Westford,USA, Aug. 02, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, the speech and voice recognition market is poised to be driven by a significant technological advancements and the increasing adoption of advanced electronic devices. One of the key drivers of market growth is the rising use of voice-activated biometrics for security purposes. Voice biometrics provide a secure and convenient way to authenticate users, granting access to authorized individuals for performing transactions and accessing sensitive information.
Browse in-depth TOC on "Speech and Voice Recognition Market"
- Pages - 260
- Tables - 118
- Figures – 77
Speech and voice recognition market is crucial in converting spoken language into written text or actionable commands. This innovative technology utilizes advanced pattern recognition algorithms to accurately identify and interpret speech patterns, transforming them into a sequence of words or meaningful commands.
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Prominent Players in Speech and Voice Recognition Market
- BioTrust ID B.V.
- Amazon.com, Inc.
- Apple Inc.
- Baidu, Inc.
- Google LLC
- IBM Corporation
- Microsoft Corporation
- Nuance Communications, Inc.
- Sensory, Inc.
- LumenVox LLC
- iFLYTEK Co., Ltd.
- Advanced Voice Recognition Systems, Inc.
- Acapela Group SA
- Brainasoft
- Cognitivescale, Inc.
- Facebook, Inc.
- Hoya Corporation
- Kaizen Softworks
- OpenText Corporation
- ReadSpeaker Holding B.V.
Artificial Intelligence-Based Technology Segment is Expected to Grow in the Market Due to Rising Demand for AI-Driven Solutions
The artificial intelligence-based technology segment is projected to experience the highest CAGR during the forecast period in the speech and voice recognition market. This can be attributed to the increasing demand for AI-driven solutions that excel in speech recognition tasks. In addition, artificial intelligence demonstrates remarkable accuracy in recognizing speech patterns, fueling the demand for AI-based technologies in various industries.
The markets in North America is anticipated to maintain their dominance in the speech and voice recognition market. This can be attributed to the strong presence of leading market players, including Amazon.com Inc., IBM, Google LLC and Microsoft Corporation. These companies have been instrumental in driving the development and adoption of voice assistant technologies.
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Non-Artificial Intelligence (non-AI) Based Technology Segment is Expected to Dominate in the Market Due to Rising Adoption of Non-AI Technology Solutions
The non-artificial intelligence (non-AI) based technology segment currently dominates the speech and voice recognition market, capturing a significant global revenue share of approximately 72%. Furthermore, this segment is projected to maintain a steady CAGR during the forecast period. The market dynamics in countries such as Brazil, South Korea and South Africa have been influenced by the adoption of non-AI technology solutions, contributing to the segment's market prominence.
Regional markets inAsia Pacific are experience the fastest growth rate in thespeech and voice recognition market. This growth can be attributed to the widespread adoption of artificial intelligence (AI) technology across various industries such as banking, financial services, insurance (BFSI), healthcare, automotive and government sectors in the region.
A comprehensive analysis of the major players in the speech and voice recognition market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in Speech and Voice Recognition Market
- LumenVox recently introduced a groundbreaking automatic speech recognition (ASR) engine integrated with transcription capabilities. This next-generation speech and voice recognition technology represents a significant advancement in the field, leveraging the power of deep machine learning (ML) and artificial intelligence (AI).
- Google LLC unveiled its cutting-edge speech recognition technology to enhance the voice user interface in 2022. The speech-to-text API developed by Google utilizes a neural sequence-to-sequence model, leveraging the power of artificial neural networks to improve speech recognition accuracy.
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Key Questions Answered in Speech and Voice Recognition Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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