Market Highlights:
According to a new report by Market Research Future (MRFR), global speech recognition market is expected to reach USD 16 billion at 16% CAGR over the forecast period (2017-2023). Voice holds a unique characteristic of an individual just like iris or fingerprints and has emerged as a feasible authentication technique. The ability to deliver accurate authentication sets voice apart as a preferred authentication method for online transactions. The incorporation of voice recognition techniques is gaining popularity in cars since most of the countries are initiating hands-free regulation with the use of mobile phones while driving.
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Voice recognition technology offers customizing voice commands that enable hands-free dictation. It eradicates the need to open, edit, and send a specific file. All one needs to do is send it through a voice command. The mobile voice recognition technique facilitates clinicians to convert their voice into a detailed clinical description which is recorded in Electronic Health Record (EHR) System. The global market is anticipated to expand at a significant rate during the forecast period owing to the advancements in technology and is escalating usage.
Some of the prominent players operating the Speech Recognition Market are Nuance Communications Inc. (U.S.), VoiceBox Technologies Corp. (U.S.), Microsoft Corporation (U.S.), VoiceVault (U.S.), Agnitio SL (Spain), and others. Microsoft has called on the government to set up and control facial recognition technology.
Segments:
The MRFR report throws light on an inclusive segmental analysis of the global speech recognition market based on verticals, technology, and type.
By type, the global speech recognition market is segmented into speaker independent and speaker dependent.
By technology, the global speech recognition market is segmented into artificial intelligence based and non-artificial intelligence based. Of these, the artificial intelligence based segment will lead the market over the forecast period.
By verticals, the global speech recognition market is segmented into government, media and entertainment, healthcare, automotive, military, and others. Of these, the automotive segment will dominate the market over the forecast period.
Market Research Analysis:
By region, the global speech recognition market covers the growth opportunity and recent trends across Europe, the Asia Pacific (APAC), North America, and the Rest of the World (RoW). Of these, North America will remain the forerunner in the market over the forecast period. Increasing use of security application in internet-connected and digital devices, technological advances, ongoing research and development activities in autonomous vehicles, consumer electronics, and healthcare, increasing sale of smart wearables and luxury cars, growing adoption of voice-enabled applications in smartphones, and increasing use of voice recognition & speech recognition in consumer electronics, IoT devices, and mobile banking are adding to the global speech recognition market growth in the region.
In Europe, the speech recognition market is predicted to have second-largest share over the forecast period. Increased applications in the retail and consumer electronics sectors, and growing trend of connected devices in home automation and automotive are adding to the global speech recognition market growth in the region.
In the APAC region, the speech recognition market is predicted to grow at a fast pace over the forecast period. The growing demand for voice and speech recognition in Singapore, Japan, and China, surging penetration of voice-enabled devices in healthcare and automobile industries, retail, BFSI, education, and consumer electronics, increasing spending power, and economic growth, and technological evolution of several industries are adding to the global speech recognition market growth in the region. Besides, growing demand for high-level secured authentication devices, smart technologies, and connected cars, and increasing use of smart devices are also adding market growth. India, Japan, and China have the utmost market share.
In RoW, the speech recognition market is predicted to have sound growth over the forecast period.
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