Market World Automatic Speech Recognition Market Drivers | Page 2

automatic speech recognition systems requires highly efficient I.T systems and maintenance. Mindset change is
another factor which is expected to restrain global industry growth in the future.
Some organizations are expected to hesitate in implementing new technologies and stick with their old systems.
Voice recognition consists of front end and back end techniques. Front end techniques do face a challenge of
accuracy and time delay. Therefore, back end recognition technique is vastly used owing to its high precision
and speed benefits. These applications require a high amount of accuracy and should be able to handle
disturbances or errors generated by noise. These systems also require high voice sensitivity detecting low pitch
sounds as well.
The automatic speech recognition market is expected to contribute to the growth of speech analytics as well.
Speech analytics, popularly known as audio mining is used to make meaningful inferences from the words
captured. Study of voice based important business related materials are expected to give rise to better decision
making related to strategy and operational issues. Global market is segmented on the basis of application areas.
These application segments include fraud management, durable electronic goods, military services, healthcare
and education. The technology finds its use in banking sectors, military, medical devices and cellular services.
Banks are developing systems which allow transactions enabled through voice based security authentication.
Substantial research is being done to implement in the field of military to implement voice recognition systems
in high field aircrafts and helicopters. Speech recognition is also used for education purpose by people with
disabilities. Other implementation includes home appliances, video games, interactive voice response and
robotics. North America followed by Europe accounted for high demand for speech enabled applications. Such
facilities require use of voice recognition technology thereby these regions formed a larger share in the global
speech recognition market.
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Federal government has adopted Electronic Health Records and is expected to increase regional market growth
over the forecast period. Asia Pacific region and Middle East region are expected to observe significant growth
on account of the presence of developing economies including China, India, Japan and UAE. Africa and South
America are expected to observe slow growth on account of lack of technology and language barriers. Major
vendors dominating the global market are Agnito, Apple, Auraya Systems, Aurix, Cisco, Google, IBM, LumenVox
LLC, Microsoft Corp, MModal Inc, Nuance Communication, Raytheon BBN, Validsoft Ltd, Voice Biometrics
Group, Voice Trust AG and Voxeo.
Nuance Communications, headquartered in Burlington, Massachusetts, USA recently announced its dragon
drive connected car platform. This platform gives the automakers privilege to generate voice enables apps and