In enterprise application, increasing adoption of conversational user interface (CUI) as a more prolific way to communicate among mobile devices like smartphones, tablets etc. The proliferation of smartphones with advance features and development of voice based applications is penetrating the demand for mobile speech recognition technologies in a positive way. Additionally, several advancements in the development of cutting edge algorithms and processing power of new-age smart phones will help in offering efficient speech recognition.
Crucial requirement of biometric authentication in mobile banking is leading to the intensified integration of speech authentication, thus driving the market for Mobile Speech Recognition Software. Moreover, rising awareness of multi-functionality of mobile devices in speech recognition technologies is also turning up as another important factor driving the growth of market in positive manner.Lack of accuracy in noisy working environment is an important restraint, faced by most of the vendors in Mobile Speech Recognition Software market.
The major player operating in Mobile Speech Recognition Software market includes Nuance Communications Inc., Alphabet Inc., Apple Inc., Baidu Inc., Amazon Inc., Microsoft Corporation, VoiceBox Technologies Corporation, LumenVox, LLC., Pareteum Corporation, Sensory, Inc. ReadSpeaker Holding B.V. , and VoiceVault Inc. among others.
In October 2016, VoiceVault Inc. partnered with BioConnect based in U.S. to develop and integrate biometric authentication into the finance platforms and digital banking. The main objective of this partnership was to enable integration of VoiceVault Inc. existing voice recognition software with BioConnect mobile platform in order to offer biometric authentication solutions with eye scanning technology and voice.
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