Voice recognition is the process by
which a machine or program receives and interprets dictation as well as
understands and carries out spoken commands. Voice recognition technologies
helps customers comply with privacy, security, and safety requirements governed
by law and by user expectations. Automatic voice recognition and text-to-speech
software work together to voice-enable many applications. Software sales are
expected to increase at a substantial rate during this period.
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One of the major factors driving
this market is that companies across all sectors, seeking a competitive edge
that will differentiate them in an increasingly crowded business environment,
want products that will help them retain as well as to grow their customers. Various
industries such as airlines, banks, and brokerages depend on voice recognition
functionality, not only to enhance their customer contacts, but also to comply
with security requirements dictated by the law and the security conscious
expectations of customers. One of the major factors restraining this market is
that all voice recognition systems commit errors because of false inputs
produced by barking dogs, screaming children, and loud external conversations.
The market has many opportunities as
five years down the line it is expected that companies will pair voice
recognition technologies with the latest research in augmented reality and
artificial intelligence, creating a new generation of compelling products. Some
of the key players in this market are 3M health information systems, Aurix,
Cisco, Aspect communication corp., autonomy, Avaya Inc., IBM, Dragon Systems,
Cyara solutions, Chant, Loquendo, Lumenvox, Micoautomation, and Contact
Solutions, Inc.
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