Global $21.5 Bn Speech and Voice Recognition Market to 2024 - Key Players are Nuance, Microsoft, Alphabet, IBM, Amazon, Sensory, Cantab Research, iflytek, Baidu, and Raytheon BBN Technologies
DUBLIN, Feb. 6, 2019 /PRNewswire/ --
The "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 2024" report has been added to ResearchAndMarkets.com's offering.
The speech and voice recognition market is expected to grow from USD 7.5 billion in 2018 to USD 21.5 billion by 2024, at a CAGR of 19.18%.
The high growth potential in healthcare application, growing demand for voice authentication in mobile banking application, and rapid proliferation of multifunctional devices or smart speakers are a few major factors driving the growth of speech and voice recognition market. However, high cost of high-end voice recognition systems and lack of accuracy in speech and voice recognition systems in noisy and harsh environments is restraining the market growth.
On-premises/Embedded expected to grow at highest CAGR during the forecast period.
The on-premise/embedded segment is expected to witness high growth owing to the recent advancement of speech and voice recognition as a multifactor authentication application in BFSI and other enterprise application, whereas on-premise voice recognition is used for high degree of consumer data security.
Speech and Voice Recognition market in APAC is expected to grow at highest CAGR during forecast period.
The large consumer electronics industry in China and India offers significant expansion opportunities for the speech recognition market in APAC during the forecast period. Moreover, the growing focus on productivity in developed countries of APAC such as Japan and Singapore is further expected to drive the speech and voice recognition market in the enterprise segment during the forecast period. Furthermore, rapid technological advancements and a high degree of R&D in the country are expected to create several opportunities for the players in the speech and voice recognition market in this country.
Nuance (US), Microsoft (US), Alphabet (US), IBM (US), Amazon (US), Sensory (US), Cantab Research (UK), iflytek (China), Baidu (China), and Raytheon BBN Technologies (US) are a few key players in the speech and voice recognition market.
Key Topics Covered:
1 Introduction
2 Research Methodology Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in Speech and Voice Recognition Market
4.2 Speech and Voice Recognition Market, By Technology
4.3 Speech Recognition Market, By Type, 2018-2024
4.4 Speech and Voice Recognition, By Vertical and Country in APAC
4.5 Speech and Voice Recognition Market, By Geography
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rapid Proliferation of Multifunctional Devices Or Smart Speakers
5.2.1.2 High Growth Potential in Healthcare Application
5.2.1.3 Increased Demand for Speech-Based Biometric Systems for Multifactor Authentication
5.2.1.4 Growing Demand for Voice Authentication in Mobile Banking Applications
5.2.1.5 Growing Impact of Artificial Intelligence(AI) on the Accuracy of Speech and Voice Recognition
5.2.1.6 Growth in the Number of Voice Control-Based Smart Assistive Devices in Consumer and Enterprise Verticals
5.2.2 Restraints
5.2.2.1 High Cost of High-End Voice Recognition System
5.2.2.2 Lack of Accuracy in Speech and Voice Recognition Systems in Noisy and Harsh Environments
5.2.2.3 Oligopoly in the Development of the Speech and Voice Recognition Technology Using Neural Networks Restricting Its Usage for Cloud-Based Services
5.2.3 Opportunities
5.2.3.1 Development of Speech and Voice Recognition Software for Micro-Linguistics and Local Languages
5.2.3.2 Application of Speech and Voice Recognition in Service Robotics
5.2.3.3 Use of Speech and Voice Recognition Technology in the Education of Temporarily and Permanently Disabled Students
5.2.3.4 Role of Speech and Voice Recognition Technology in Autonomous Cars
5.2.3.5 Growing Consumer Acceptance/Preferences for Technologically Advanced Products
5.2.4 Challenges
5.2.4.1 Possibility of Increased Errors With Change in Quality of Voice Samples Due to Fluctuations in the Physical Or Physiological State
5.2.4.2 Lack of Standardized Platform for the Development of Customized Speech and Voice Recognition Software Products
5.2.4.3 Low Internet Penetration and Slow Network Speed in Some Regions Pose A Challenge to Cloud-Based Sr Services
6 Delivery Methods in Speech and Voice Recognition
6.1 Introduction
6.2 Artificial Intelligence (AI) Based
6.3 Non-Artificial Intelligence Based
7 Speech and Voice Recognition Market, By Technology
7.1 Introduction
7.2 Voice Recognition
7.2.1 Increased Use of Biometrics Due to the Growing Threat of Cybersecurity and Data Breaches
7.3 Speech Recognition
7.3.1 Speech Recognition is Continuously Gaining Traction in Certain Healthcare SegmentsMost Prominently Radiology
8 Speech and Voice Recognition Market, By Deployment Mode
8.1 Introduction
8.2 on Cloud
8.2.1 On-Cloud is Expected to Account for the Largest Market By Far When Compared to On-Premises Solutions.
8.3 On-Premises/Embedded
8.3.1 On-Premise/Embedded Segment is Expected to Witness Higher Growth During the Forecast Period
9 Speech and Voice Recognition Market, By Vertical
9.1 Introduction
9.2 Automotive
9.2.1 Role of Speech and Voice Recognition Technology in Autonomous Cars
9.3 Enterprise
9.3.1 Market for Enterprise Robotics Application Expected to Grow at the Highest CAGR During the Forecast Period.
9.4 Consumer
9.4.1 Growth in the Number of Voice Control-Based Smart Assistive Devices in Consumer Vertical
9.5 Banking, Financial Services, & Insurance (BFSI)
9.5.1 Growing Demand for Voice Authentication in Mobile Banking Applications
9.6 Government
9.6.1 Demand for Biometric Technologies has Increased the Demand for Speech and Voice Recognition System in the Government Sector
9.7 Retail
9.7.1 Speech and Voice Recognition Can Help Retailers Combat Collusive Fraud, Thereby Reducing Losses
9.8 Healthcare
9.8.1 Demand for High-Quality Care and Reduced Cost, as Well as Increased Regulatory Compliance, is Fuelling the Growth of the Market for the Healthcare Vertical
9.9 Military
9.9.1 Voice Recognition Systems Can Improve the Access Control Systems to Enhance the Safety of Weapons and Premises
9.10 Legal
9.10.1 High Demand for Speech Recognition Software in Law Offices Drives the Speech and Voice Recognition Market in the Legal Vertical
9.11 Education
9.11.1 Increasing Use of Speech and Voice Recognition Technology in the Education of Temporarily and Permanently Disabled Students
9.12 Others
10 Speech and Voice Recognition Market, By Geography
11 Competitive Landscape
11.1 Introduction
11.2 Market Ranking Analysis: Speech & Voice Recognition Market
11.3 Competitive Situations and Trends
11.3.1 Product Launches and Developments
11.3.2 Partnerships and Collaborations
11.3.3 Acquisitions
11.4 Competitive Leadership Mapping
11.4.1 Visionary Leaders
11.4.2 Dynamic Differentiators
11.4.3 Innovators
11.4.4 Emerging Companies
11.5 Strength of Product Portfolio
11.6 Business Strategy Excellence
12 Company Profiles
12.1 Key Players
12.1.1 Nuance Communication
12.1.2 Microsoft
12.1.3 Alphabet
12.1.4 IBM
12.1.5 Sensory
12.1.6 Cantab Research
12.1.7 Amazon
12.1.8 Baidu
12.1.9 Iflytek
12.1.10 Raytheon BBN Technologies
12.2 Other Companies
12.2.1 M2sys
12.2.2 Mmodal
12.2.3 Voicevault
12.2.4 Validsoft
12.2.5 Lumenvox
12.2.6 Acapela Group
12.2.7 Vocalzoom
12.2.8 Biotrust Id
12.2.9 Uniphore Software
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