Factors Affecting Speech and Voice Recognition Market Growth

Technological advancements in AI are transforming industries, including automotive, healthcare, and consumer electronics. The emergence of smart technologies and the rising adoption of voice-enabled devices in these industries are increasingly creating opportunities to integrate speech and voice recognition capabilities into smart solutions to improve the user experience. According to Comscore, Inc. (U.S.), in 2021, smart speaker ownership hit an all-time high, with almost 50% of internet users owning at least one smart speaker. In 2019 and 2020, ownership had increased by an astonishing 70%. Also, according to Google, 72% of people who own voice-activated speakers stated that their devices are often used in their daily routines. A recent outage in the U.K. proved that users now depend on these voice-enabled devices, even for simple, everyday tasks. Thus, the proliferation of voice-enabled devices is boosting the utilization of speech and voice recognition technology, driving the growth of this market. Furthermore, the surging use of voice biometrics is also expected to drive the growth of the speech and voice recognition market.

Consistently increasing occurrences of fraud and identity theft, predominantly among the BFSI, legal, and retail & e-commerce sectors, are increasing the demand for high-level security technologies to deliver effective risk management. This has led to the increased adoption of several different security measures, including voice biometric technologies, among industry players. The technology enables simple and secure user authentication for various banking and legal applications, including mobile banking authentication, e-banking, and app-based transaction security, and provides transparent, conversational authentication to offer an improved, personalized customer experience. Furthermore, growing concerns about personal data security have encouraged the use of voice-driven transactions, driving the growth of the speech and voice recognition market.

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