The global speech and voice recognition market size is estimated to reach USD 31.82 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 17.2% during the forecast period. Demand for voice activated systems, voice-enabled devices, and voice-enabled virtual assistant systems is slated to increase over the coming years owing to rising applications in the banking and automobile sectors. Soaring need to counter fraudulent activities and enhance security in the banking sector is accelerating the adoption of voice biometrics for the authentication of users.
The automobile sector is expected to gain momentum in the near future owing to advancements in technology and emergence of innovative concepts such as autonomous and connected cars. Increasing integration of voice-activated software in next generation cars is likely to stoke the growth of the market during the forecast period.
Voice recognition is also a core technology widely used in the healthcare sector to enhance the electronic health record systems by providing an ease to doctors to speak and keep records instead of manual typing or writing. In 2017, the healthcare sector held the largest share in the for voice and speech recognition software market. It is poised to register healthy growth over the forecast period.
AI-based voice and speech recognition software is projected to witness a high CAGR during the forecast period owing to continual development of machine learning techniques and integration of connected devices with personal assistants. For instance, Dragon Drive is a personal assistant developed by Nuance Communication Inc., which integrates various household appliances, cars, and smartphones that can be connected to a hub through the internet. Thus, an individual can get alerts about daily chores, work schedules, traffic updates, and many more alerts through Dragon Drive.
Browse Details of Report, Please Visit @ https://www.grandviewresearch.com/industry-analysis/voice-recognition-market
However, lack of accuracy of these technologies in recognizing regional accents and dialects is anticipated to limit the growth of the market. Additionally, sentiment analysis using changes in the pitch of voice can provide growth opportunities to the voice and speech recognition software market.
Further key findings from the report suggest
- Rising focus on development of artificial intelligence-based system is estimated to trigger the growth of the market during the forecast period.
- Deployment of speech recognition solutions in the consumer and retail verticals is likely to augment the overall market. Changing lifestyles in several countries including the U.S., Germany, and the U.K. are promoting the deployment of voice and speech recognition software
- Growing adoption of smart electronics in India, China, Japan, and Brazil is also poised to fuel the demand for voice and speech recognition software in the consumer vertical. Leveraging deep learning algorithm in voice and speech solutions for better search results is expected to work in favor of the market
- North America dominated the market in 2017, representing more than 35.0% of the overall revenue.
- Domicile of key players such as Apple, Inc.; Facebook, Inc.; Baidu, Inc.; Amazon, Inc.; and Alphabet, Inc. is escalating the growth of the market in the U.S. and China
- Key industry participants operating in the voice and speech recognition software market include Advanced Voice Recognition Systems, Inc.; Amazon, Inc.; Api.ai; Apple, Inc.; Baidu, Inc.; BioTrust ID B.V.; Facebook, Inc.; Google, Inc.; International Business Machines Corporation; M2SYSLLC; and Microsoft Corporation
- These players focus on integrating artificial intelligence with voice and speech recognition software to build superior products that will increase their user customer base.
Have Any Query? Ask Our Experts @ https://www.grandviewresearch.com/inquiry/126/ibb
Key Topics Covered
Chapter 1 Methodology and Scope
1.1 Research Methodology
1.2 Research scope and assumptions
1.3 List of data sources
Chapter 2 Executive Summary
2.1 Voice and speech recognition software – Industry snapshot and key buying criteria, 2014 – 2025
2.2 Industry Trends
Chapter 3 Voice and Speech Recognition Software Market: Industry Outlook
3.1 Market segmentation
3.2 Market Definition
188.8.131.52 Voice Recognition
184.108.40.206 Speech Recognition
220.127.116.11 Artificial intelligence
18.104.22.168 Non-artificial intelligence
22.214.171.124 Banking Finance Services & Insurance (BFSI)
3.3 Market size and growth prospects
3.4 Value Chain Analysis
3.5 Market Dynamics
3.5.1 Market driver analysis
126.96.36.199 Increasing demand for voice biometric systems for user authentication
188.8.131.52 The growth of speech recognition in car voice and speech recognition systems
184.108.40.206 Ability to Streamline Workflow
Browse Related Reports:
Edge Computing Market By Component (Services, Hardware, Software, Edge-Managed Platforms), By End Use (Transportation & Logistics, Retail, Datacenters, Wearables), And Segment Forecasts, 2019 – 2025:
Intelligent Virtual Assistant (IVA) Market By Product (Chatbots, Smart Speakers), By Technology (Speech Recognition, Text-to-Speech), By Application, And Regional Forecasts, 2019 – 2025:
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Phone: 1-415-349-0058, Toll Free: 1-888-202-9519
Address:201, Spear Street, 1100
City: San Francisco
Country: United States