Automatic Speech Recognition Market Key Players, Applications & Types
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<strong>Automatic</strong> <strong>Speech</strong> <strong>Recognition</strong> <strong>Market</strong> <strong>Key</strong> <strong>Players</strong>, <strong>Applications</strong><br />
& <strong>Types</strong><br />
“Global <strong>Automatic</strong> <strong>Speech</strong> <strong>Recognition</strong> <strong>Market</strong> report includes in-depth<br />
analysis of industry by recent technologies, trends, opportunities, challenges,<br />
key players and business strategies considering types, segment and future<br />
outlook.”<br />
Global <strong>Automatic</strong> <strong>Speech</strong> <strong>Recognition</strong> <strong>Market</strong> is expected to observe a high growth on account of increase in<br />
advanced electronic devices usage in the future. One of the major drivers observed in the market is the<br />
increasing voice passwords use by consumers. Text passwords are difficult to remember and easy to crack.<br />
Moreover, text passwords offer security threats. Therefore, organizations are focusing on adopting biometric<br />
passwords in the form of voice which are easy to remember as well as operate by population. Over the past<br />
decades, the field of automatic speech recognition was mostly a research topic. As early as 1932, researchers at<br />
Bell labs investigated the science of speech recognition.<br />
With increase in the amount of fraud, organizations realized a need for a robust system which could serve the<br />
purpose for fraud management. In this system, a person’s voice is treated as a password for identification and<br />
authentication. The main objective of using automatic speech recognition application is to fasten the security<br />
system with high accuracy. Such an application eradicates the need of a keyboard. Moreover, these applications<br />
have contributed to increase in accuracy, response time and efficiency which in turn is expected to drive its<br />
demand over the forecast period. Security systems based on voice are efficient in crowd control.The need for<br />
entering correct passwords with keyboard for access results in time delays and long queues. Therefore,<br />
automatic voice based security systems are expected to find major applications where crowd control is required.<br />
Lack of supporting I.T infrastructure is h<strong>amp</strong>ering overall system growth as establishment of automatic speech<br />
recognition systems requires highly efficient I.T systems and maintenance.<br />
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Mindset change is another factor which is expected to restrain global industry growth in the future.<br />
Some organizations are expected to hesitate in implementing new technologies and stick with their old<br />
systems. Voice recognition consists of front end and back end techniques. Front end techniques do face a<br />
challenge of accuracy and time delay. Therefore, back end recognition technique is vastly used owing to its<br />
high precision and speed benefits.<br />
These applications require a high amount of accuracy and should be able to handle disturbances or errors<br />
generated by noise. These systems also require high voice sensitivity detecting low pitch sounds as well.The<br />
automatic speech recognition market is expected to contribute to the growth of speech analytics as well.<br />
<strong>Speech</strong> analytics, popularly known as audio mining is used to make meaningful inferences from the words<br />
captured. Study of voice based important business related materials are expected to give rise to better<br />
decision making related to strategy and operational issues.<br />
Global market is segmented on the basis of application areas. These application segments include fraud<br />
management, durable electronic goods, military services, healthcare and education. The technology finds its<br />
use in banking sectors, military, medical devices and cellular services<br />
Banks are developing systems which allow transactions enabled through voice based security authentication.<br />
Substantial research is being done to implement in the field of military to implement voice recognition<br />
systems in high field aircrafts and helicopters. <strong>Speech</strong> recognition is also used for education purpose by people<br />
with disabilities.<br />
Other implementation includes home appliances, video games, interactive voice response and robotics. North<br />
America followed by Europe accounted for high demand for speech enabled applications. Such facilities<br />
require use of voice recognition technology thereby these regions formed a larger share in the global speech<br />
recognition market.<br />
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Federal government has adopted Electronic Health Records and is expected to increase regional market<br />
growth over the forecast period. Asia Pacific region and Middle East region are expected to observe significant<br />
growth on account of the presence of developing economies including China, India, Japan and UAE. Africa and<br />
South America are expected to observe slow growth on account of lack of technology and language barriers.<br />
Major vendors dominating the global market are Agnito, Apple, Auraya Systems, Aurix, Cisco, Google, IBM,<br />
LumenVox LLC, Microsoft Corp, MModal Inc, Nuance Communication, Raytheon BBN, Validsoft Ltd, Voice<br />
Biometrics Group, Voice Trust AG and Voxeo.
Nuance Communications, headquartered in Burlington, Massachusetts, USA recently announced its dragon<br />
drive connected car platform. This platform gives the automakers privilege to generate voice enables apps and<br />
services. These apps can be used to connect with smart devices and systems from behind the wheel. More<br />
applications of such kind are expected to come up with development in technology especially in the field of<br />
neural network and fuzzy logic. Primarily banks are the major customers of these applications. Among them<br />
are ANZ in Asia Pacific, BBVA in Spain, US bank in USA.<br />
These banking institutions believe that voice biometrics provide a better mobile banking experience in terms<br />
of safety, accuracy and speed. The market is observing an increasing demand for speech based biometrics for<br />
identification purpose. This growth is mainly on account of growing amount of fraud. The vendors must<br />
concentrate on cost effective and easy to use automatic speech based applications that cater the need of<br />
fraud management.<br />
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