The automatic speech recognition market is expected to contribute to the growth of speech analytics as well. Speech analytics, popularly known as audio mining is used to make meaningful inferences from the words captured. The study of voice-based important business-related materials are expected to give rise to better decision making related to strategy and operational issues.
The global market is segmented based on application areas. These application segments include fraud management, durable electronic goods, military services, healthcare, and education. The technology finds its use in banking sectors, military, medical devices, and cellular services.
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Banks are developing systems that allow transactions enabled through voice-based security authentication. Substantial research is being done implement in the field of the military to implement voice recognition systems in high field aircraft and helicopters. Speech recognition is also used for education purposes by people with disabilities. Other implementation includes home appliances, video games, interactive voice response, and robotics. North America followed by Europe accounted for the high demand for speech-enabled applications. Such facilities require the use of voice recognition technology thereby these regions formed a larger share in the global speech recognition market.
The federal government has adopted Electronic Health Records and is expected to increase regional market growth over the forecast period. Asia Pacific region and the Middle East region are expected to observe significant growth on account of the presence of developing economies including China, India, Japan, and UAE. Africa and South America are expected to observe slow growth on account of lack of technology and language barriers. Major vendors dominating the global market are Agnito, Apple, Auraya Systems, Aurix, Cisco, Google, IBM, LumenVox LLC, Microsoft Corp, MModal Inc, Nuance Communication, Raytheon BBN, Validsoft Ltd, Voice Biometrics Group, Voice Trust AG, and Voxeo.
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