high security with advanced authentication devices.North America voice recognition market growth can be attributed to the high adoption rates for voice recognition technologies in smart electronics devices. In March 2018, Voicebot.ai stated that the adoption of voice-powered devices grew to 47.3 million U.S. adults in the past two years. With the rising expansion of voice biometrics technologies mainly in smartphones, connected cars, and healthcare applications, the market is estimated to witness significant growth in the region over the forecast time period.

Some of the key players operating in the voice recognition market include Agnitio SL, Auraya Systems, Aware, Inc., Daon Inc., ID R&D Inc,  Kaizen Secure Voiz (KSV), NEC Corporation, Nuance Communications, Inc.,  Phonexia S.R.O., Pindrop Security, Inc.,  ValidSoft, Veridas, Verint Systems Inc., Vocalect Biometric Solutions, LLC, VoicePIN, and VoiceVault Inc. These companies are launching innovative solutions to strengthen their market presence. They are introducing AI-enabled voice recognition software with features that enable accurate and clear recognition of voice in noisy environment.