The
global voice recognition market is expected to reach USD 127.58 billion by
2024, according to a new study conducted by Grand View Research, Inc. The
increasing number of benefits offered by the voice recognition technology,
including the easy accessibility, better productivity, and flexibility are
anticipated to drive the demand for speech recognition solutions over the next
eight years. The increased demand for high comfort and convenience is also
expected to propel the demand. The voice recognition technology exhibits vast
potential in various application areas, especially in the home automation
system, due to advantages such as convenience and lower energy consumption.
Voice
recognition is also a core technology leveraged in the semi-autonomous and autonomous
vehicles. The autonomous car industry is expected to witness an explosive
growth, which is anticipated to subsequently drive the market growth over the
forecast period. However, the high price of AI-based voice control system is
anticipated to pose a challenge to market expansion. Additionally, the
inability to accurately recognize speech in the regional accent is a key
challenge to the market.
In depth research report on Voice Recognition Market
Further key findings from the study suggest:
·
Enhanced device dominated the
market in 2015with over 50% of the total market share. This is attributed to
the increasing usage of voice recognition solutions in home automation and consumer
electronics application areas. The software segment is anticipated to grow
significantly over the forecast period as several prominent players have open
sourced their software development kit code.
·
The growing trend toward the
development of the artificial intelligence-based system is expected to be the
key factor driving industry growth over the foreseeable future. Leveraging deep
learning algorithm in voice and speech solutions for better search results is
expected to be the key factor for the growth of AI-based application segment.
·
The deployment of speech
recognition solutions in consumer and home security & automation verticals
is anticipated to take the industry ahead at a substantial pace. This can be
attributed to the changing lifestyle in several countries including the U.S.,
Germany, and the UK. The growing adoption of smart electronics in India, China,
Japan, and Brazil may also catalyze industry growth in the consumer vertical.
·
North America dominated the
market (in terms of revenue) representing more than 30% of the total share in
2014. Additionally, North America and Asia Pacific are anticipated to witness a
considerable growth due to the presence of several U.S. and China-based
players, including Apple, Inc., Facebook, Inc., Baidu, Inc., Amazon.com, Inc.,
and Alphabet, Inc., working toward the development of this technology.
Furthermore, the presence of several notable consumer electronics
manufacturers, such as Samsung Electronics, Co., Ltd., with a strong
distribution channel in the North American and Asia Pacific regions are
expected to be the key factors for industry growth in this region over the
forecast period.
·
The prominent industry
participants include Nuance Communications, Apple, Inc., Baidu, Inc., Alphabet,
Inc., and Amazon.com, Inc. These players are focusing on integrating the
artificial intelligence technology in order to build superior products to
increase their customer base.
Grand
View Research has segmented the global voice recognition market on the basis of
components, application, vertical and region:
Voice Recognition Component Outlook (USD Billion;
2013 - 2024)
·
Hardware
·
Software
·
Automatic Speech Recognition
·
Speaker Verification
·
Audio Mining
·
Enhanced Devices
Voice Recognition Application Outlook (USD Billion;
2013 - 2024)
·
Artificial Intelligence
·
Non-artificial Intelligence
Voice Recognition Vertical Outlook (USD Billion;
2013 - 2024)
·
Automotive
·
BFSI
·
Consumer
·
Government
·
Retail
·
Healthcare
·
Home Security & Automation
·
Others
Voice Recognition Regional Outlook (USD Billion;
2013 - 2024)
·
North America
o
U.S.
o
Canada
·
Europe
o
Germany
o
UK
o
France
·
Asia Pacific
o
China
o
Japan
o
India
·
South Korea
o
Latin America
o
Brazil
·
Middle East & Africa
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
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