Thanks in part to Siri and other increasingly popular consumer-based voice recognition software applications, businesses are starting to more fully realize the technology's many benefits. As a result, a recent report indicated that global speech recognition software market will likely grow exponentially in the coming years.
The results of TechNavio's most recent global voice recognition market research report, released at the end of last month, found that as mobile devices like smartphones and tablets become more ubiquitous and as consumers and companies demand more voice biometrics capabilities, the market will have a compound annual growth rate of more than 22 percent between 2012 and 2016.
"[I]ncorporating voice authentication in mobile devices is cost effective and at the same time provides stronger security," TechNavio said.
How Businesses Can Best Utilize Voice Recognition Software
While the report only specifically mentioned how the technology aids law enforcement and banking, numerous experts have recently weighed in on how these types of solutions can aid enterprises. Vlad Sejnoha, a technology professional in the speech recognition software field, recently wrote in a guest post for Forbes that as this type of technology gains more universal acceptance, it will become the standard bearer for record keeping. Indeed, these types of solutions may already be well on their way toward becoming the default virtual personal assistant.
In addition, a recent report by Global Industry Analysts identified security issues as another major benefit provided by speech recognition software. As voice biometrics becomes more accurate in the coming years, companies can leverage these types of tools to make sure only approved parties handles goods in a warehouse or anywhere else in the supply chain. These types of tools have been especially popular of late, and the research predicted that they would become more common for international shipping applications soon.
"As Europe turns its focus to international trade, biometrics is poised to play an instrumental role in trade facilitation by enhancing operational security and optimizing trade flows, which is imperative for continuous economic growth and prosperity," the report said. "Adoption potential of biometric solutions therefore remains high in commercial shipping and international trade."
To optimize the return on investment in voice recognition software, technology expert John Moore wrote in a recent Business 2 Community article that businesses should further leverage mobile devices like smartphones and tablets. This way, companies can realize all of the fraud prevention benefits and increased efficiency offered by speech recognition software, but are able to leverage the solution from any location.