Global Speech and Voice Recognition Market
The Global Speech and Voice Recognition Market was valued at USD 5.21 billion in 2016 and is projected to reach USD 26.15 billion by 2025, growing at a CAGR of 19.63% from 2017 to 2025.
Voice and Speech Recognition is the ability of a machine or program that can identify, distinguish and authenticate the voice of an individual speaker, understand and carry out spoken commands. Benefits of voice and speech recognition includes - encourages natural, human-like conversations, enables organizations save agents for more important tasks, delivers a great customer experience, and has the ability to convert speech to text and vice-versa.
1. Market Drivers
1.1 Development of speech and voice recognition software for micro-linguistics and local languages
1.2 Increasing usage of speech and voice recognition in service robotics and autonomous cars
1.3 Adoption of speech and voice recognition system in the education of temporarily and permanently disabled students
1.4 Increasing demand for voice authentication in mobile banking application
1.5 Growing demand for speech-based biometric systems for multifactor authentication
1.6 Integration of AI and cloud in speech and voice recognition system
2. Market Restraints
2.1 Poor accuracy of speech and voice recognition system in noisy and harsh working environments
2.2 Slower network speed in some regions
2.3 Lack of standardized platform for the development of customized speech and voice recognition software products
The Global Speech and Voice Recognition Market is segmented on the technology, vertical, and region.
1.1 Speech Recognition
1.2 Voice Recognition
2. By Vertical:
2.8 Banking, financial services, and insurance
3. By Region:
3.1 North America (U.S., Canada, Mexico)
3.2 Europe (Germany, UK, France, Rest of Europe)
3.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
3.4 Latin America (Brazil, Argentina, Rest of Latin America)
3.5 Middle East & Africa
The major players in the market are as follows:
1. Microsoft Corporation
2. Sensory, Inc.
3. Readspeaker Holding B.V.
4. Iflytek Co., Ltd.
5. Voicebox Technologies Corp.
6. Acapela Group Sa
7. Nuance Communications, Inc.
8. Alphabet Inc.
9. Cantab Research Limited
10. Pareteum Corporation
11. Voicevault Inc.
12. Lumenvox, LLC
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
RESEARCH METHODOLOGY OF VERIFIED MARKET INTELLIGENCE:
Research study on the Global Speech and Voice Recognition Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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