Research and Markets (http://www.researchandmarkets.com/research/4lkhh6/global_automatic) has announced the addition of the "Global Automatic Speech Recognition Market 2014-2018" report to their offering.

The analysts forecast the Global Automatic Speech Recognition market to grow at a CAGR of 16.28 percent over the period 2013-2018. One of the key factors contributing to this market growth is the increasing demand for speech-based biometrics. The Global automatic Speech Recognition market has also been witnessing the increased use of voice passwords. However, the issues with accuracy could pose a challenge to the growth of this market.

The key vendors dominating this market space are LumenVox LLC, Nuance Communications, and Sensory Inc.

Other vendors mentioned in the report are AT&T Corp., Dolby Fusion Speech, Microsoft Tellme, Raytheon BBN Technologies, and Telisma S.A/On Mobile Global Ltd.

Commenting on the report, an analyst from the team said: One of the major trends being witnessed in the market is the increasing usage of voice passwords. Normal passwords are easy to remember and crack, thereby increasing security threats. Therefore, organizations are increasingly adopting biometric passwords in which symbols are replaced by the voice of the person. The voice of the person becomes the password and provides identification and authentication. In addition, voice passwords cannot be replicated and will help companies improve customer service by enabling them to support the enrolment and authentication of clients. ASR applications are basically used for customized user authentication when multiple end-users are present or multiple people use the same product such as for secure interactions on mobile phones and electronic devices in vehicles and homes.

According to the report, one of the major drivers in this market is the increasing demand for speech-based biometrics for identification purposes. The Biometrics segment is witnessing high demand for speech recognition applications because of the growing instances of fraud. Hence, the vendors in this segment are developing cost-effective and easy-to-deploy ASR applications that help in fraud management.

For more information visit http://www.researchandmarkets.com/research/4lkhh6/global_automatic

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