Quick Glance At Futuristic Application Of Speech Recognition

The ability to communicate with each other is the most vital part of evolution. Man has always been building machines that can mimic us and speech recognition technology is another example. For decades we have been using screens to interact with others. However, instead of pocking at buttons and screens, speech recognition offers a more natural way of interaction.

Over the last few years, speech recognition technology has entered people’s homes with the integration of digital assistance in virtually every household device possible. This growth is due to companies such as XMOS, the company behind Amazon’s Alexa. The increased demand for speech recognition in automotive and healthcare applications and its advent in robotics have boosted the growth of the industry. The global speech recognition market is expected to reach $29.28 billion by 2026, growing at a CAGR of 19.9% from 2019 to 2026.

Thanks to artificial intelligence (AI), machine learning, and big data, speech recognition technology has found a wide range of applications. Here are the key applications and trends in the speech recognition market.

Mobile Payments

The world is moving toward cashless and cardless payments and the next big thing in the banking industry will be voice recognition for payments. Several companies are working on integrating voice recognition in payment transactions.

Rather than typing passwords and go searching for your wallet to find a card while shopping from a computer and smartphone, with this technology, all you would have to do is speak a one-time password. In simple terms, think all the captchas and one-use passwords that guarantee online security spoken aloud. The random nature of the passwords ensures security and makes it safer than having the same password each time while making payments.

AI Assistants

This application of voice recognition is the most obvious one and we are already using it. Most of us are familiar with Siri and Alexa helping out while making grocery lists. We use it while driving to get real-time directions and play music without picking up the device. But AI assistants are on the verge of a major transformation. These virtual assistants would be responsible for security. For instance, one can use virtual assistants to lock their smartphones and instead of using passwords and patterns, one has to speak the password to unlock their phones.

Voice identification for security

In the future, our online banking security will be assured by voice recognition technology. As online banking has gained importance, it is vital that good ID systems are in place and voice recognition would be an upcoming update in securing online banking transactions. Similar to voice recognition for unlocking the smartphone, the technology would be used as a speech authentication factor to unlock protected accounts. The account will remain inaccessible for everyone else than the account owner.

Forensic and criminal identification

This would be the most innovative application of speech recognition. For instance, if a voice recording exists of a suspect, the audio can be used as a piece of evidence. Currently, there are companies such as AGNITIO and Morpho that are using voice identification in the forensics industry. With this technology application, voice recognition would be used all over the world to perform background checks at the airport and other sensitive places.