Automatic Speech Recognition Market is expected to observe a high growth on account of increase in advanced electronic devices usage in the future. One of the major drivers observed in the market is the increasing voice passwords use by consumers. Text passwords are difficult to remember and easy to crack. Moreover, text passwords offer security threats. Therefore, organizations are focusing on adopting biometric passwords in the form of voice which are easy to remember as well as operate by population. Over the past decades, the field of automatic speech recognition was mostly a research topic. As early as 1932, researchers at Bell labs investigated the science of speech recognition.
Request a Sample PDF Copy of This Report @ https://www.millioninsights.com/industry-reports/automatic-speech-recognition-market/request-sample
The key driving factors responsible for the growth of Automatic Speech Recognition market :
With increase in the amount of fraud, organizations realized a need for a robust system which could serve the purpose for fraud management. In this system, a person’s voice is treated as a password for identification and authentication. The main objective of using automatic speech recognition application is to fasten the security system with high accuracy. Such an application eradicates the need of a keyboard. Moreover, these applications have contributed to increase in accuracy, response time and efficiency which in turn is expected to drive its demand over the forecast period. Security systems based on voice are efficient in crowd control.
The need for entering correct passwords with keyboard for access results in time delays and long queues. Therefore, automatic voice based security systems are expected to find major applications where crowd control is required. Lack of supporting I.T infrastructure is hampering overall system growth as establishment of 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.
View Full Table of Contents of This Report @ https://www.millioninsights.com/industry-reports/automatic-speech-recognition-market
Market ScenarioAccording to a new report by Market Research Future (MRFR), global speech recognition market is expected to reach USD 16 billion at 16% CAGR over the forecast period (2020-2027).
The ability to deliver accurate authentication sets voice apart as a preferred authentication method for online transactions.
Artificial intelligence speech recognition is extensively used in healthcare and automotive sector.
Moreover, the manufacturers are focusing on innovations in their products with the help of voice recognition which will drive the market growth.Request a Free Sample @ https://www.marketresearchfuture.com/sample_request/1815Some of the voice recognition programs is equipped with limited decoding capabilities and lack the ability to understand the context of the language and interpret the content.
Besides, the non-artificial market accounted for the majority of overall share and is predicted to lose its market soon by the end of the review period.The market has been further segmented into military, automotive, finance, government, media & entertainment, healthcare, and others on the basis of verticals where healthcare is expected to showcase the largest market share.Regional AnalysisThe global market for speech recognition is spanned across regions such as Europe, North America, Asia Pacific, and Rest-of-the-World (RoW).North America is one of the leading regions globally owing to the security application in inter-connected and digital devices which is expanding the market growth in this region.
Asia Pacific countries such as India, Japan, and China are a part of the emerging regions in speech recognition market and is expected to grow at the highest CAGR in the years to come due to the presence of a large number of key players.The growth in customer care services in banks, travel, hospitality, and telecom contributes to the growth of the market to combat fraudulent activities in these sectors.
