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  4. > Voice and Speech Recognition: Consumer, Call Center, Healthcare, Enterprise, Finance, Retail, Government, Law Enforcement, and Defense Applications - Market Analysis and Forecasts

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.

Table Of Contents

Voice and Speech Recognition: Consumer, Call Center, Healthcare, Enterprise, Finance, Retail, Government, Law Enforcement, and Defense Applications - Market Analysis and Forecasts
SECTION 1 2
Executive Summary 2
1.1 A Market Poised for Takeoff . 2
1.2 Market Forecast . 3
SECTION 2 4
Market Issues . 4
2.1 Market Overview 4
2.2 Market Drivers . 4
2.2.1 Common Drivers of Biometric Modalities .. 4
2.2.2 Authentication/Identification . 5
2.2.3 Business Use 5
2.2.4 Personal Use 7
2.2.5 Growing Consumer Acceptance . 7
2.2.6 Little or No Capital Expenditure .. 8
2.2.7 Speaking Is a Natural Activity .. 8
2.2.8 Does Not Require a Smartphone .. 8
2.2.9 Easy to Revoke and Reissue .. 8
2.2.10 Fraud Detection Capabilities .. 9
2.3 Market Barriers 9
2.3.1 Common Barriers in Biometrics Markets 9
2.3.2 Other Biometrics Compete for Same Use Case . 10
2.3.3 Difficult to Participate in National ID, Biometric Passport, Voter Registration . 10
2.3.4 Ambient Noise .. 10
2.3.5 Speaking Is a Public Activity . 11
2.4 Key Use Cases for Speech and Voice Recognition .. 11
2.4.1 Automotive Controls .. 11
2.4.2 Call Center Authentication .. 11
2.4.3 Call Center Fraud Reduction . 11
2.4.4 Care Provider Access 12
2.4.5 Consumer Device Authentication 12
2.4.6 Enterprise IT Security 12
2.4.7 Fraud Identification - Financial Industry . 12
2.4.8 Fraud Investigation - Retail Industry . 13
2.4.9 Government IT System Protection . 13
2.4.10 Identify Persons of Interest .. 13
2.4.11 Mobile Banking - High Value Second Factor .. 13
2.4.12 Patient Medical Record Access . 14
2.4.13 Personalized Hospitality/Entertainment . 14
2.4.14 Pharmacy Dispensing . 14
2.4.15 Point of Sale Payment 14
2.4.16 Proof of Life .. 15
2.4.17 Time and Attendance .. 15
2.4.18 Unstaffed Bank Branches . 15
2.4.19 Vehicle Insurance .. 16
2.4.20 Wearable Device Control .. 16
2.5 Regulatory Issues .. 16
2.5.1 Personal Data Privacy .. 16
2.5.2 Industry-Specific Privacy Legislation . 17
2.6 Regional Differences . 17
2.6.1 North America 17
2.6.2 Europe .. 17
2.6.3 Asia Pacific . 18
2.6.4 Latin America . 18
2.6.5 Middle East and Africa .. 18
SECTION 3 . 20
Technology Issues 20
3.1 Technology Overview 20
3.1.1 Voice Recognition versus Speech Recognition .. 20
3.1.2 Software Only 20
3.1.3 Hardware Requirements . 21
3.2 Accuracy .. 21
3.2.1 Enrollment Rates . 22
3.2.2 False Reject Rates . 23
3.2.3 False Accept Rates 23
3.2.4 Revocable Identities .. 23
3.3 Response Times . 24
3.4 Continuous Voice Authentication 24
3.5 Trusted Computing Zone 24
SECTION 4 . 26
Key Industry Players 26
4.1 Agnitio .. 26
4.2 Auraya .. 26
4.3 Fulcrum Biometrics 27
4.4 LaserLock 27
4.5 M2SYS Biometrics . 28
4.6 Neurotechnology . 28
4.7 Nuance . 29
4.8 Pindrop Security .. 29
4.9 Sensory 30
4.10 SpeechFX 30
4.11 Uniphore .. 31
4.12 VoiceTrust .. 31
4.13 VoiceVault .. 32
SECTION 5 . 33
Market Forecasts 33
5.1 Introduction to Forecasts . 33
5.2 Forecast Methodology and Assumptions 33
5.3 Forecasts by Region . 34
5.3.1 Total Voice and Speech Recognition Forecasts . 34
5.3.2 Speech Recognition Forecasts 36
5.3.3 Voice Recognition Forecasts . 37
5.4 Forecasts by Industry 39
5.5 Forecasts by Use Case 42
5.6 Conclusions and Recommendations 43
SECTION 6 . 45
Company Directory .. 45
SECTION 7 . 47
Acronym and Abbreviation List 47
SECTION 8 . 49
Table of Contents .. 49
SECTION 9 . 52
Table of Charts and Figures 52
SECTION 10 .. 53
Scope of Study 53
Sources and Methodology .. 53
Notes . 54
Voice and Speech Recognition

TABLE OF CHARTS AND FIGURES
Chart 1.1 Annual Voice and Speech Biometrics Revenue by Region, World Markets: 2015-2024 .. 3
Chart 5.1 Cumulative Voice and Speech Biometrics Revenue by Region, World Markets:
2015-2024 .. 34
Chart 5.2 Annual Voice and Speech Recognition Seats by Region, World Markets: 2015-2024 35
Chart 5.3 Annual Speech Recognition Revenue by Region, World Markets: 2015-2024 .. 36
Chart 5.4 Annual Speech Recognition Seats by Region, World Markets: 2015-2024 .. 37
Chart 5.5 Annual Voice Recognition Revenue by Region, World Markets: 2015-2024 38
Chart 5.6 Annual Voice Recognition Seats by Region, World Markets: 2015-2024 .. 39
Chart 5.7 Annual Voice and Speech Recognition Revenue by Industry, World Markets: 2015-2024 . 40
Chart 5.8 Annual Voice and Speech Recognition Seats by Industry, World Markets: 2015-2024 . 41
Chart 5.9 Annual Voice and Speech Recognition Revenue by Use Case, World Markets:
2015-2024 .. 42
Chart 5.10 Annual Voice and Speech Recognition Seats by Use Case, World Markets: 2015-2024 . 43
Chart 10.1 Tractica Research Methodology .. 54
Figure 3.1 Crossover Error Rate Compared to False Accept and False Reject Rates .. 21

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