Global Speech & Voice Recognition Market Forecasts 2022
The global speech and voice recognition market size was valued at USD 4.26 billion in 2016 and is expected to expand at a CAGR of 15.2% over the next six years as per the report “Global Speech And Voice Recognition Market Research Report - Industry Analysis, Size, Share, Growth, Trends And Forecast” available with DecisionDatabases.com.
The major element which boosts the demand for speech & voice recognition market is the increasing cases of fraud in industries belonging to segments such as healthcare, enterprise and mobile banking. However, a huge growth has been witnessed in the healthcare sector where speech recognition is used to create health data records. The factors like application of mobile and cloud-based computer technology, PDAs and other handheld devices are becoming increasingly stronger and affordable which further drives the demand for speed recognition market. Voice recognition is also a core technology which is adopted in the semi-autonomous and autonomous vehicles. The autonomous car industry is also anticipated to drive the market growth over the forecast period due to its huge demand. However, voice recognition technology offers many advantages which include flexibility, better productivity and easy accessibility which are expected to drive the demand for speech recognition solutions over the next eight years. The voice recognition technology has shown greater potential in application areas such as in home automation system owing to advantages like convenience and lower energy consumption. Other factors which are driving the growth in the global markets for voice recognition and technologies are new developments in speech and machine learning, greater processing power and lower costs
The global speech & voice recognition market is segmented on the basis of technology, application, vertical and geography
. By technology, the global speech & voice recognition market is segmented into speech recognition and voice recognition. On the basis of vertical, the global speech & voice recognition market is segmented into automotive, enterprise, finance, consumer, government, retail, healthcare and others. By application, it is segmented into artificial intelligence and non-artificial intelligence. Geographically it can be segmented into regions such as North America, Europe, Asia-Pacific and RoW. Among the aforementioned segments, North America has dominated the market share for speech as well as voice recognition during the predicted period due to the large-scale positioning of biometric systems compared to other regions. The upswing in demand for high-level security leads to the adoption of biometric systems. Also, Asia Pacific is expected to achieve the fastest growth in the next eight years owing to the increasing demand for voice technology in the IoT applications. However, U.S. holds the strong economy which is the major driving factor for the growth of the speech & voice recognition market in the region.
Some of the prominent players in the speech & voice recognition market are Raytheon BBN Technologies (U.S.), Microsoft Inc. (U.S), Agnitio SL (Spain), Nuance Communications (U.S.), Biotrust (Netherland), VoiceBox Technologies Corp. (U.S.), LumenVox LLC. (U.S.), VoiceVault (U.S.), M2SyS LLC (U.S.), ValidSoft UK Limited (U.K.), Advanced Voice Recognition Systems (U.S.), Sensory Inc. (U.S.), and MMODAL Inc. (U.S.).
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