Dublin, April 07, 2022 (GLOBE NEWSWIRE) -- The "Voice and Speech Recognition Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global voice and speech recognition market reached a value of US$ 8.3 Billion in 2021. Looking forward, the market is set to reach US$ 22.2 Billion by 2027, exhibiting at a CAGR of 18.25% during 2022-2027.
Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Voice and speech recognition refers to an authentication technology which assists in receiving and interpreting the human voice and carrying out the spoken commands. This technology primarily works on the principle of translating commands into electrical signals, converting them into coding patterns and sending them back to the device in digital format for the final execution.
While it was developed several decades earlier, this technology has recently been introduced in mobile devices and other consumer electronics owing to the advancements in processing capabilities and improvements in network connectivity.
This trend, coupled with the rising use of artificial intelligence (AI) and virtual assistants, such as Apple Siri, Amazon Alexa, Google Assistant, etc. has proliferated the demand for this software in the electronics industry.
Global Voice and Speech Recognition Market Drivers:
On account of changing lifestyles, rising internet penetration, and increasing consumers' spending on media, entertainment and mobile communication, there has been a rise in the sales of electronic devices, such as tablets, laptops and smartphones, which have voice and speech recognition software pre-installed in them.
Moreover, in order to retain their position in the market, various developers are upgrading speech and voice recognition software and introducing innovative products. For instance, Google has recently announced to launch Google Duplex which can conduct natural conversation with users and help them in booking their reservations.
Apart from this, due to increasing road accidents, governments across the globe have implemented stringent road safety regulations for averting the utilization of mobiles while driving. As a result, users are now preferring to utilize voice commands for carrying out different tasks on their mobile devices while driving.
Further, with the growing concern for safety and need for a strong verification process in mobile banking, a large number of banks are now adopting voice-based authentication solutions for accepting transactions which, in turn, is creating a positive outlook for the market.
Key Questions Answered in This Report:
- How has the global voice and speech recognition market performed so far and how will it perform in the coming years?
- What are the key regional markets in the global voice and speech recognition industry?
- What has been the impact of COVID-19 on the global voice and speech recognition market?
- What is the breakup of the market based on the technology?
- What is the breakup of the market based on the deployment mode?
- What is the breakup of the market based on the delivery methods?
- What is the breakup of the market based on the end-use?
- What are the various stages in the value chain of the global voice and speech recognition industry?
- What are the key driving factors and challenges in the global voice and speech recognition industry?
- What is the structure of the global voice and speech recognition industry and who are the key players?
- What is the degree of competition in the global voice and speech recognition industry?
- What are the profit margins in the global voice and speech recognition industry?
Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key players being
- Nuance Communication
- Microsoft
- Google Inc.
- IBM
- Baidu Inc.
- Facebook Inc.
- Apple Inc.
- Amazon Inc.
- Advanced Voice Recognition Systems
- M2SYSLLC
- Sensory
- BioTrust ID B.V.
- Voicebox Technologies
Key Market Segmentation:
Breakup by Technology:
- Voice Recognition
- Speech Recognition
Breakup by Deployment Mode:
- On Cloud
- On-Premises/Embedded
Breakup by Delivery Methods:
- Artificial Intelligence (AI) Based
- Non-Artificial Intelligence Based
Breakup by End-Use:
- Automotive
- Enterprise
- Consumer
- Banking, Financial Services, and Insurance (BFSI)
- Government
- Retail
- Healthcare
- Others
Breakup Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
For more information about this report visit https://www.researchandmarkets.com/r/5hqhts
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