TMCnet News

European $1.66 Billion Speech and Voice Recognition Market Analysis 2016-2018 Forecast to 2025 - Key Players are Microsoft, Nuance Comms, and iFlytek - ResearchAndMarkets.com

[April 17, 2018]

European $1.66 Billion Speech and Voice Recognition Market Analysis 2016-2018 Forecast to 2025 - Key Players are Microsoft, Nuance Comms, and iFlytek - ResearchAndMarkets.com

The "Europe Speech and Voice Recognition Market Analysis, Companies Profiles, Size, Share, Growth, Trends and Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.

The European speech and voice recognition market is expected to reach USD 1,665.08 Million by 2025 from USD 286.89 Million in 2017, at a CAGR of 24.7% in the forecast period 2018 to 2025. The report provides data for 2016 to 2025, 2017 being the current year while 2018 to 2025 is the forecast period for the report.

The major factors driving the growth of this market are the effective integration due to increased demand for voice and speech-based biometric systems, increasing demand for voice authentication in mobile applications and use of artificial intelligence (AI) on the accuracy of speech and voice recognition.

The market is segmented based on technology into two notable segments; artificial intelligence based software and traditional software. The Speec and voice recognition market is dominated by artificial intelligence based software with 69.5% market share in 2017 and is expected to grow at the highest CAGR of 27.2% in the forecast period.

Key Players