According to the new market research report "Speech and Voice Recognition Market
by Technology (Speech and Voice Recognition), Vertical (Automotive,
Consumer, Government, Enterprise, Healthcare, BFSI), Deployment (On
Cloud & On-Premises/Embedded), and Geography - Global Forecast to
2025", the market is expected to grow from USD 7.5 billion in
2018 to USD 24.9 billion by 2025, at a CAGR of 18.72%. The growth of the
speech and voice recognition market can be attributed to the high
growth potential in healthcare application, growing demand for voice
authentication in mobile banking application, rapid proliferation of
multifunctional devices or smart speakers, and growing impact of AI on
the accuracy of speech and voice recognition. Moreover, the development
of speech and voice recognition software for micro-linguistics and local
languages, use of speech and voice recognition technology in the
education of temporarily and permanently disabled students, and role of
speech and voice recognition technology in autonomous cars are expected
to create huge growth opportunities for the players in the speech and
voice recognition market.
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=202401714
Browse 74 market data Tables and 47 Figures spread through 163 Pages and in-depth TOC on "Speech and Voice Recognition Market"
Major
players in the speech and voice recognition market covered in this
report are Nuance (US), Microsoft (US), Alphabet (US), IBM (US), Amazon
(US), Sensory (US), Cantab Research (UK), iflytek (China), Baidu
(China), and Raytheon BBN Technologies (US).
Speech and voice recognition market for consumer vertical to grow at highest rate during forecast period
Increasing
demand for intelligent virtual assistant (IVA) smart speakers with
voice capabilities is expected to be the prominent driver for the speech
and voice recognition market regarding consumer vertical during the
forecast period. IVA smart speakers such as Amazon Eco, Google Home, and
Apple HomePod have witnessed triple digit growth in North America and
Europe during the last 2 years. Moreover, the speech and voice
recognition is expected to witness significant growth in personal
robotics market such as robotics pets, cleaning robots, and robot
companion.
Automatic speech recognition segment dominated the global speech recognition market throughout the forecast period
Speech
recognition is increasingly gaining traction with a number of
interactive speech applications available in the market. With growing
need for embedded computing and demand for emerging embedded platforms,
speech recognition systems (SRS) are also required on these. Moreover,
growing demand for speech-enabled consumer electronics devices such as
smart home devices, mobile devices, and wearable devices is expected to
spur the rapid growth of the speech recognition market during the
forecast period.
Americas to hold largest size of speech and voice recognition market by 2025
America
has been extremely responsive to the latest technological advancements,
such as the integration of artificial intelligence (AI) and the
Internet of things (IoT). The speech and voice recognition market is
dominated by the Americas owing to the high adoption rate of artificial
intelligence software and large-scale deployment of neural networks
across various end-use verticals. The major driving factor in the
Americas is the presence of major vendors of speech and voice
recognition technology such as Nuance Communication (US), Microsoft
(US), Amazon (US), IBM (US), and Sensory (US).
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