SAN FRANCISCO, June 3, 2019 /PRNewswire/ -- The global voice and speech recognition market size is estimated to reach USD 31.82 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 17.2% during the forecast period. Demand for voice activated systems, voice-enabled devices, and voice-enabled virtual assistant systems is slated to increase over the coming years owing to rising applications in the banking and automobile sectors.
Key suggestions from the report:
Rising focus on development of artificial intelligence-based system is estimated to trigger the growth of the market during the forecast period.
Deployment of speech recognition solutions in the consumer and retail verticals is likely to augment the overall market. Changing lifestyles in several countries including the U.S., Germany, and the U.K. are promoting the deployment of voice and speech recognition software
Growing adoption of smart electronics in India, China, Japan, and Brazil is also poised to fuel the demand for voice and speech recognition software in the consumer vertical. Leveraging deep learning algorithm in voice and speech solutions for better search results is expected to work in favor of the market
North America dominated the market in 2017, representing more than 35.0% of the overall revenue.
Domicile of key players such as Apple, Inc.; Facebook, Inc.; Baidu, Inc.; Amazon, Inc.; and Alphabet, Inc. is escalating the growth of the market in the U.S. and China
Key industry participants operating in the voice and speech recognition software market include Advanced Voice Recognition Systems, Inc.; Amazon, Inc.; Api.ai; Apple, Inc.; Baidu, Inc.; BioTrust ID B.V.; Facebook, Inc.; Google, Inc.; International Business Machines Corporation; M2SYSLLC; and Microsoft Corporation
These players focus on integrating artificial intelligence with voice and speech recognition software to build superior products that will increase their user customer base.
Soaring need to counter fraudulent activities and enhance security in the banking sector is accelerating the adoption of voice biometrics for the authentication of users. The automobile sector is expected to gain momentum in the near future owing to advancements in technology and emergence of innovative concepts such as autonomous and connected cars. Increasing integration of voice-activated software in next generation cars is likely to stoke the growth of the market during the forecast period.
Voice recognition is also a core technology widely used in the healthcare sector to enhance the electronic health record systems by providing an ease to doctors to speak and keep records instead of manual typing or writing. In 2017, the healthcare sector held the largest share in the for voice and speech recognition software market. It is poised to register healthy growth over the forecast period.
AI-based voice and speech recognition software is projected to witness a high CAGR during the forecast period owing to continual development of machine learning techniques and integration of connected devices with personal assistants. For instance, Dragon Drive is a personal assistant developed by Nuance Communication Inc., which integrates various household appliances, cars, and smartphones that can be connected to a hub through the internet. Thus, an individual can get alerts about daily chores, work schedules, traffic updates, and many more alerts through Dragon Drive.
However, lack of accuracy of these technologies in recognizing regional accents and dialects is anticipated to limit the growth of the market. Additionally, sentiment analysis using changes in the pitch of voice can provide growth opportunities to the voice and speech recognition software market.
Grand View Research has segmented the global speech and voice recognition market based on function, technology, vertical, and region.
Speech And Voice Recognition Function Outlook (Revenue, USD Million, 2014 - 2025)
Automatic speech recognition
Text to speech
Speech And Voice Recognition Technology Outlook (Revenue, USD Million, 2014 - 2025)
Speech And Voice Recognition Vertical Outlook (Revenue, USD Million, 2014 - 2025)
Speech And Voice Recognition Regional Outlook (Revenue, USD Million, 2014 - 2025)
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.