LONDON, Dec. 21, 2015 /PRNewswire/ -- Speech and voice recognition, sometimes referred to collectively as speaker recognition, are a microcosm of the entire biometrics market: mature technology that is finally finding a market, with abundant opportunity over the next 10 years. Speaking is a natural activity and speaker recognition software takes advantage of that fact. Voice recognition software can provide user verification while the user is speaking without requiring any special phrases or questions. Meanwhile, speech recognition has been seen for years in automobiles and in recent abundance in mobile devices. Like all other biometrics markets, this one is driven by use cases. Vendors are flexible: they package their software with full solutions for particular industry use cases, or sell software development kits (SDKs) to companies that wish to build their own.
The report differentiates between speech recognition – listening for words, with or without context – and voice recognition – identifying someone by how they form sounds. Speech recognition is generally more useful for controlling devices. Voice recognition is generally more useful for identifying people, even to the point of some vendors building voice print databases for call center clients – to identify repeat callers or known fraudsters. However, speech and voice recognition can both be sold into many of the same industries and sometimes overlap in a single solution. Starting from a base of $249 million in 2015, Tractica forecasts that global speech and voice biometrics revenue will reach $5.1 billion by 2024, with cumulative revenue for the 10-year period totaling $19 billion at a compound annual growth rate (CAGR) of 40%. The strongest markets are likely to be consumer-facing: mobile device authentication and control of wearable devices. On the enterprise side, the growth markets are expected to include call centers, government IT, enterprise IT, and healthcare.
This Tractica report examines market and technology issues for speech and voice recognition biometrics software, including 10-year forecasts for revenue and software licenses during the period from 2015 through 2024. The report examines 20 use cases specific to voice and speech recognition, including other modalities that may compete for business in the same use cases. Profiles of key industry players are also included.
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