U.S. Voice Recognition Market Demand To Reach 733.3 Million Units By 2025
The U.S. voice recognition market demand is expected to reach 733.3 million units by 2025, registering a 16.5% CAGR from 2019 to 2025 according to a new study by Grand View Research, Inc. The growing demand for self-service applications such as voice-based biometric identification in the banking sector is anticipated to drive market growth in the near future. The increasing number of users of mobile banking applications for banking transactions is also expected to positively influence the growth of the U.S. market in the near future. An alarming rise in fraudulent banking activities in the U.S. is a major factor driving the adoption of high-end security measures, such as voice-based biometrics, in banking organizations.
The integration of the technology in automobiles is gaining popularity across the globe as numerous countries are developing stringent driving regulations such as banning the use of cell phones while driving vehicles. It is estimated that by 2020, more than 50% of the world’s cars would be equipped with in-car voice recognition systems with features such as placing a call or changing music using verbal commands. The trend is also likely to be strong in the U.S., thus driving the U.S. market for voice recognition.
In addition to this, voice commands help drivers keep their eyes on the road even when accessing applications such as car navigation or in-car infotainment system while driving. Whereas, speech destination entry helps drivers to follow the route correctly while keeping their eye on the road, manually entering data into a navigation system can result in significant safety risks. Owing to the rising demand globally, manufacturers of consumer devices are focusing on innovating their products by enabling verbal commands in them. This trend is expected to accelerate the growth of the U.S. voice recognition market over the forecast period.
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Further key findings from the report suggest:
- The automotive vertical accounted for a significant market share in the U.S. market for voice recognition in 2018 owing to rising popularity of in-car infotainment systems enabled by verbal commands. The technology is also being increasingly used in the automotive industry to improve verbal navigation systems, such as updating the car driver with traffic conditions on the route and also suggesting alternative routes
- The banking and financial vertical is expected to register the highest CAGR over the forecast period owing to the rising adoption of voice-based biometric authentication for performing banking transactions. Several financial institutes such as HSBC and Wells Fargo are in the process of enabling verbal command features in their banking applications
- Applications in the consumer vertical are gaining traction and the vertical is likely to witness promising growth prospects over the forecast period. Advanced security systems are increasingly being integrated with voice recognition technology to help the user give verbal commands for activities such as adjusting thermostats, turning on and turning off lights, and identifying residents and reporting intruders
- Some of the leading U.S. voice recognition solution providers are Advanced Voice Recognition System, Inc., Agnitio S.L. (subsidiary of Nuance Communications Inc.), Amazon.com, Inc., Apple Inc., and Baidu, Inc.