As per the latest report by IMARC Group, titled “Voice and Speech Recognition Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on voice and speech recognition market research report. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global voice and speech recognition market reached a value of US$ 8.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 22.2 Billion by 2027, exhibiting at a CAGR of 18.25% during 2022-2027.
Voice and speech recognition authorize contactless control to several devices and equipment that delivers input for automatic translation and generates print-ready dictation. These devices have the capability to respond to voice commands and convert spoken words into digitally modified and stored set of words by utilizing microphones and telephones. Voice and speech recognition systems in the healthcare sector are emerging as an efficient alternative in devices where typing is difficult owing to small screens.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Voice and Speech Recognition Market Trends:
The global market is majorly driven by the increasing demand for biometric solutions in identity verification. In line with this, the rising number of fraudulent activities in several sectors, along with the growing number of smartphone devices, and the usage of mobile computing, is expected to drive the growth of the voice and speech recognition market. Furthermore, enhanced adaptability and advancements in automated technology are positively influencing the market. Moreover, the accelerating demand for voice-driven navigation systems and workstations is propelling the market growth. Besides this, the integration of voice-enabled in-car infotainment systems is gaining popularity across the globe as several countries initiate “hands-free” regulations that govern the use of mobile phones while driving, thus significantly contributing to the global demand. Additionally, the penetration of voice-enabled IoT devices in smart home automation is creating a positive outlook for the market.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- Nuance Communication
- Google, Inc
- Baidu, Inc
- Facebook, Inc.
- Apple, Inc.
- Amazon, Inc.
- Advanced Voice Recognition Systems
- BioTrust ID B.V.
- Voicebox Technologies
Voice and Speech Recognition Market Segmentation:
Our report has categorized the market based on region, technology, deployment mode, delivery methods and end-use.
Market Breakup by Technology:
- Voice Recognition
- Speech Recognition
Market Breakup by Deployment Mode:
- On Cloud
Market Breakup by Delivery Methods:
- Artificial Intelligence (AI) Based
- Non-Artificial Intelligence Based
Market Breakup by End-Use:
- Banking, Financial Services, and Insurance (BFSI)
Market Breakup Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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