As per the latest report by IMARC Group, titled “Voice and Speech Recognition Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022 to 2027”, offers a comprehensive analysis of the industry, which comprises insights on Voice and Speech Recognition market. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global voice and speech recognition market reached a value of US$ 8.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 22.2 Billion by 2027, exhibiting at a CAGR of 18.25% during 2022-2027.
Voice and speech recognition is an authentication technology that decodes human voice. It assists in operating electronic devices and performing commands without the utilization of other input devices. It translates commands into electrical signals, converts them into coding patterns and sends them back to the device in the digital format for final execution. This technology is currently available in smartphones and other consumer electronics, owing to the advancements in the processing capabilities and improvements in network connectivity. It is rapidly gaining traction across the globe on account of the increasing use of artificial intelligence (AI) and intelligent assistants (IAs), such as Apple’s Siri, Microsoft’s Cortana and Amazon’s Alexa.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Voice and Speech Recognition Market Trends:
At present, there is an increase in the sales of consumer electronics, such as smartphones, laptops and tablets, on account of rapid urbanization, altering lifestyles, rising internet penetration and increasing consumer spending on entertainment and mobile communication. This, in turn, is impelling the voice and speech recognition market across the globe. Apart from this, owing to the implementation of stringent on-road regulations by governments of numerous countries, there is a rise in the demand for voice-driven navigation systems, which is further contributing to the market growth. Furthermore, some of the leading players are investing in research and development (R&D) activities to introduce innovative products. For instance, Google LLC has developed Google Duplex, a project that enables users to make reservation calls at restaurants, clinics, and other places. This project, with the help of Google Assistant, aids users in conducting natural conversations on calls while booking reservations. Besides this, the application of voice and speech recognition is also expanding in the banking sector due to data security concerns during online banking.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- Nuance Communication
- Google, Inc
- Baidu, Inc
- Facebook, Inc.
- Apple, Inc.
- Amazon, Inc.
- Advanced Voice Recognition Systems
- BioTrust ID B.V.
- Voicebox Technologies
Voice and Speech Recognition Market Segmentation:
Our report has categorized the market based on region, technology, deployment mode, delivery methods and end-use.
Market Breakup by Technology:
- Voice Recognition
- Speech Recognition
Market Breakup by Deployment Mode:
- On Cloud
Market Breakup by Delivery Methods:
- Artificial Intelligence (AI) Based
- Non-Artificial Intelligence Based
Market Breakup by End-Use:
- Banking, Financial Services, and Insurance (BFSI)
Market Breakup Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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