Research group Tractica has projected that global speech and voice biometrics revenue will reach $5.1 billion by 2024. In a new report on the segment, the group notes that the voice biometrics market is driven by use cases. “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.”
“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.” Tractica adds, however, that 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%.
