Meticulous Research®– a leading global market research company published a research report titled “Speech and Voice Recognition Market by Type (Speech and Voice Recognition), End User (Automotive, Healthcare, BFSI, Education, Legal), Technology (Artificial Intelligence and Non-Artificial Intelligence), and Geography - Global Forecast to 2025”.
According to this latest publication from Meticulous Research®, the speech and voice recognition market is expected to grow at a CAGR of 17.2% from 2019 to reach $26.8 billion by 2025. The growth in the speech and voice recognition market is mainly attributed to the rising acceptance of advanced technology together with increasing consumer demand for smart devices, a growing sense of personal data safety and security, and increasing usage of voice-enabled payments and shopping by retailers. Moreover, consistent proliferation of advanced technologies, such as artificial intelligence and machine learning, speedy expansion of smart devices market, and increasing willingness to employ voice assistants at websites or physical shops are also encouraging consumers to adopt voice-enabled devices. However, high cost of smart devices, low awareness for different functionalities of speech and voice enabled devices, and lack of accuracy of voice-enabled devices in recognizing regional accents and dialects are some of the major factors which may hinder the growth of this market over the coming years.
The global speech and voice recognition market study presents historical market data (2017 & 2018), estimated current data (2019), and forecasts for 2025-by type (speech recognition, and voice recognition), end user (automotive, healthcare, BFSI, education, government and public services, manufacturing/enterprise, retail and e-commerce, legal, consumer electronics, military & defense, and others), and technology (artificial intelligence, and non-artificial intelligence). The study also evaluates industry competitors and analyzes the market at a country level.
Browse in-depth Report on: https://www.meticulousresearch.com/product/speech-and-voice-recognition-market-5038/
On the basis of type, the speech recognition solutions segment accounted for the largest share of the global speech and voice recognition market in 2019. The large share of this segment is attributed to the increasing demand for voice-enabled devices along with the growing customer confidence in smart technologies, increasing usage of voice assistants particularly for purchasing products online, and consistent proliferation of advanced technologies.
On the basis of end user, healthcare is a growing sector, owing to the easy integration of this technology with the various healthcare devices & platforms, rising demand for voice-enabled equipment in healthcare sector, and increasing investments in the research and development for exploring and expanding voice-enabled healthcare applications. Moreover, the market for speech and voice recognition technologies in the healthcare industry is also expected to grow at the fastest CAGR during the forecast period.
On the basis of technology, Artificial Intelligence (AI) segment accounted for the majority share of the global speech and voice recognition market in 2019. The large share of this segment is attributed to the increasing adoption of AI-powered voice-enabled applications in several industries such as automotive, education, consumer electronics, and retail & e-commerce among others. In addition, increasing integration of AI-based voice-enabled devices particularly with the BFSI and healthcare system is also expected to further drive this technology at the fastest CAGR over the coming years.
On the basis of geography, the global speech and voice recognition market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America region accounted for the largest share of the global speech and voice recognition market in 2019, and is expected to continue its dominance by 2025 as well. The growth in this market is primarily attributed to the greater adoption of advanced technologies including high-level secured authentication devices, easy availability of voice-enabled smart appliances and systems in the region, and existence of major players. However, rapidly developing economies, presence of young population coupled with the rising disposable income, rising demand for high-level security systems, and increasing availability of speech and voice-enabled devices are expected to contribute to the fastest growth of Asia-Pacific region in the speech and voice recognition market during the forecast period.
The key players operating in the global speech and voice recognition market are Nuance Communications (U.S.), Google LLC (U.S.), Apple, Inc. (U.S.)., Amazon.com, Inc. (U.S.), Microsoft Corporation (U.S.), IBM Corporation (U.S.), iFlytek (China), Baidu (China), LumenVox LLC (U.S.), Sensory, Inc U.S.), Sestek (Turkey), and Dolbey Systems, Inc. (OH) among others.
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