Expanding Applications & Technology Developments Drive Growth in the Global Voice and Speech Recognition Technology Market
The
global Voice and Speech Recognition Technology market is projected to reach US$19.7
billion by 2024, in terms of software revenues, driven by application of
voice and speech recognition technology in an expanding range of applications.
Technology advancements in speech and voice technologies and subsequent
improvements in accuracy and security are also expected to spur market growth.
The success of most electronic technologies and systems
hinges onto the intuitiveness of user interface, making man-machine
communication the stepping-stone for success of all electronic products and
solutions. As an interface between man and machine, voice and speech
recognition technology enables easy and convenient interaction of users with
controls and product features on a machine. New generation voice and speech
recognition applications allow users to operate a range of devices/equipment
through verbal commands, bringing in high level of convenience to users. With
modern consumers emphasizing on comfort and convenience while accessing
machines, voice interface with speech enabled capabilities are increasingly
being incorporated into devices and equipment.
Global voice and speech recognition market is being
driven by the expanding applications of voice and speech recognition
technologies, with customer care and call center facilities, healthcare
establishments, and financial institutions emerging as major end-use markets
for the technology. The technology is
emerging as the basis of advanced voice services in various applications
including voice-based commerce, customer service applications, clinical documentation
for healthcare industry, and virtual
digital assistants for automobiles. Smart home controls, voice search,
security and authentication are other major applications of speech and voice
technology. Speech and voice recognition market is also being driven by the
rising demand for speech-based biometric systems for carrying out multifactor
authentication. The growing use of speech-based biometric systems for accurate
authentication purposes and the increasing need for voice authentication in
several e-banking applications are major growth drivers for the speech and
voice recognition market. Sustained innovations in computing power and the
growing adoption of cloud-based services also augur well for the market.
Voice and speech recognition market is also being favored
by the rising adoption of voice and speech technology in consumer electronics
products, the increasing penetration of IVR systems, and the increasing use of Internet
of Things (IoT) devices. Healthcare is a promising end-use market for voice
and speech recognition technology, with growth especially expected from is
application in clinical documentation. In addition, the technology is finding
use in data entry and reporting of health checkups, and also in scenarios where
physicians are unable to physically reach patients. Furthermore, sectors such
as BFSI, telecom, IT, hospitality and healthcare sectors are increasingly using
speech and voice recognition technology for preventing security breaches, which
have emerged as a major security concern in recent times.
As stated by the new market research report on Voice
and Speech Recognition Technology, the United States represents the largest
regional market, worldwide. The growing adoption of advanced enabling
technologies among enterprises and the increasing deployment of voice-based
biometric systems mainly to improve security continue to drive growth. Asia-Pacific
is forecast to register the fastest CAGR of 20.6% over the analysis period,
driven by the increasing awareness about speech and voice recognition
technology and the reducing cost of biometric devices, especially in countries
such as China and India. The increasing demand for and production of
smartphones and other consumer electronics products and growing R&D
investments into automated speech recognition systems for the healthcare sector
are propelling market growth. Also driving growth is the rising demand for home
automation solutions powered by voice commands and rising demand for speech and
voice recognition technology in self-service markets in the region.
Major players in the market include [24]7.ai, Acapela
Group, Advanced Voice Recognition Systems Inc., Apple Inc., Applied Voice &
Speech Technologies Inc., BioTrust ID B.V., Convergys Corp., Genesta
Partnership, Genesys Telecommunications Laboratories Inc., Google Inc.,
Honeywell International Inc., IBM Corporation, LumenVox LLC, M*Modal Inc.,
Microsoft Corporation, Nuance Communications Inc., Sensory Inc., Sestek,
Voxware Inc., and Wizzard Speech LLC, among others.
The research report titled “Voice
and Speech Recognition Technology - Market Analysis, Trends, and Forecasts”
announced by Global Industry Analysts Inc.,
provides a comprehensive review
of market trends, issues, drivers, mergers, acquisitions and other strategic
industry activities of global companies. The report provides market estimates
and projections for all major geographic markets such as the US, Canada, Japan,
Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe),
Asia-Pacific (Australia, China, India, South Korea and Rest of Asia-Pacific),
Latin America (Brazil and Rest of Latin America) and Rest of World. The global
market for Voice and Speech Recognition Technology is additionally analyzed by
the Segments - Voice Recognition Technology and Speech Recognition Technology.
Global Industry
Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.
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