Voice recognition market to grow at 22.15 percent CAGR by 2019

According to a survey by research analyst group Sandler Research, the technology will be used to verify online purchases, wherein customers must speak into a microphone to authenticate their transactions. This would provide an added layer of security for online transactions made through credit cards.

The study also mentions that the rise in error rates will act as a significant challenge for the market. Sandler Research calculated the market size by considering the revenue generated from the sales of voice recognition biometric solutions, including voice receiver, voice recorder, modulator, voice biometrics software and database. Researchers took into account all revenue generated from hardware, software, and integrated solutions, while omitting any revenues generated from after sales services.

The report segments the voice recognition market’s end-users in the categories of government sector, automotive sector, healthcare sector and BFSI sector.

Based on an objective combination of primary and secondary information including inputs from key industry experts, the report covers the present scenario and the growth prospects of the global voice recognition biometrics market for 2015-2019.