Analysis from TechNavio predicts strong growth for the voice recognition market over the next few years. Entitled “Global Voice Recognition Market 2015-2019”, the new market study predicts growth of 9.4 percent CAGR for the forecast period.
The report cites an increasing interest in biometric technology in general as a major market driver, and also points to the healthcare sector specifically as a major factor. In terms of current areas of strength, the reports notes that the technology is already pretty widespread in mobile banking – a trend that will probably keep growing as more financial institutions seek to integrate biometric authentication into their mobile apps and services.
Among the more prominent vendors listed in the report are ValidSoft, Microsoft, Agnitio, and Nuance Communications, a company already very involved in the financial services sector. Interestingly, Nuance has also branched into developing voice biometric systems for use in smart cars – a voice biometrics subfield that may be growing even faster; another report from TechNavio, “Global Automotive Voice Recognition Market 2014-2018“, predicts a CAGR of 10.59 percent for the forecast period for that market. The smart car is only just starting to emerge, so given its potential for technological tie-ins in the burgeoning Internet of Things, voice biometrics technologies could find a lot of room for growth in this area.