Westford, USA, July 08, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the global Voice Recognition Market will attain a value of USD 15.98Billion by 2031, with a CAGR of 16.4% during the forecast period (2024-2031). Voice recognition technology is a vital component of multiple smart devices and networks. The technology continues to improve day-by-day while offering more reliable and accurate results than ever. Also, advances in Automatic Speech Recognition are driving major transformations in the market. Voice is instinctive and accessible to a much broader range of individuals.
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Browse in-depth TOC on the " Voice Recognition Market "
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Voice Recognition Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 4.74 Billion |
| Estimated Value by 2031 | $ 15.98 Billion |
| Growth Rate | Poised to grow at a CAGR of 16.4% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Deployment Model, Technology, Vertical, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Growing adoption of AI-assisted devices |
| Key Market Opportunities | Voice assistants being multilingual and its expanding use in global markets |
| Key Market Drivers | Increasing number of Smart Homes and IoT devices |
Capabilities of Artificial Intelligence-Based Technology to Interpret Commands Precisely to Drive the Market
By technology, the non-artificial intelligence-based technology segment registered for a major share of the market in the past years and is projected to lead during the estimated period as well. The acceptance of this technology created a positive viewpoint for the industry in economies like South Korea, Brazil, and South Africa. Yet, the market witnessed limited adoption as compared to AI-based technology. Nonetheless, artificial intelligence-based technology is projected to be the fastest-growing and the leading segment owing to its higher demand. This demand is propelled by its capability to correctly recognize the patterns of speech.
Growing Need for Highly Efficient Security Measures to Aid the Market Growth
By vertical, the healthcare segment held a significant share of the market in the previous years due to higher demand from domains like radiology, pathology, emergency medicine, and more. Moreover, the growing need for well-organized documentation and the rising demand for telemedicine also propelled the segment. However, the BFSI segment is projected to witness the fastest growth due to the growing need and improved and reliable security services, cost-effectiveness, enhanced customer satisfaction, and incorporation of voice recognition with technologies like NLP (Natural Language Processing) and AI.
Expanding Use of IoT and Consumer Electronics to Support the Market Growth in North America
North America dominated the Voice Recognition market in the past years and is anticipated to progress at a considerable rate throughout the forecast period. The region witnessed higher adoption of voice-enabled smartphone apps and expanded use of speech recognition in the phone banking sector. Also, increased use of the Internet of Things and consumer electronics supported the market growth in the region. Asia Pacific is experiencing the fastest growth and is progressing remarkably due to the increasing use of voice-enabled gadgets in the healthcare and automotive domains. Precisely, the market in China registers a majority share, while India is projected to grow at a swift growth rate.
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Voice Recognition Market Insight
Drivers:
- Integration of voice-enabled devices in the vehicle infotainment systems
- Growing use of ML and AI in voice recognition technology
- Mounting adoption of voice biometrics in the BFSI sector
Restraints:
- Low awareness of voice recognition technologies in unexplored areas
- Accuracy could be negatively affected in noisy environments
- Concern in the minds of consumers for misuse of their personal data
Prominent Players in Voice Recognition Market
The following are the Top Voice Recognition Companies
- Nuance Communications Inc.
- Auraya Systems
- LumenVox
- Microsoft Corporation
- Advanced Voice Recognition Systems Inc.
- Voice Biometrics Group
- Google, Inc.
- Facebook, Inc.
- Raytheon Company
- Apple Inc.
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Key Questions Answered in Global Voice Recognition Market Report
- What is the projected market value of Voice Recognition by SkyQuest?
- Which are the leading market drivers operating in the global Voice Recognition Market?
- What factors will lead Asia Pacific in the next seven years?
This report provides the following insights:
Analysis of key drivers (growing need for hands-free device interface, number of progresses in the NLP and AI technologies, increased adoption of smart speakers and virtual assistants), restraints (privacy issues, low accuracy in noisy environments, regulatory compliances associated with consumer protection), opportunities (expanding industry applications, increasing number of consumer electronics demanding voice recognition technology, intensifying demand from the automotive industry), and challenges (user adoption due to privacy issues, high cost of maintenance, lack of standardization) influencing the growth of voice recognition market.
Market Penetration: Comprehensive information on the product portfolios offered by the top players in the Voice Recognition market
Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the Voice Recognition market
Market Development: Comprehensive information on lucrative emerging regions
Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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SkyQuest Technology
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USA (+1) 351-333-4748
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