The rising applications in the automobile, food and beverages, entertainment, and banking sectors are influencing an increase in the demand for voice-enabled devices, voice-activated systems, and voice-enabled virtual assistant systems in this era. Furthermore, surging needs to enhance security and fraudulent activities in the banking sector is fueling up the adoption of voice biometrics for the users. The increasing demand for intelligent virtual assistant (IVA) smart speakers embedded voice capabilities is the major driver for the voice recognition market. The IVA smart speakers such as Google Home, Amazon Eco, and Apple HomePod have witnessed huge growth globally. In addition to this, personal and service robotics market is also observing the voice recognition advancement such as cleaning robots, robot companion, and robotic pets.
As of 2018, due to such technological developments and innovation the global voice recognition market revenue evaluated at $9.2 billion. Moreover, the growing demand for the same is creating new opportunities for the market at a highly profitable CAGR of 20.28% during the forecast period 2019-2025.
Growing Demand for Voice Recognition in North America
North America is leading the global voice recognition market with a regional share of 29.6% in 2018. North America is extremely adaptive to the latest technological advancement, such as the Internet of things and the integration of artificial intelligence (AI). The large-scale deployment of neural networks and the high adoption rate of AI software across various end-use verticals are the major growth factors that are driving the growth of the speech recognition market. Additionally, North America’s total non-cash transactions is expected to reach $211.7 billion by the end of 2021. One such example is Capital One Alexa, which allows the existing users of the bank to pay their credit card bills, check balance, transfer money, and analyze spending in different categories.
Consumer Electronics: A Key Voice Recognition Market Segment
The consumer electronics is the fastest growing segment of the voice recognition market with a notable CAGR of 26% during the forecast period. Moreover, due to the rise in the demand for advanced technology and convenience features, the consumer electronics is adopting the voice recognition technology. The increasing consumption of consumer electronics such as smartphones, tablets, smart TVs, and smartwatches are driving the growth of the voice recognition market.
Innovations Increasing Competition in the Voice Recognition Market
The voice recognition market has gained gigantic popularity among consumers because of the ability to streamline and automate mundane tasks. Voice recognition systems have proved to be far from perfect for the people dependent on voice commands and with impaired speech. Euphonia, a new project by Google LLC, is an initiative to make speech recognition more accessible for those with disabilities such as Parkinson’s, ALS, stroke, traumatic brain injury and multiple sclerosis. The company has partnered with non-profit organizations ALS Residence Initiatives and ALS Therapy Development Institute to collect the recorded voice samples from the individuals suffering from neurodegenerative diseases that transforms into severe mobility and speech difficulties. By collecting the data from the people, Google will work on the algorithms that will in due course of the time integrate the updates into Google Assistant. Furthermore, the voice recognition market is also expecting technological advancement of new interactive AI systems that recognizes body gestures and facial expressions. Another innovation that Google is currently planning to implement in Euphonia in the coming year is to make it easier for the people with severe disabilities who cannot speak at all to use the technology such as smart home lights and speakers. Google revealed a prototype app known as Live Relay that uses text-to-speech and on-device speech recognition that would help any disabled person to have a phone conversation. Such innovations by the major company like Google LLC. will structure the demand for voice recognition in the global consumer electronics market.
An application, known as iFlytek Translator by iFlytek, an information technology company, deployed in China to convert the national spoken language, Mandarin into 22 different dialects in the form of text messages such as Korean, Japanese, and English. iFlytek is the country’s most popular voice input method. Initially, the app faced certain challenges such as wrong words and homonyms, however, the use of natural language interaction solved these problems. The company successfully managed to reach 99% of voice accuracy from 60% in the last three years. The application provides a voice input, keyboard, and handwriting for different types of users. Owing to these, technological advancement in the translator the voice recognition market is experiencing swift growth in the country.
Cortana is a new personal assistant created by Microsoft for its various products. Cortana is a free digital assistant that sends reminders, take care of tasks, keep notes and lists and also helps in managing the calendar. This application provides notifications based on the meeting scheduled, location, and attach photos to a reminder. Cortana is similar to the other smartphones as it finds quick answers for every query being searched and provides related details. The app can be combined with windows speech recognition that enables many scenarios that can be completed hands-free.
An innovative technology introduced by Amazon is Alexa. Amazon partnered with Intel to introduce its first voice recognition technology. The biggest technological innovation in the market is the voice service with 30,000 skills. In order to increase the utility of Alexa and consequent consumer benefits, Amazon has started providing an Alexa skills platform for its third-party developers. This is the most natural form of communication for humanity with a wide range of applications. Furthermore, this growing demand for Alexa has been incrementally beneficial for the voice recognition market.
The prominent players dominating the global voice recognition market are Biotrust ID B.V, Lumenvox, LLC, Nuance Communications Inc., Advanced Voice Recognition Systems, Inc., Microsoft, Alphabet, Agnitio SL, Apple, IBM, and Baidu. These companies have been continuously focusing on R&D investments, partnerships, JVs, and acquisitions to strengthen their portfolio of products. For instance:
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