Voice is a unique characteristic of an individual just like iris or fingerprints; as a result, voice has developed as a feasible authentication technique. Scientists over the last few decades have made use of this fact and have used technology to identify individuals by this unique voice pattern. In terms of biometric technology, authentication technique was developed which could authenticate and identify an individual based on IRIS pattern, fingerprint and now, voice pattern.
The banking, financial services and insurance (BFSI) sector is strongly investing in voice activated transactions technology, as it would revolutionize the industry in terms of how an individual can access information remotely. Customers who use gadgets of Amazon can request the virtual assistant to take care of financial transactions for them. With the help of such technology, this improvement saves consumers the trouble of memorizing yet another password and going through a tiresome login process every time they want to receive or make a payment.
Furthermore, as voice activated transactions technology advances, the method of sending and receiving money gains more traction. As technology moves away from passwords (which can be stolen or guessed) to more unique identifiers such as fingerprints, sensors, and voices that eliminate point-of-service (PoS) terminals, we are moving toward a more secure future.
Any mobile device running Microsoft Windows Phone, Android OS, Blackberry, or an iOS operating system offers voice command capabilities. Additionally, with voice activated transactions software used for OS (operating system) of all mobile phones, a user might download third party applications of voice commands from each operating system’s application store. The voice activated transactions software is available for all Android devices.
Nowadays, the massive popularity of voice activated transactions software are driven by relatively small ticket ecommerce transactions, which includes the use of Amazon Wand, Amazon Dash, etc. for the household consumable items which includes paper towels, laundry detergent, etc. or for digital entertainment purchases such as movies and music. These factors are driving the voice activated transactions market.
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However, one may experience vocal problems and physical discomfort by using such technology frequently; this drawback may impact the growth of the voice activated transactions market. Furthermore, there are opportunities to add voice activated transactions services to increase security.
The voice activated transactions market is segmented on the basis of component, application, and region. On the basis of component, the market is subdivided into hardware and software. The component segment perceiving major growth includes voice activated transactions solutions working on the principle of speaker verification, audio mining, and Automatic Speech Recognition (ASR). On the basis of applications, the market is subdivided into Automotive, Banking, Financial Services, and Insurance (BFSI), Consumer, Government, Retail, and Healthcare.
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The voice activated transactions technique is widely used in consumer electronics devices such as tablets, smartphones, connected devices, and laptops. The growing demand for Internet of Things (IoT) devices is further driving the demand for voice activated transactions in the consumer vertical. Voice activated transactions software developers offer mobile and desktop voice activated transactions solutions to consumers and enterprises.
On the basis of region, the market is divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. The Asia Pacific voice activated transactions market is predictable to grow over the forecast period. This region is estimated to be the key regional market (in countries such as China, Japan, and India) over the forecast period owing to the rise in demand for consumer electronics devices which have voice activated transactions software.
Some of the key players in the voice activated transactions market are Google Inc., Amazon, Inc., Apple Inc., Microsoft Corporation, and NCR Corporation.