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Voice Recognition Past or Future?- Business Outlook

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Voice Recognition- Past or Future?

Voice recognition or Voice biometrics market uses a person’s voice as a unique identifying biological characteristic to validate them. The device examines an individual’s voice to match it upon a saved voiceprint pattern. It needs the most limited hardware base and does not depend on any additional device such as scanning or fingerprint equipment, this offers high level of precision in terms of security. The implementation of biometric voice verification is growing in banking, e-commerce, healthcare, and the government sector.

Edge computing aiding voice biometrics growth

A review of market trends shows that cloud computing will never be the essence of truly extensive compute tasks like voice. Edge computing is to avail voice biometrics as it has done for networked facial recognition base. Edge computing is a shared, open IT structure that emphasizes decentralized processing power, facilitating the Internet of Things (IoT) and mobile computing technologies. It will be the significant infrastructure until networks and servers can efficiently and sustainably manage an immense quantity of data. These devices are innately better adapted to perform voice biometrics.

Global Market Database expects that the global market for voice biometric market will be tripled in the short and medium term. The growth will evolve from vehicle and smart portable appliances. The consumers are assumed to promptly adapt to homes that sense more about inhabitants, including their voices. For example, Map Project Office, a London-based technical design company will soon be rendering the temper of a person’s voice, an aptitude that appears to degrade with familiarity.

Biometric developments in underdeveloped economies

Economic developers such as Bill & Melinda Gates’ philanthropic foundation, Deutsche Gesellschaft für Internationale Zusammenarbeit, and Foreign Commonwealth & Development Office are proposing a reasonable investment to develop speech and voice identification apps that recognizes East African languages.

It is a thriving segment of biometrics to acquire an open-source Mozilla Common Voice project. Mozilla has consolidated voice dataset for 60 languages, which requires creating open depositories for all communications.

People can share their voices at the project site and can utilize the resulting datasets to train products and services. The creation of voice recognition systems is more durable and cost-effective and is deemed to do well for all languages and accents.

Lately, Vodacom Tanzania, a subsidiary of South Africa’s Vodacom Group, has declared the unveiling of a biometric identification verification feature that will enable people with disabilities to comfortably access its products and services.

Known as SautiPass,  this innovative biometric feature can empower customers such as the visually impaired to secure and access their account and pin among other uses. Customers can now experience the ease of self-service for significant settings such as access to sim replacement and unlocking an account.

Voice recognition in Banking Sector

Voice recognition can be deployed to combat fraud, increase production and satisfy customer’s needs in the banking sector. It can play a multi-factor authentication role throughout the caller experience making banking experience seamless.  Human characteristics that are universal, unique, recordable and nearly forgery-proof can be examined and checked with this technology. This leads to reduction in the necessity to regurgitate data.

Biometrics provides the support that consumers demand without losing security. For example, voice recognition authentication can be handled immediately in a call, rather than answering many out-of-wallet questions. A customer can confirm status by speaking several words since every human has a unique blend of behavior and attributes associated with their tone.

Today’s superior speech recognition technology can validate user’s voiceprints within seconds to improve contact center safety and counter deception. By eliminating the need for an inquiry, customer service operators can directly extend assistance to the account holders. In addition to limiting scams and enhancing customer experience, voice biometric technology decreases call handle times. This leads to decreased call center costs and ensures a return on investment. Interested readers can login to Global Market Database to access the current market size and the ten year business outlook. Global Market Database contains segmented data across 20 countries, the market database also contains competitor analysis. Users can login to GMD website to request a free demo and claim the free user offer of the market database.

Lastly, limiting duplicity builds the confidence and trust of the consumers in the system. Voice recognition is set for prime experience in the financial services industry. For example, Forrester, in 2021 issued a report asserting modern voice biometrics solutions counter replay attacks and have increased precision performance making them adequate for fraud management, and security purposes. The technology is secure, and consumers are responsive, the time is right for economic institutions to operate voice biometric to battle impostors and improve customer experience. It is expected that the overall speech recognition market, driven by technology advancements in precise identification would accelerate the adoption of such technology in the Global market.