Market Highlights
The global speech recognition market was valued at $6.39 billion in 2018, and is projected to reach $29.28 billion by 2026, registering a CAGR of 19.9% from 2019 to 2026.
Speech recognition is a technology used in various devices such as smartphones, cars, and computers. It enables the system to identify the sound of spoken words and convert them into machine-readable form. It uses linguistic units for speech and audio signals. These signals are measured by word error rate (WER), which helps identify the inaccuracies that occurred while processing. Moreover, numerous speech recognition technologies like Amazon Alexa, Google’s Google Assistant, Apple Siri, and Microsoft Cortana enable easy accessibility of interaction by people to their devices. The purpose of speech technology is to increase speed and accuracy and help improve the system’s efficiency.
Speech recognition industry increases the use cases of consumer goods, consumer electronics, and vehicle infotainments. It is mostly used in smartphones, vehicles, querying based databases, and giving commands to computer-based systems that are highly profiled on specialized vocabularies. This Technology completely changes the interaction of people with their systems, devices, phones, home, and cars.
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Segmentation:
The global speech recognition market is analyzed by deployment mode, end-use, and region. By deployment, the market is analyzed across on cloud and on-premise. The market is divided into automotive, consumer electronics, healthcare, enterprise, and others based on end use.
By Technology
In view of Technology, the market is segmented into Speech Recognition and Voice Recognition.
By Delivery Methods
In view of Delivery Methods, the market is sectioned into Non-artificial intelligence-based and Artificial Intelligence Based. The AI-based innovation section will probably enrol a higher CAGR during the figure time frame, inferable from their capacity to perceive examples of discourse precisely.
Regional Classification
By region, it is analyzed across North America, Asia-Pacific, Europe, and LAMEA, along with their prominent countries. The speech recognition market is expected to witness significant growth in North America due to technological advancements and ongoing R&D activities in autonomous vehicles, healthcare, and consumer electronics. In addition, the increase in sale of luxury cars and smart wearables have propelled the adoption of speech recognition in this region.
Industry News
The notable factors positively affecting the speech recognition market include an increase in demand for speech recognition in automotive, a rise in demand for biometric voice systems for user authentication, and a high growth potential in healthcare applications. However, lack of accuracy in harsh environments and high installation costs hamper the market growth. Moreover, the increase in the adoption of speech recognition in the consumer verticals and the emergence of speech recognition in robotics offers huge market opportunities in the next six years.
Increasing demand for speech recognition in automotive
Technological advancements in speech and voice solutions such as voice dialling or voice biometric enhance the performances of connected devices in the car. Speech recognition is used in the car for remote control and navigation system. The user will command through a microphone installed in the car’s remote control. In addition, an increase in demand for voice-driven navigation systems is expected to drive speech recognition technology market growth in the hardware and software segments. Integration of voice-enabled in-car infotainment systems is gaining popularity across the globe as several countries initiate “hands-free” regulations that govern the use of mobile phones while driving. Hence, advancement in Technology drives the speech recognition market growth.
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Speech Recognition Market, By Type (Speaker Dependent, Speaker Independent), Technology (AI Based, Non-AI Based), Verticals (Military, Automotive, Healthcare) – Forecast Till 2027