The global speech recognition software market is projected to grow at a CAGR of 16.99% during the period 2016-2020.
These applications are used both by individual consumers and enterprises in the healthcare; banking, financial services, and insurance; legal; and telecommunications sectors for a number of purposes including fraud management, speaker verification, speaker identification, biometrics, and vehicle telematics. The biometrics segment is seeing a high demand for speech recognition software because of the growing instances of fraud. Vendors are developing easy-to-deploy and cost-effective speech recognition applications that help in fraud management.
Consumers are increasingly exhibiting a demand for instructor-led workouts that offer proper training as well as fun and creative ways to stay in shape. Health clubs and studios have started offering group fitness classes that combine various workout formats to make the exercise regimen more interactive. By 2016, equipment companies aim to deliver solutions that enable clubs and studios to create a variety of combined formats, such as cycling and boxing, treadmill running and strength training, and rowing and body-weight training. This will lead to an increase in demand for fitness equipment, including cardiovascular training equipment, in the future.
According to the report, increased work pressure and busy schedules have forced people to resort to unhealthy eating habits, with no or little time for a workout. However, the increased awareness of the benefits of a healthy lifestyle is encouraging people to opt for healthy diets and daily exercise to remain healthy and avoid health issues. As a result, the demand for fitness equipment is on the rise.
Further, the report states that the rising interest among consumers toward yoga, high-intensity interval training (HIIT), aerobics, and swimming poses a challenge for the global cardiovascular training equipment market.