Boston, Massachusetts. (December 9, 2014) : Global Industry Analysts (GIA) has released a comprehensive global report on the speech technology market which it projects will exceed $30 billion by 2020 driven by growing sophistication of industrial machinery and consumer devices.
Robust demand for automatic speech recognition, text:to:speech, and voice verification solutions will drive future growth in the market, the firm says, adding that decades of refining technology development and product innovations have fashioned the present:day ubiquitous speech recognition systems as an indispensable part of new:age applications.
And according to a further forward looking report from Opus Research on voice verification solutions, Voice Biometrics Consensus: Global Tally of Voice Security and Authentication Implementations, there are now voice biometrics deployments worldwide that have processed roughly 70 million voice prints.
"I think that people will be surprised that the number of people who enrolled their voiceprints is around 70 million," says Dan Miller, founder and lead analyst at Opus. "These were not harvested; they were provided voluntarily [by customers]."
As a whole, Opus sees a substantial boom in growth in the voice verification biometrics industry. "[The] industry closed 2013 with over $165 million in annual revenues, and is poised to exceed $584 million in annual revenue in three years, representing a hefty 37.2 percent compound annual growth rate. This compares to the 42.7 percent growth we’ve observed between 2012 and 2014."
Opus found that globally, voice verification biometrics was used primarily by what it called "the usual suspects:" Telco’s and voice processing technologies. Financial services, retail, and travel use the most voice verification in contact centers, and on the consumer front, banks have increasingly deployed the technology. Other sectors that are playing catch up include government, healthcare, insurance, education, and law enforcement.
Frances M. Lynch, CEO of THC Technologies Corporation, a private corporation engaged in the global voice verification biometric solutions market, today announced, "We are in complete agreement with the analysts’ views on the future of voice applications; our company has also experienced the greater market acceptance and growth of interest these leading analysts noted.”
Tom T. Wilkerson, Vice President of Marketing agreed, adding "organizations in public education, financial services, healthcare, government and many other industries, maximize performance and provide investment protection because THC and our partners deliver complete best:of:breed voice verification authentication solutions. We focus on designing, developing and deploying voice solutions with our partners sharing the common goal to create best:of:breed hardware and software configurations on which to deploy their industry specific solutions. We look forward to continued strong sales growth and to further expansion of our partner base."
All of the VoiceVantage™ products provide the following features and benefits:
Multi Layered Security: VoiceCheck™ technology provides two:factor authentication – something they are and something they know.
Convenient: Voice has consistently been ranked as the least intrusive and least intimidating biometric technology.
Cost Effective: VoiceCheck™ technology integrates with most existing infrastructures and uses existing communication devices.
Language Independent: VoiceCheck™ captures the voice characteristics necessary for future voiceprint comparison, regardless of the language, gender, or accent of the user.
Multiple Platforms: By using one centralized database of voiceprints for all platforms, enterprises can leverage their investment across many communication channels, such as web and telephony.
Real Time Enrollment: The entire enrollment procedure takes less than one minute to complete. Users can then securely gain immediate access to an enterprise’s business applications.
Low Storage Requirements: The typical user enrollment process consists of multiple renditions of a voiceprint; and the resulting storage requirement is no more than approx. 20-30 Kbytes per user.
Flexible Security Models: VoiceCheck™ technology offers adjustable security threshold settings that can be controlled and modified by an enterprise to align with the enterprise’s own security standards.
Highly Scalable Server Platform: The VoiceVantage™ software is highly scalable via conventional industry standard relational databases. VoiceCheck™ is compatible with ODBC compliant databases.
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc. (GIA) is a reputed publisher of off:the:shelf market research. Recognized as one of the most consistently accurate forecasting company in the world, GIA currently serves more than 9,500 companies from 36 countries worldwide. The company was founded in 1987, initially recognized globally as a research boutique specializing in the medical industry. Over the past 27 years, the company expanded its coverage and now publishes extensively upon more than 180 major industries.
About THC Technologies Corporation
THC is a privately held company with significant experience in business development, IT implementation and support of technology companies. THC's VoiceVantage™ technology is recognized as a leader in voice authentication software and products that capture and analyze human voiceprints for identification purposes, security, fraud prevention and numerous other applications.
In comparison to other biometrics industry offerings, THC's VoiceVantage™ products are noninvasive, language independent, and are designed to operate with conventional telephone equipment and computer microphones, thus eliminating the need for specialized devices and additional hardware. Further information on THC and VoiceVantage™ biometrics voice verification technology can be found at www.voicevantage.com.
Safe Harbor Statement
As provided by the “Safe Harbor Statement under the Private Security Litigation Reform Act of 1995,” THC Technologies Corporation (THC) cautions the reader that this release includes certain information that may constitute forward:looking statements. Actual events or results may differ materially from those projected in the forward:looking statements.