The idea of voice and speech technologies no longer belongs to a Sci-Fi philosophy and are set to influence billions of users in the coming years. The technologies are widely acknowledged as a key lucrative mechanism that offers precise, convenient, and effortless means to control variety of devices including smart home systems, smartphones, smart speakers, autonomous and connected cars, and consumer electronics devices.

It is expected that over the coming years, there will be more voice-enabled devices than people on the planet as the enthusiasm among consumer is swiftly increasing with respect to massive adoption of advanced voice-enabled devices. The upsurge of artificial intelligence (AI)-enabled voice assistants that comprehend in deeper and more complex way thus, conferring clear opportunities for the growth of the voice and speech recognition market. Consistent growth in the adoption of high-level voice biometric security largely in the BFSI consumers together with increasing usage of voice-enabled transactions are also playing a vital role in pouring the growth of the market.

Increasing usage of voice-enabled applications especially for purchasing products, such as groceries, electronic appliances and home apparels, shopping, ordering a meal, operating smart devices, and playing music is driving the overall growth of voice and speech recognition market. Additionally, perpetual proliferation of advanced technologies such as AI, natural language processing, neural network technology, and machine learning together with increasing consumer appetite for connected devices is propelling the growth of the market. Further, increasing adoption of voice-enabled teaching aid and evaluation system in education sector, integration of in-car infotainment systems has been witnessing a rapid growth in the growth of voice and speech recognition market.

According to the latest publication from Meticulous Research®, voice and speech recognition market is expected to grow at a promising CAGR of 17.20% during 2019-2025 to reach $26.79 billion by the end of 2025. Rising usage of voice technology in healthcare devices, and increasing willingness to employ voice assistants as opposed to website or physical shops are encouraging leading voice and speech recognition technology experts as well as novel start-ups. The full report on the global Voice and speech recognition market, published by Meticulous Research®, can be accessed at @https://www.meticulousresearch.com/product/voice-and-speech-recognition-market-5038/

Tags: Smart Technologies
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