Speech & Voice Recognition Market to Be Worth $31.49 Billion by 2026

The global speech and voice recognition market is expected to grow to $31.49 billion by 2026, according to a new report by Polaris Market Research.

The research firm cites growing demand for automation in customer service; integration of virtual assistants with smart home appliances; a need to streamline enterprise communications; increased use in automobiles, mobile banking, and electronic health records; increased use in biometric applications for user voice authentication; a surging demand from emerging economies; and technological advancements as factors that will drive market growth in coming years.

Use of intelligent virtual assistants is proving effective by enhancing customer and brand experience and providing a consumer-friendly environment. Additionally, an increasing number of data lapses, such as security attacks, give reasonable credence to voice recognition systems that are more reliable authentication methods, the report also concluded.

The report cites Google, Baidu, Facebook, Amazon, Advanced Voice Recognition Systems, Apple, IBM, Microsoft, Brianasoft, VoiceBox Technologies, Fulcrum Biometrics, Neurotechnology, M2SYS Biometrics, Sensory, Voice Base, Agnitio, Auraya Systems, VoiceTrust and Nuance Communications as leading technology providers in this sector.