Voice and Speech Recognition Market Size, Share, Growth and Trend Analysis Report
by Susan Hill Business ConsultantThe 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.
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.
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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.
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full research report on global voice and speech recognition market:
www.grandviewresearch.com/industry-analysis/voice-recognition-market
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Created on Jan 2nd 2020 08:39. Viewed 324 times.