Pune, India, May 31, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, the global speech and voice recognition market size, which was valued at US$ 6.9 Bn in 2018, is projected to rise at a CAGR of 19.8% and reach a value of US$ 28.3 Bn by the end of 2026. The advent of advance technologies in diverse industries such as healthcare, banking, medicine, and others is promoting the growth of the global market. The study is titled “Speech and Voice Recognition Market Size, Share and Global Trend By Component, By Technology, By Deployment 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.
Key Industry Developments
- In May 2021- Nuance Communications, Inc. partnered with athenahealth, Inc. to integrate Nuance’s speech and virtual assistant technology into the athenahealth’s electronic health records and mobile applications. With this integration, customers can take advantage of voice driven capabilities which will help to reduce documentation time and improving patient experience.
- In April 2021- Baidu, Inc. collaborated with Logitech, to improve efficiency, change the way of working and smoothen communication for people who has language barriers through artificial intelligence (AI) and Voice. The partnership aims to provide power to leverage Baidu AI to improve speed and accuracy of speed recognition to Logitech’s customers.
Request to Sample Copy of the Report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/speech-and-voice-recognition-market-101382
Report Scope:
| Report Coverage | Details |
| Forecast Period | 2019-2026 |
| Forecast Period 2019 to 2026 CAGR | 19.8% |
| 2026 Value Projection | USD 28.3 billion |
| Base Year | 2018 |
| Speech and Voice Recognition Market Size in 2018 | USD 6.9 billion |
| Historical Data for | 2015-2017 |
| No. of Pages | 160 |
| Segments covered | By Component; Technology; Deployment; End-User and Geography |
| Market Growth Drivers | Emerging technological advancements and developing deep learning and neural network algorithms |
| Enhanced and developed speech and voice recognition solutions from key players such as Google, Amazon, Nuance Communications, and others are likely to drive the Speech and Voice Recognition Market Growth by 2026 |
The COVID-19 outbreak resulted in a decline in the growth rate of the speech and voice recognition market, especially in 2020 and 2021. The COVID-19 pandemic affected the market both positively and negatively. The demand for smart appliances and devices has increased with most of the population working from home.
This has also created an opportunity for the market as this technology is being used in various smart devices. However, many people are also focusing on basic amenities during the pandemic, putting off other purchases for the time being.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
Please visit: https://www.fortunebusinessinsights.com/industry-reports/speech-and-voice-recognition-market-101382
Driving Factor:
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 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.
Rigional Insights:
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.
Ask For Customization: https://www.fortunebusinessinsights.com/enquiry/customization/speech-and-voice-recognition-market-101382
Market Segments:
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.
Competitive Landscape:
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.
Compnies Covered in Speech and Voice Recognition Market:
- Baidu, Inc.
- Amazon.com, Inc.
- Advanced Voice Recognition Systems, Inc.
- Apple Inc.
- IBM
- Microsoft
- Brianasoft
- Voicebox Technologies Corporation
- Fulcrum Biometrics, LLC.
- Neurotechnology
- M2SYS Technology - KernellÓ Inc.
- Sensory Inc.
- VoiceBase, Inc.
- Auraya
- VoiceTrust
- Nuance Communications, Inc.
- Raytheon Company
Quick Buy - Speech and Voice Recognition Market:
https://www.fortunebusinessinsights.com/checkout-page/101382
Major Points of TOC:
- 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 Size, 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)
- North America Speech and Voice Recognition Market Size, 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 Country (Value)
- United States
- Canada
- By Component (Value)
- Europe Speech and Voice Recognition Market Size, Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Key Policies and Regulations
- 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 Country (Value)
- Germany
- Italy
- France
- Spain
- Rest of Europe
- By Component (Value)
- Asia Pacific Speech and Voice Recognition Market Size, Analysis, Insights and Forecast, 2015-2026
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
US :+1 424 253 0390
UK : +44 2071 939123
APAC : +91 744 740 1245
Email: sales@fortunebusinessinsights.com
