Market research firm Research and Markets has released a new report on the worldwide voice recognition market, predicting strong growth over the next few years. Their report, entitled Global Voice Recognition Market 2015-2019, predicts growth of 9.4 percent (CAGR) between 2014 and 2019.
The researchers identify Nuance Communications, Microsoft, and Validsoft as the biggest players in the market, and note the technology has proven most popular in the field of mobile banking. That’s no surprise; financial institutions around the world have embraced it as a way to authenticate their customers while providing more expedient and convenient service. But the researchers note that it’s also taking off in the realm of healthcare, mostly by allowing doctors to be more efficient via applications like dictating notes and filling patient charts and records.
While this is all to the good, it’s worth pointing out that a CAGR of 9.4 percent is relatively low in comparison to other biometric technologies, and its relative lack of popularity seems to have been borne out in some other research too. Research and Markets seems to pin the blame on lack of accuracy in voice recognition technology, noting that it’s “highly sound-sensitive, and hence any ambient noise reduces its accuracy levels.”
That having been said, it’s a strong enough technology to be embraced by the banking sector, and it will likely continue to find a place in multi-modal authentication solutions. Like all biometric technologies, it remains on the rise.
January 30, 2015 – by Alex Perala