— Speech & Voice Recognition Industry 2019
Speech & voice recognition is an advanced technology which enables machines to transform or convert speech signals into text form or commands using a recognition and understanding process.
The Global Speech & Voice Recognition market is valued at USD 7.5 billion in 2018 and expected to reach USD 21.5 billion by 2024 growing at a CAGR of 19.18% during the forecast period.
The rapid growth of the speech & voice recognition market is contributed by the need of this technology in healthcare applications, usage of voice authentication for smart devices like speakers, mobile banking applications, and various devices that use Artificial Intelligence since AI largely depends on the accuracy of voice and speech recognition.
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Voice recognition is expected to grow at a relatively higher rate in comparison to speech recognition due to the adoption of voice recognition for multifactor authentication systems in government, BFSI and defense verticals.
However, data and cyber security concerns such as data breaches are factors that hinder the growth of the market.
This report provides a detailed analysis of the Speech & Voice Recognition market considering its status and outlook of global and major regions, taking into consideration key manufacturers or players, countries, product types, and end industries. It proves to be a useful tool for future investors of the market to identify key regions and applications with prospective growth and make an informed decision.
The Global Speech & voice recognition market can be segmented by Type, Applications and Region.
With respect to types, the market is split into Speech Recognition and Voice Recognition.
In terms of applications, the market is distributed into Government, Retail, Medical, Military, Legal, Education, and Other domains.
Geographically the market spans key regions like North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. Asia Pacific is expected to occupy the largest market share in the years to come, predominantly because of China and South East Asia. North America continues to play a crucial role and changes in it will affect the development of the entire market.
The Global Speech & voice recognition report provides country-wise analysis of the regions the market spans. These regions include:
North America (United States, Canada and Mexico)
Europe (Germany, France, UK, Russia and Italy)
Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
South America (Brazil, Argentina, Colombia)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
The Americas dominate the market due to increasing number of voice-based biometric systems for greater security. This coupled with the strong US economy is serving as a major contributing factor for market growth.
In May 2018, Nuance Communications launched Dragon Medical One, a universal cloud-based speech recognition platform that uses speech recognition for electronic health records enabling quicker and more convenient patient history capture.
Microsoft and Toyota Motor Corporation have partnered to introduce voice recognition and more in cars.
Nu IBM have entered into a license and technical services agreement, incorporating IBM into Nuances speech solutions in an effort to provide better services to consumers, partners, enterprises etc.
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Table of Contents – Major Key Points
1 Speech & Voice Recognition Market Overview
2 Manufacturers Profiles
3 Global Speech & Voice Recognition Market Competition, by Players
4 Global Speech & Voice Recognition Market Size by Regions
5 North America Speech & Voice Recognition Revenue by Countries
6 Europe Speech & Voice Recognition Revenue by Countries
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