Fortune Business Insights (FBI) has released a new report on the voice and speech recognition market, projecting that the market will grow from $6.89 billion to $28.34 billion between 2018 and 2026. The market is expected to display a CAGR of 19.8 percent during that period.
FBI credits a number of different factors for the expected growth, stressing the broad utility of voice recognition at the enterprise level. The technology enables voice control for a range of industrial and consumer IoT devices, including smartphones, smart cars, and smart speakers. A transcription engine can also be used to convert audio files to a more useable data format.
The numbers are not too far removed from an earlier Grand View report that pegged the same market at $31.82 billion by 2025. The results complement a separate FBI report that forecasted even more dramatic gains for the IoT industry as a whole, especially when considering the rising popularity of IoT devices with hands-free voice commands.
FBI identified Nuance Communications as one of the leading players in the voice and speech recognition field, thanks in large part to its pioneering Dragon Drive system. Other highlighted companies include Auraya, Sensory, and Neurotechnology, in addition to tech titans like Amazon, Apple, Facebook, Google, and Microsoft.
As a contactless biometric modality, voice biometrics and speech recognition both have a strong presence in the world of Mobile ID. Allowing for hands free strong authentication, the spoken biometrics are versatile, requiring only a microphone and the proper software.
Authenticating by voiceprint brings with it the benefits of being frictionless and hands free, making it ideal for Internet of Things applications and wearable tech. Highly specialized in certain niches, vocal authentication also bolsters other biometric modalities like facial recognition, often used as an additional factor in high security scenarios. Learn more on Mobile ID World’s Voice page.