Global $26.79 Billion Speech and Voice Recognition Markets, 2017-2018 & 2019-2025
DUBLIN, Oct. 16, 2019 /PRNewswire/ -- The "Speech and Voice Recognition Market by Type (Speech and Voice Recognition), End User (Automotive, Healthcare, BFSI, Education, Legal), Technology (Artificial Intelligence and Non-Artificial Intelligence), and Geography - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global speech and voice recognition market is expected to grow at a CAGR of 17.2% from 2019 to reach $26.79 billion by 2025
Speech recognition is emerging as a crucial component of connected devices that provides virtually countless opportunities by enabling devices to intelligently respond to voice commands; whereas, voice recognition provides a voice-enabled authentication to augment high-level of security for several devices. Subsequent to an extensive secondary and primary research and thorough analysis of the market situation, the report provides a detailed assessment of voice and speech recognition solutions market across several industrial segments.
However, certain factors, such as technological challenges to ensure accuracy in recognizing regional accents; the high price of smart solutions; and reluctance towards adopting new technologies, specifically among the elderly population may restrain the market growth to a certain extent.
On the basis of end-user, automotive sector holds the largest share of the overall speech and voice recognition market, owing to the increasing integration of these technologies in in-car infotainment systems and increasing the use of voice-activated devices or applications in connected cars. Leading players such as Apple, Google Inc., and Nuance Communication are aggressively working towards reforming the driver's experience in the vehicle by eliminating the distraction of using mobile phones while driving. The restructuring of driver's experience includes the incorporation of the voice-driven navigation system to assist drivers to navigate to the nearest restaurant, fuel station, voice-activated ignition, and playing music through voice commands.
Based on technology, Artificial intelligence (AI) segment is estimated to command the largest share of the overall speech and voice recognition market and anticipated to accelerate the growth of the market during the forecast period, owing to increasing interaction with digital assistants through voice on smart home, smart speaker, voice biometric authentication, and autonomous and connected cars. The trend is expected to enlarge in imminent years, thereby fueling the overall growth of the speech and voice recognition market.
An exhaustive analysis of the geographical scenario of the voice and speech recognition market delivers thorough qualitative and quantitative insights about the five regions including North America, Europe, Asia Pacific, Latin America and the Middle East and Africa. North America commanded the largest share of global voice and speech recognition market followed by Europe and the Asia Pacific regions.
A large share of North America is attributed to the wide acceptance of advanced technologies and the availability of numerous voice-enabled connected devices in the region. However, the Asia Pacific region is expected to grow with the fastest growth rate throughout the forecast period, mainly due to growing disposable incomes and spending power of the population and increasing willingness of the population to adopt advanced technologies.
Key players operating in the global speech and voice recognition market are:
Key Topics Covered:
For more information about this report visit https://www.researchandmarkets.com/r/l8fov3
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