17-July-2019: The global voice and speech
recognition software market size is anticipated to reach
USD 31.82 billion by 2025, according to a new report by Grand View Research,
Inc. It is anticipated to register a CAGR of 17.5% during the forecast period.
The market is anticipated to witness an upsurge in the adoption of voice
activated systems, voice-enabled devices, and voice-enabled virtual assistant
systems owing to the rising application in the banking and automobile sectors.
The escalating need to counter fraudulent activities and to enhance security in
the banking sector is projected to boost the adoption of voice biometrics for
user authentication.
Automobile sector
is expected to gain momentum owing to advancements in technology and emergence
of innovative concepts such as autonomous and connected cars. Integration of
voice-activated software in future cars is anticipated to drive demand for
technologies such as noise abatement for selectively ignoring driving and
passenger noises for providing an error-free and seamless experience to the
operator.
Voice recognition
is also a core technology widely used in healthcare sector to enhance the
Electronic Health Record (EHR) systems by providing an ease to the doctor to
speak and keep the records instead of manual typing or writing. In 2018, the
healthcare vertical held the largest market share and is expected to grow
significantly over the forecast period.
Artificial
Intelligence (AI)-based voice and speech recognition software is expected to
expand at a high CAGR owing to the continuous development of machine learning
techniques and integration of connected devices with personal assistants. For
instance, Dragon Drive is a personal assistant developed by Nuance
Communication Inc. that integrates various household appliances, cars, and
smartphones that can be connected to a hub through the internet. Thus, an
individual can get alerts about daily chores, work schedules, traffic updates,
and many more alerts through the Dragon Drive.
However, the lack
of accuracy of these technologies in recognizing the regional accents and
dialects is expected to limit the growth of the voice and speech recognition
software market. Additionally, sentiment analysis using the changes in the
pitch of the voice is anticipated to provide growth opportunity to the market
in the forthcoming years.
In
depth research report on Voice and Speech Recognition Market
Further key findings from the report suggest:
·
Rising trend in development of artificial intelligence-based
system is expected to be the key factor driving the market over the forecast
period. Leveraging deep learning algorithm in voice and speech solutions for
better search results is expected to be the key growth driver for AI-based
technology segment
·
Deployment of speech recognition solutions in consumer and
retail verticals is anticipated to lead to the high market growth, attributed
to the changing lifestyle in several countries including U.S., Germany, and
U.K. Growing adoption of smart electronics in India, China, Japan, and Brazil
is also likely to drive growth in consumer vertical
·
North America led the market, in terms of revenue,
representing over 36% of the total market share in 2018. Additionally, North
America and Asia Pacific are anticipated to witness a considerable growth owing
to the presence of several U.S.- and China-based players, such as Apple, Inc.;
Facebook, Inc.; Baidu, Inc.; Amazon.com, Inc.; and Alphabet, Inc.; working
toward the development of this technology
·
Key companies operating in the voice and speech recognition
software market include Advanced Voice Recognition Systems, Inc.; Agnitio S.L.;
Amazon.com, Inc.; Api.ai; Apple, Inc.; Anhui USTC iFlytek o., Ltd.; Baidu,
Inc.; BioTrust ID B.V.; CastleOS Software, LLC; Facebook, Inc.; Google, Inc.;
International Business Machines Corporation; JStar; LumenVox LLC; M2SYSLLC;
Microsoft Corporation; MModal, Inc.; Nortek Holdings, Inc.; Nuance
Communications, Inc.; Raytheon Company; SemVox GmbH; Sensory, Inc.; ValidSoft
UK Limited; VoiceBox Technologies Corporation; and VoiceVault, Inc. These
players focus on integrating the artificial intelligence technology, to build
superior products that would increase their user customer base.
Grand View Research
has segmented the global voice and speech recognition software market report
based on function, technology, vertical, and region.
Voice and Speech Recognition Software Function Outlook
(Revenue, USD Million, 2014 - 2025)
·
Voice Recognition
·
Speaker Verification
·
Speech Recognition
·
Speaker Identification
·
Automatic Speech Recognition
·
Text to Speech
Voice and Speech Recognition Software Technology Outlook
(Revenue, USD Million, 2014 - 2025)
·
AI-based
·
Non-AI based
Voice and Speech Recognition Software Vertical Outlook
(Revenue, USD Million, 2014 - 2025)
·
Automotive
·
BFSI
·
Consumer
·
Education
·
Enterprise
·
Government
·
Healthcare
·
Legal
·
Military
·
Retail
·
Others
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more research reports of this category:
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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