The advancement of artificial intelligence and its consequent integration in various devices is spurring the development of the speech recognition market. Market reports associated with the semiconductor and electronics industry have been made available by Market Research Future which creates reports on other industry verticals that outlines the current market scenarios. The market is projected to reach revenues worth USD 16 billion while progressing at a CAGR of 16% int eh forecast period.
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.
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 incasrcorporation 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.
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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.
The acceleration in the adoption of the internet of things is positively transforming the expansion of the speech recognition market. Usage of biometric security in the banking and finance sector increasingly fuelling the development of the market. The automotive and healthcare sectors are expected to lead the charge for the growth of the speech market recognition market in the upcoming forecast period.
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.
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.
The market has been segmented into speaker dependent and speaker independent on the basis of type.
The market has been segmented into artificial intelligence based and non-artificial intelligence based on the basis of technology. 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.
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Global Speech Recognition Market 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.
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.
Oct 2018 noHold has recently started providing its customers with voice recognition and speech synthesis straight from its platform, SICURA. Integrating SICURA with smart speakers like Amazon Echo and Google Home has been a huge first step toward offering a voice to their Virtual Assistants but in some cases providing their customers with complete control of the customer experience. Customers can now make their own voice-enabled Virtual Assistant without the requirement of publishing it on a specific platform, or using a particular invocation phrase.
Table of Content:
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. Markets Structure
3. Market Research Methodology
3.1. Research Process
3.2. Secondary Research
3.3. Primary Research
3.4. Forecast Model
4. Market Landscape
4.1. Porter’s Five Forces Analysis
4.1.1. Threat of New Entrants
4.1.2. Bargaining power of buyers
4.1.3. Threat of substitutes
4.1.4. Segment rivalry
4.2. Value Chain/Supply Chain of Global Speech Recognition Market
Continued. . .
List of Table:
Table 1 Global Speech recognition Market: By Region, 2017-2023
Table 2 North America Speech recognition Market: By Country, 2017-2023
Table 3 Europe Speech recognition Market: By Country, 2017-2023
Table 4 Asia-Pacific Speech recognition Market: By Country, 2017-2023
Table 5 Middle East & Africa Speech recognition Market: By Country, 2017-2023
Continued. . .
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