North America is expected to dominate the voice recognition market, owing to the deployment of biometric systems on a large scale due to the increasing need of high level security. The industry in the region is driven by increasing government initiatives to deploy biometric systems, particularly in the U.S. The Asia Pacific voice recognition market is expected to grow at fast pace, due to increasing IoT applications and demand for voice technology. Growing requirement of this technology from self-service sectors such as banking and call centers is expected to drive voice recognition market growth in the region.
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Based on applications, the voice recognition market is classified into artificial intelligence based and non-artificial intelligence based. Artificial-intelligence based solutions segment is expected to gain momentum, owing to the ability of this technology to recognize speech patterns accurately. AI transforms voice into well-structured algorithms in steps such as formulation, representation of speech units, demonstration of correct inputs, and development of recognition algorithms.
Based on components, the voice recognition market is segmented into hardware, software, and enhanced devices. The software component is divided into speaker verification, automatic speech recognition (ASR), and audio mining. Enhanced devices segment is projected to account for the maximum market share during the forecast timeframe. The growth of this segment is attributed to swelling demand for voice integrated workstations and navigation systems.
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The industry verticals included in the voice recognition market are BFSI, automobile, government, consumer, retail, home security & automation, and healthcare. The consumer segment is expected to hold significant revenue share, owing to growing penetration of the technology in smart devices such as laptops, smart phones, and tablets. Large corporations such as Microsoft, Google, and Apple are leveraging neural networks and large customer bases to understand, process, and take decisions based on real-time voice inputs.
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