The speech and voice recognition market is expected to be valued at USD 6.19 Billion in 2017 and is likely to reach USD 18.30 Billion by 2023, at a CAGR of 19.80% between 2017 and 2023. The increased demand for speech-based biometric systems for multifactor authentication is a driving factor for this market.
The speech and voice recognition market has been segmented on the basis of technology into voice recognition and speech recognition. The market for voice recognition is expected to grow at a higher CAGR during the forecast period. The need for biometrics authentication leads to the growing integration of voice authentication in mobile banking and creates a growing demand for multifactor authentication in enterprises and industries.
In March 2017, iFlytek Co., Ltd. (China) partnered with Amnet Group (UK) to develop advanced programmatic technology, including big data and artificial intelligence. According to this partnership agreement, Amnet Group (UK) will have access to machine learning, voice recognition, and big data analytics of iFlytek Co., Ltd.
The speech and voice recognition market in APAC is expected to grow at the highest CAGR during the forecast period. The increasing awareness among masses and lowered costs of biometric devices drive the growth of the speech and voice recognition market in countries such as India, China, and Japan. In March 2017, Microsoft Corporation (US) partnered with Toyota Motor Corporation (Japan) to bring voice recognition technology to cars. Under this partnership, Microsoft will provide the latter access to its intellectual properties, including operating systems, voice recognition technology, artificial intelligence, and gesture control. According to this partnership agreement, Toyota Motor Corporation will also be able to use the cloud computing platform of Microsoft, which will provide services related to individual customer experiences.
The major restraint for the speech and voice recognition market is the lack of accuracy in speech and voice recognition systems in noisy and harsh working environments. The performance of speech recognition systems degrades drastically in noisy and reverberant environments. This is especially true when the background noise is itself speech. The effect worsens as the distance between the talker and the microphone increases.
Lg Electronics Inc.
Nuance Communications Inc.
Samsung Electronics Co. Ltd.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insight
5 Market Overview
6 Delivery Methods in Speech and Voice Recognition
7 Speech and Voice Recognition Market, By Technology
8 Speech and Voice Recognition Market, By Vertical