Global Speech and Voice Recognition Market Grow at CAGR of 20.1% Worldwide – Trends and Demand With Top Players Like Nuance Communications, Microsoft Corporation, Forecast 2024

Market Definition of Speech and Voice Recognition Market

Speech and voice recognition is the technology designed to receive and interpret dictation, or to understand and carry out spoken commands. This technology is as unique as fingerprint and in increasingly adopted into wide range of applications such as automotive, enterprise, consumer, banking, financial services, & insurance, government, retail, healthcare, military, legal, and education.

According to a new report published by Data Bridge Market Research, titled, Global Speech and Voice Recognition Market – Industry Trends and Forecast to 2024, The Global Speech and Voice Recognition Market accounted for USD 6.1 billion in 2016 growing at a CAGR of 20.1% during the forecast period of 2017 to 2024. The upcoming market report contains data for historic year 2014, 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.

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Also Global Speech and Voice Recognition Market, By Geography (North America, Europe, Asia-Pacific, Europe, South America, Middle East and Africa), By Delivery Method (Artificial Intelligence (AI) Based, Non-Artificial Intelligence Based), By Technology (Voice Recognition (Speaker Identification, Speaker Verification), Speech Recognition (Automatic Speech Recognition, Text to Speech)), By End-user (Automotive, Enterprise, Consumer, Banking, Financial Services, & Insurance, Government, Retail, Healthcare, Military, Legal, Education) – Industry Trends and Forecast to 2024

 

Major Market Drivers

  • Increasing adoption of mobile banking by e-commerce retailers & banks
  • Growing Impact of Artificial Intelligence (AI) on the Accuracy of Speech and Voice Recognition
  • Increased Demand for Speech-Based Biometric Systems for Multifactor Authentication
  • Growth in Voice Control-Based Smart Assistive Devices in Consumer and Enterprise Vertical

Global  Market Segmentation of Speech and Voice Recognition Market

  • Global Speech And Voice Recognition Market is segmented on the basis of delivery method into artificial intelligence (AI) based, and non-artificial intelligence based.
  • The global speech and voice recognition market is also segmented on the basis of technology into voice recognition, and speech recognition. The voice recognition segment is further sub-segmented into speaker identification, and speaker verification. The speech recognition segment is further sub-segmented into automatic speech recognition, and text to speech.
  • On the basis of end user the global speech and voice recognition market is further segmented into automotive, enterprise, consumer, banking, financial services, & insurance, government, retail, healthcare, military, legal, education.
  • On the basis of geography, global speech and voice recognition market report covers data points for 28 countries across multiple geographies such as North America, South America, Europe, Asia-Pacific, and Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa, and Brazil among others. In 2017, North America is expected to dominate the market.

Company Share Analysis: Global Speech and Voice Recognition Market

The report for speech and voice recognition  market include detailed vendor level analysis for market shares in 2016 for Global, North America, Europe, Asia Pacific, Middle East and Africa and South America specifically. Also impact and development analysis of key vendors is registered in the market and factored on the basis of Vendor Positioning Grid Analysis which measures the vendors strengths and opportunities against present market challenges, measure providers ability to identify or satisfy present market needs, map providers market vision to current and upcoming market dynamics among others. The report also measures technology life line curve and market time line to analyze and do more affective investments.

Major Market Competitors of Global Speech and Voice Recognition Market

Some of the major players of the global speech and voice recognition market are

  • Nuance Communications, Inc.,
  • Microsoft Corporation,
  • Alphabet Inc.,
  • Cantab Research Limited,
  • Sensory, Inc.,
  • ReadSpeaker Holding B.V.,
  • Pareteum Corporation,
  • Iflytek Co., Ltd. (China),
  • VoiceVault Inc.,
  • VoiceBox Technologies Corp.,
  • LumenVox, LLC,
  • Acapela Group SA,
  • Vocalzoom Ltd,
  • Biotrust ID B.V.,
  • Uniphore Software Solutions Pvt. Ltd.

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