The Voice Recognition Market is likely to witness a CAGR of 17.5% during the forecast period, according to a report from Stratview Research.
COVID-19 pandemic – Boon or a Curse to the industry?
The outbreak of COVID-19 has severely impacted several industries across the world. Tough government measures such as lockdown of major economies, has pressed the ‘pause button’ for most of the industries. For most of the industries, the revenue has gone down in 2020 and has resumed an uptrend gradually from 2021.
Key insights on Voice Recognition Market
Factors such as growing demand for easier, faster, and safer user authentication among various sectors, stringent government policies associated with user’s data security, growing fraudulent activities in several industry verticals, and increasing adoption of AI-based voice recognition systems are some of the major factors driving the growth of the market during the forecast period.
Asia-Pacific is estimated to be the fastest-growing region in the market owing to increasing adoption of smart electronic devices in the region during the forecast period. Factors such as consumer electronics devices being integrated with biometric-based voice recognition technology which offers hands-free activation and interactive actions using voice commands, and growing production and consumption of electronic devices in the region are expected to accelerate the growth of the regional market over the forecast period. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
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Report Scope & Market Segmentation
Voice Recognition Market Share: By Deployment Model Type
Based on the deployment model type, the market is segmented as on-premise and cloud. The cloud-based deployment model is expected to register higher growth during the forecast period. It offers various gainful features, such as IT security, scalability, high speed, and 24*7 services and requires only a proper internet connection which minimizes the physical infrastructural costs, boosting the segment’s growth over the forecast period.
Voice Recognition Market Share: By Technology Type
Based on the technology type, the market is segmented as AI-based and non-AI based. AI-based technology is estimated to hold the major share of the market during the forecast period. Factors such as capability of AI models to process larger dataset with more accuracy compared to traditional models, to adapt changes in language on their own and enhance their accuracy level through their self-learning abilities, to identify various components such as semantics, accent, context, and words from foreign languages, are expected to fuel the product demand in the market during the forecast period.
Voice Recognition Market Share: By End-Use Type
Based on the end-use type, the market is segmented as aerospace, automotive, BFSI, consumer electronics, government & defense, healthcare, and others. BFSI sector is projected to witness significant growth during the forecast period on account of rapidly growing digital banking coupled with increase in number of identity frauds. Increasing identity fraud activities can lead to enormous losses for financial institutions, thus banks are focusing on implementing technologies, such as voice recognition technology to authenticate users’ identity and process a secure transfer of their information from remote locations, increasing the accuracy of detecting a person with a fraudulent behavior, fueling the market growth during the forecast period.
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Which key questions will this report answer?
This market research report focuses to deliver relevant information regarding the market trends, structure and growth during the forecast period. It also offers insights into different market segments and other factors affecting the market.
Some of the key questions answered by the report are:
What is the impact of COVID-19 on the market forecast?
What are the trends, drivers, and challenges?
How competitive is the market? Who are the market leaders?
What are the key strategies adopted by the market players?
Which segments offer the greatest opportunities?
Which are the most attractive regions?
What are the key success factors for the market players?
How does the business environment impact the market?
Which strategic alliances have taken place recently and their significance?
Stratview Research’s reports are generated after accumulating data from various authenticated sources. > 10 primary interviews with industry experts are conducted by us for every report. Insights gained from primary interviews, in-depth analysis of company statements and annual reports, accompanied by a number of articles, whitepapers, and reports help us to connect the dots and triangulate the market in the most effective manner.
Know more about us:
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