(I-BusinessNews.Com, January 15, 2020 ) The speech and voice technologies are widely acknowledged as a key platforms that offer precise, convenient, and effortless means to control variety of devices including smart home systems, smart wearable gadgets, smartphones, smart speakers, autonomous and connected cars, and consumer electronics devices. It is expected that over the coming years, there will be more voice-enabled devices than people on the planet as the enthusiasm among consumers for such devices is swiftly increasing with massive adoption of advanced voice-enabled solutions. Meticulous Research [(R)] in its latest publication on Speech and Voice Recognition states that the global Speech and Voice Recognition market will increase at a CAGR of 17.2% from 2019 to 2025 to reach $26.8 billion by 2025.
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Growth of the global speech and voice recognition marketis mainly attributed to increasing usage of voice-enabled applications especially for home activities including operating smart devices, making online purchases, playing music, ordering meals, and so on. In addition, increasing adoption of voice-enabled teaching aids and evaluation system in education sector; integration of in-car infotainment systems; increasing demand for voice-enabled applications in healthcare equipment; growing adoption of voice-biometric technologies particularly in BFSI, enterprise, and government sector is also supporting rapid growth of the speech and voice recognition market.
To provide efficient analysis, Meticulous Research [(R)] has segmented this market on the basis of type (speech recognition, and voice recognition), end-user (automotive, healthcare, BFSI, education, hospitality, government and public services, manufacturing/enterprise, retail and e-commerce, legal, consumer electronics, and military and defence), technology (artificial intelligence, and non-artificial intelligence), and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa).
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In terms of type, speech recognition technologies accounted for the largest share of this market owing to increasing demand for voice-enabled devices along with growing customer confidence in smart technologies, increasing usage of voice assistants particularly for online purchases, and consistent proliferation of advanced technologies.
Voice and speech recognition technologies authorize contactless control to several devices and equipment that delivers input for automatic translation and generates print-ready dictation. The speech recognition devices have the capability to respond to voice commands. The growth of the overall speech and voice recognition market is primarily driven by factors, such as rising acceptance of advanced technology together with increasing consumer demand for smart devices, a growing sense of personal data safety and security, and increasing usage of voice-enabled payments and shopping by retailers.
Here are the top 10 companies operating in the global speech and voice recognition market Â https://meticulousblog.org/top-10-companies-in-speech-and-voice-recognition-market/
Scope of the Report:
Market by Function
Automatic Speech Recognition
Text to Speech
Market by End-User
Government and Public Services
Retail and E-Commerce
Military and Defense
Market by Technology:
Market by Geography:
Rest of the Europe
Australia And New Zealand
Rest of AsiaPacific
Middle East and Africa
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The report provides competitive intelligence in terms of financials, growth strategies, product portfolios, and geographical presence on some of the key players in this market including Nuance Communications (U.S.), Google LLC (U.S.), Apple, Inc. (U.S.)., Amazon.com, Inc. (U.S.), Microsoft Corporation (U.S.), IBM Corporation (U.S.), iFlytek (China), Baidu (China), LumenVox LLC (U.S.), Sensory, Inc. (U.S.), Sestek (Turkey), and Dolbey Systems, Inc. (OH) among others.
Geographically, North America commanded the largest share in this market followed by Asia-Pacific. The major share of North America is mainly attributed to the easy availability of voice-enabled smart devices, greater consumer acceptance for advanced technologies, and increasing demand for high-level secured authentication devices. Furthermore, existence of major voice and speech recognition technology companies and availability of their revolutionary forthcoming products appearances is also expected to support the growth of the voice and speech recognition technologies over the coming years.
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