Speech & Voice Recognition Market Drivers and
Challenges Report 2024: Global Market Insights Inc.
Speech & Voice Recognition Market size is anticipated to witness growth over the forecast
timeline owing to the increase in demand for biometric solutions in identity verification.
Growing number of fraudulent activities in several sectors along with the rising number of
smartphone devices and growing usage of mobile computing is further expected to drive the
speech & voice recognition market growth.
The technology is serving the demand in security for achieving flexible & efficient
communications with several features such as simple pattern matching, where spoken words
are recorded and recognized in the system entirely along with artificial neural network, which
is a largely simplified and a computerized version of a human brain. In addition, enhanced
adaptability and advancements in automated technology is expected to spur the speech & voice
recognition market size.
The technology is being implemented in an ever-increasing array of applications owing to the
ongoing innovations in computing power and widespread adoption of cloud-based computer
technology. The speech & voice recognition market growth has been noticed majorly in the
healthcare industry where the technology has been used to generate health records. Handheld
devices are gradually becoming affordable and are growing powerful, and it has become likely
to run videos & audios on these devices. Speech recognition systems in the healthcare sector
are emerging as an efficient alternative in devices where typing is difficult owing to small
screens.
Factors such as lack of accuracy, impaired speech, occurrence of error in data processing owing
to the improper encoding and compression algorithms is expected to limit the growth of speech
& voice recognition market. In addition, the increasing cost of computers with high processing
speed and complexity of processing along with the lack of proper training to recognize the
individual accent is curbing the market growth.
Speech & voice recognition market software works by analyzing the voice and then converting
them into text. Features such as controlling systems, manipulation of texts by using various
commands, improvised accuracy with careful correction & dictation ensures a smooth
communication in the network. Steady progress has been observed in the software for machine
understanding of human speech. For instance, in call centers the voice technology allows the
users to navigate menu, identify angry customers who need to be transferred to any human
representative.
The speech & voice recognition market is segmented into artificial intelligence and software
technologies. The artificial intelligence deals with the machine exhibiting intelligent behavior
and can propel the speech & voice recognition market growth owing to its unique capability of
recognizing the pattern of speech precisely. In addition, artificial intelligence is classified into
1 | Page