Market Scenario
According to a new report by Market Research Future (MRFR), global speech recognition market is expected to reach USD 16 billion at 16% CAGR over the forecast period (2020-2027). Voice holds a unique characteristic of an individual just like iris or fingerprints and has emerged as a feasible authentication technique. The ability to deliver accurate authentication sets voice apart as a preferred authentication method for online transactions. The incorporation of voice recognition techniques is gaining popularity in cars since most of the countries are initiating hands-free regulation with the use of mobile phones while driving.
Voice recognition technology offers customizing voice commands that enable hands-free dictation. It eradicates the need to open, edit, and send a specific file. All one needs to do is send it through a voice command. The mobile voice recognition technique facilitates clinicians to convert their voice into a detailed clinical description which is recorded in Electronic Health Record (EHR) System. The global market is anticipated to expand at a significant rate during the forecast period owing to the advancements in technology and is escalating usage.
Future Constraints and Drivers Affecting the Market Growth
With the adoption of Internet of Things (IoT) and artificial intelligence, the global market for voice recognition is set to boom. Artificial intelligence speech recognition is extensively used in healthcare and automotive sector. Besides, growing use of biometric security in finance and banking sector is expanding the use of speech recognition technology. Moreover, the manufacturers are focusing on innovations in their products with the help of voice recognition which will drive the market growth.
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Some of the voice recognition programs is equipped with limited decoding capabilities and lack the ability to understand the context of the language and interpret the content. These can lead to errors and cause misinterpretations and confusion of facts which might further hinder the market growth.
Global Speech Recognition Market Segmentation
The global market for speech recognition has been segmented into technology, type, region, and verticals.
On the basis of type, the market has been segmented into speaker dependent and speaker independent.
Based on technology, it is segmented into artificial intelligence based and non-artificial intelligence. Among these, artificial intelligence is expected to gain momentum as the system transforms speech into well-structured algorithms by undergoing certain stages such as formulation, representation of speech units, development of recognition algorithms, and demonstration of correct inputs. Besides, the non-artificial market accounted for the majority of overall share and is predicted to lose its market soon by the end of the review period.
The market has been further segmented into military, automotive, finance, government, media & entertainment, healthcare, and others on the basis of verticals where healthcare is expected to showcase the largest market share.
Regional Analysis
The global market for speech recognition is spanned across regions such as Europe, North America, Asia Pacific, and Rest-of-the-World (RoW).
North America is one of the leading regions globally owing to the security application in inter-connected and digital devices which is expanding the market growth in this region. The market for speech recognition in Europe is expected to boom over the assessment period. Asia Pacific countries such as India, Japan, and China are a part of the emerging regions in speech recognition market and is expected to grow at the highest CAGR in the years to come due to the presence of a large number of key players.
The growth in customer care services in banks, travel, hospitality, and telecom contributes to the growth of the market to combat fraudulent activities in these sectors. Presence of consumer electronics device manufacturers like Sony and Samsung has created a lucrative market for speech recognition in the Asia Pacific region.
Industrial Developments
Evernote has been a big player in the market for speech recognition for years. Besides allowing you to take conventional notes, but also offers a nifty feature that lets you dictate voice notes right to the app.
Just Press Record is a cloud-based transcription tool which comes with features such as transcription, one tap recording, and iCloud syncing. When it comes to call recording, one requires to press a single button and get unlimited recording time. It can also convert speech into searchable text. Once a file has been transcribed, it can be edited from within the app.
Competition Analysis
Some of the prominent players operating the global market for speech recognition are Nuance Communications Inc. (U.S.), VoiceBox Technologies Corp. (U.S.), Microsoft Corporation (U.S.), VoiceVault (U.S.), Agnitio SL (Spain), and others. Microsoft has called on the government to set up and control facial recognition technology.
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Table of Contents
1 Executive Summary
2 Scope of The Report
2.1 Market Definition
2.2 Scope of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Market Structure
Continued…
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Market Highlights:According to a new report by Market Research Future (MRFR), global speech recognition market is expected to reach USD 16 billion at 16% CAGR over the forecast period (2017-2023).
The ability to deliver accurate authentication sets voice apart as a preferred authentication method for online transactions.
The mobile voice recognition technique facilitates clinicians to convert their voice into a detailed clinical description which is recorded in Electronic Health Record (EHR) System.
The global market is anticipated to expand at a significant rate during the forecast period owing to the advancements in technology and is escalating usage.Key PlayersSome of the prominent players operating the global Speech Recognition Market are Nuance Communications Inc. (U.S.), VoiceBox Technologies Corp. (U.S.), Microsoft Corporation (U.S.), VoiceVault (U.S.), Agnitio SL (Spain), and others.
Among these, artificial intelligence is expected to gain momentum as the system transforms speech into well-structured algorithms by undergoing certain stages such as formulation, representation of speech units, development of recognition algorithms, and demonstration of correct inputs.
Besides, the non-artificial market accounted for the majority of overall share and is predicted to lose its market soon by the end of the review period.The market has been further segmented into military, automotive, finance, government, media & entertainment, healthcare, and others on the basis of verticals where healthcare is expected to showcase the largest market share.Market Research Analysis:The global market for speech recognition is spanned across regions such as Europe, North America, Asia Pacific, and Rest-of-the-World (RoW).North America is one of the leading regions globally owing to the security application in inter-connected and digital devices which is expanding the market growth in this region.
As per the latest report by IMARC Group, titled “Voice and Speech Recognition Market size: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global voice and speech recognition market experienced robust growth during 2014-2019.
Voice and speech recognition is an authentication technology that decodes human voice.
It is rapidly gaining traction across the globe on account of the increasing use of artificial intelligence (AI) and intelligent assistants (IAs), such as Apple’s Siri, Microsoft’s Cortana and Amazon’s Alexa.Get a sample copy of this Report @ https://www.imarcgroup.com/voice-speech-recognition-market/requestsample Voice and Speech Recognition Market Trends:At present, there is an increase in the sales of consumer electronics, such as smartphones, laptops and tablets, on account of rapid urbanization, altering lifestyles, rising internet penetration and increasing consumer spending on entertainment and mobile communication.
Apart from this, owing to the implementation of stringent on-road regulations by governments of numerous countries, there is a rise in the demand for voice-driven navigation systems, which is further contributing to the market growth.
Furthermore, some of the leading players are investing in research and development (R) activities to introduce innovative products.
For instance, Google LLC has developed Google Duplex, a project that enables users to make reservation calls at restaurants, clinics, and other places.
