Smart home, smart speakers, and autonomous & connected cars encouraging the demand for voice & speech recognition technology


Posted October 7, 2019 by kavi2930

Voice and speech recognition technologies authorize contactless control to several devices and equipment that delivers input for automatic translation and generates print-ready dictation

 
The idea of speech and voice technologies no longer belongs to a Sci-Fi philosophy and are set to influence billions of users in the coming years. It is expected that over the coming years, there will be more voice-enabled devices than people on the planet as the enthusiasm among consumer is swiftly increasing with respect to massive adoption of advanced voice-enabled devices. The global speech and voice recognition market is expected to grow at a CAGR of 17.2% from 2019 to 2025 to reach USD 26,795.7 million by 2025.
The growth of the speech and voice recognition market is primarily driven by factors, such as increasing demand for voice-activated devices across diversified applications including smart speakers, autonomous and connected cars, smart homes, smart wearable gadgets, smartphones, hospitality, healthcare, and consumer electronics among others. Rising demand along with boosting customer confidence, increasing usage of voice assistants particularly for online purchasing of products such as grocery, apparels, homecare, and electronic appliances, ordering a meal, playing music, shopping, and navigation among others are also supporting the overall growth of voice and speech recognition market.

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Furthermore, increasing adoption of voice-enabled teaching aid and evaluation system in education sector; integration of in-car infotainment systems; growing adoption of voice-biometric technologies particularly in BFSI, enterprise and government sector has been witnessing a rapid growth in the growth of speech and voice recognition market.

Key players
The key players in this market including Nuance Communications (U.S.), Google LLC (U.S.), Apple, Inc. (U.S.)., Amazon.com, Inc. (U.S.), Microsoft Corporation (U.S.), IBM Corporation (U.S.), iFlytek (China), Baidu (China), LumenVox LLC (U.S.), Sensory, Inc. (U.S.), Sestek (Turkey), and Dolbey Systems, Inc. (OH) among others.

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Key questions answered in the report:

Growing use of voice biometric systems will propel the speech and voice recognition market
• What factors are responsible for the increasing demand forvoice-enables biometric security systems?
• Who are the major players in the voice recognition marketand what strategies do they employ?
• How voice biometric system can help to reduce issues associated with access control?

Increasing integration of voice-enabled in-car infotainment systems are witnessing a healthy growth across the global speech and voice recognition market
• How will recent or ongoing technological developments in the automotive industry affect the voice and speech recognition technologies market?
• What strategies are being adopted by the key players in various regions/countries?
• Which geographic segment is expected to experience the fastest growth in terms of smart speaker adoption?

Speech and Voice Recognition market holds significant growth opportunities in developing countries
• Which geographic region is expected to experience the fastest growth rate?
• What factors are contributing to the rapid expansions in the developing countries?
• What are the geographical trends and high growth rate regions/countries?

Recent partnerships, acquisitions, and expansions have taken place in the global speech and voice recognition market
• What companies have recently merged/acquired and how will these affect the competitive landscape of the speech and voice recognition market?
• What companies have created partnerships and how will these partnerships promote a competitive benefit?
• Who are the key players in the global voice and speech recognition market and what share of the market do they hold?

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Categories Research , Software , Technology
Tags Speech and Voice Recognition Market , Speech and Voice Recognition , Voice Recognition , research , Artificial Intelligence , Speech Recognition , smart home , Smart Speakers
Last Updated October 7, 2019