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Research and Markets: The Global Voice Recognition Market to Grow At A CAGR Of 22.07 Percent over the Period 2012-2016

Research and Markets ( has announced the addition of the "Global Voice Recognition Market 2012-2016" report to their offering.

One of the key factors contributing to this market growth is the increasing demand for voice biometrics. The Global Voice Recognition market has also been witnessing the increasing demand for speech recognition in mobile devices. However, the inability to suppress ambient noise could pose a challenge to the growth of this market.

The key vendors dominating this market space are Nuance Communications Inc., MModal Inc., and ValidSoft Ltd.

The other vendors mentioned in the report are Agnitio Corp., Advanced Voice recognition systems Inc., LumenVox LLC, Telisma/On Mobile Global Ltd., AT&T Inc., Raytheon BBN Technologies, Microsoft Tellme, Voxeo Corp., Speech Technology Center, Voice Trust AG, VoiceVault Inc., Voice Biometrics Group, and Auraya Systems Pty. Ltd.

Commenting on the report, an analyst from TechNavio's Enterprise Computing team said: ''The need for stronger verification is leading to the growing integration of voice authentication into mobile banking. In regions such as North America and Western Europe, a large number of banking customers use phone banking facilities. Large numbers of these financial institutions are adopting voice-based authentication solutions to accept or reject mobile transactions by a user. In addition, incorporating voice authentication in mobile devices is cost effective and at the same time provides stronger security. Hence, the trend of integrating voice authentication in mobile banking is expected to grow stronger over the years. Indeed, phone-based banking institutions are partnering with voice authentication vendors and the incorporation of voice metrics is becoming a key competitive advantage.''

According to the report, usage of speaker identification technology for forensic purposes is one of the major drivers of the Global Voice Recognition market. It undergoes a complex process of determining if the voice of a crime suspect matches the voice of forensic samples. This technology enables crime departments to identify criminals with one of the most unique human characteristics, the voice, thereby offering a relatively high level of accuracy. Forensic experts match the voice of suspects with samples until they find the criminal. Recently this technology has been utilized to help solve several criminal cases.

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