Pune, June 09, 2020 (GLOBE NEWSWIRE) -- The advent of advance technologies in diverse industries such as healthcare, banking, medicine, and others is promoting the growth of the global speech and voice recognition market says Fortune Business Insights in their new study. The study is titled “Speech and Voice Recognition Market Size, Share and Global Trend By Component (Solution, Services), By Technology (Voice Recognition, Speech Recognition), By Deployment (On-Premises, Cloud), By End-User (Healthcare, IT and Telecommunications, Automotive, BFSI, Government, Legal, Retail, Travel and Hospitality and Others) and Geography Forecast till 2026”. The report offers comprehensive market overview, covering the most significant trends prevalent in the global market. It presents insights into the key growth drivers and restraints influencing the speech and voice recognition market growth trajectory.
As per the report, the global speech and voice recognition market, which was valued at US$ 6,892.9 Mn in 2018, is projected to rise at a CAGR of 19.8% and reach a value of US$ 28,335.3 Mn by the end of 2026. Based on deployment, the cloud-based segment will dominate the market in the future because it is an advanced tool for business. It also offers multiple functions such as multilingual technology for audio segmentation, speech recognition, speaker digitization for switching raw audio data and audio-visual data into desired format, along with language identification, and others.
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Voice Controlled Devices to find Application in Various Sectors
Various factors are responsible for the growth of the global speech and voice recognition market. Speech and voice recognition helps to recognize phrases or words and converts them to a machine-readable format. Users can control devices with the help of speech and voice as the audio and text received by such devices automatically gets converted into a machine-friendly format, making it easier for humans to operate devices without having to indulge time and effort by operating other devices such as a mouse, keyboard, and others. This is a major factor promoting the growth of the global speech and voice recognition market and anticipated to continue doing the same during the forecast period.
Voice-controlled systems are increasingly used in smart cars, smart speakers, and other applications. Voice-controlled and speech-recognition systems are applicable in several industries such as the smartphone industry, assistance applications, embedded devices, dictation appliances, and others. As per the Adobe Analytics Survey, voice recognition used on smart speakers and smartphones today, are mostly used for searching music, fun questions followed by online search, maps and directions, weather forecast, news, and others. This indicates a remarkable speech and voice recognition market growth in the forecast duration.
However, the market may face rough waters in terms of lack of speech or voice accuracy and impaired speech. Such problems may not help the devices recognize command over voice or speech, and this may cause hindrance to the speech and voice recognition market revenue in the forecast duration.
Nevertheless, voice and speech recognition can be installed in other electronic devices such as mixers, and grinders, thermostats, refrigerators, and others in future and this is anticipated to create lucrative growth opportunities for the global market in the long run.
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North America to Remain Dominant with Large Scale Deployment of Smart Devices
Geographically, the highest speech and voice recognition market revenue was registered in North America. The North America market was valued at US$ 2934.5 Mn in 2018. This is owing to the large scale deployment of smart devices and surge in adoption of technologically advanced devices such as IoT and AI that is compelling people in the U.S. and Canada to opt for voice recognition devices. An estimate of one-third people in developed nations such as the U.S. is anticipated to use voice recognition devices in near future. Another factor helping North America market to continue its dominance in the coming years is the presence of major company bases such as Raytheon BBN, AT & T, and others in its developed nations.
Leading Players Are Launching Personal Assistant Devices with Voice Recognition Technology to Gain Competitive Advantage
Several companies in the global speech and voice recognition market are focussing on different strategies to remain competitive in the market. These strategies include company collaborations, mergers and acquisitions, and most importantly, new product launches. For Instance, Nuance Communication Inc., company launched their assistance system namely Dragon Drive, that can integrate multiple devices such as cars, different household appliances, and others. This will provide real-time alerts and reminders to people about traffic updates, working schedules, daily chores, and others through Dragon Drive. Such innovations are likely to bode well for the global speech and voice recognition market in the foreseeable future.
Some of the players operating in the global speech and voice recognition market include Raytheon Company, VoiceTrust, VoiceBase, Inc., M2SYS Technology - KernellÓ Inc., Fulcrum Biometrics, LLC., Brianasoft, IBM, Advanced Voice Recognition Systems, Inc., Facebook, Google, Nuance Communication, Inc., Auraya, Sensory Inc., Neurotechnology, Voicebox Technologies Corporation, Microsoft, Apple Inc., Amazon.com, Inc., Baidu. Inc., and others.
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Detailed Table of Content
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Global Speech and Voice Recognition Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Component (Value)
- Solution
- Services
- By Technology (Value)
- Voice Recognition
- Speech Recognition
- By Deployment Type (Value)
- Cloud
- On-Premises
- By End-User (Value)
- Healthcare
- IT and Telecommunications
- Automotive
- BFSI
- Government
- Legal
- Retail
- Travel and Hospitality
- Others
- By Geography (Value)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
- By Component (Value)
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