The idea of speech and voice technologies no longer belongs to a Sci-Fi
philosophy and are set to influence billions of users in the coming years. It
is expected that over the coming years, there will be more voice-enabled
devices than people on the planet as the enthusiasm among consumer is swiftly
increasing with respect to massive adoption of advanced voice-enabled devices. The global speech and voice recognition market is
expected to grow at a CAGR of 17.2% from 2019 to 2025 to reach USD 26,795.7
million by 2025.
The growth
of the speech and voice recognition market is primarily driven by factors, such
as increasing demand for voice-activated devices across diversified
applications including smart speakers, autonomous and connected cars, smart
homes, smart wearable gadgets, smartphones, hospitality, healthcare, and
consumer electronics among others. Rising demand along with boosting customer
confidence, increasing usage of voice assistants particularly for online
purchasing of products such as grocery, apparels, homecare, and electronic
appliances, ordering a meal, playing music, shopping, and navigation among
others are also supporting the overall growth of voice and speech recognition
market.
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| speech and voice recognition market |
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Furthermore, increasing adoption of
voice-enabled teaching aid and evaluation system in education sector;
integration of in-car infotainment systems; growing adoption of voice-biometric
technologies particularly in BFSI, enterprise and government sector has been
witnessing a rapid growth in the growth of speech and voice recognition market.
Key
players
The key players in this market including Nuance Communications (U.S.),
Google LLC (U.S.), Apple, Inc. (U.S.)., Amazon.com, Inc. (U.S.), Microsoft
Corporation (U.S.), IBM Corporation (U.S.), iFlytek (China), Baidu (China),
LumenVox LLC (U.S.), Sensory, Inc. (U.S.), Sestek (Turkey), and Dolbey Systems,
Inc. (OH) among others.
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Key
questions answered in the report:
Growing
use of voice biometric systems will propel the speech and voice recognition
market
- What factors are responsible for the
increasing demand forvoice-enables biometric security systems?
- Who are the major players in the voice
recognition marketand what strategies do they employ?
- How voice biometric system can help to reduce
issues associated with access control?
Increasing
integration of voice-enabled in-car infotainment systems are witnessing a
healthy growth across the global speech and voice recognition market
- How will recent or ongoing technological
developments in the automotive industry affect the voice and speech
recognition technologies market?
- What strategies are being adopted by the key
players in various regions/countries?
- Which geographic segment is expected to
experience the fastest growth in terms of smart speaker adoption?
Speech
and Voice Recognition market holds significant growth opportunities in
developing countries
- Which geographic region is expected to
experience the fastest growth rate?
- What factors are contributing to the rapid
expansions in the developing countries?
- What are the geographical trends and high
growth rate regions/countries?
Recent
partnerships, acquisitions, and expansions have taken place in the global
speech and voice recognition market
- What companies have recently merged/acquired
and how will these affect the competitive landscape of the speech and
voice recognition market?
- What companies have created partnerships and
how will these partnerships promote a competitive benefit?
- Who are the key players in the global voice
and speech recognition market and what share of the market do they hold?
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