Global Speech Recognition Market, By Type (Speaker Dependent, Speaker Independent), Technology (AI Based, Non-AI Based), Verticals (Military, Automotive, Healthcare) - Forecast Till 2023

Voice recognition technology offers customizing voice commands that enable hands-free dictation. It eradicates the need to open, edit, and send a specific file. All one needs to do is send it through a voice command. The mobile voice recognition technique facilitates clinicians to convert their voice into a detailed clinical description which is recorded in Electronic Health Record (EHR) System. The global market is anticipated to expand at a significant rate during the forecast period owing to the advancements in technology and is escalating usage.

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Voice holds a unique characteristic of an individual just like iris or fingerprints and has emerged as a feasible authentication technique. The ability to deliver accurate authentication sets voice apart as a preferred authentication method for online transactions. The incasrcorporation of voice recognition techniques is gaining popularity in cars since most of the countries are initiating hands-free regulation with the use of mobile phones while driving.

global speech recognition market is expected to reach USD 16 billion at 16 % CAGR.

Segmentation:

The global market for speech recognition has been segmented into technology, type, region, and verticals.

The market has been segmented into speaker dependent and speaker independent on the basis of type.

The market has been segmented into artificial intelligence based and non-artificial intelligence based on the basis of technology. Among these, artificial intelligence is expected to gain momentum as the system transforms speech into well-structured algorithms by undergoing certain stages such as formulation, representation of speech units, development of recognition algorithms, and demonstration of correct inputs. Besides, the non-artificial market accounted for the majority of overall share and is predicted to lose its market soon by the end of the review period.

The market has been further segmented into military, automotive, finance, government, media & entertainment, healthcare, and others on the basis of verticals where healthcare is expected to showcase the largest market share.

Regional Analysis:

The global market for speech recognition is spanned across regions such as Europe, North America, Asia Pacific, and Rest-of-the-World (RoW).

North America is one of the leading regions globally owing to the security application in inter-connected and digital devices which is expanding the market growth in this region. The market for speech recognition in Europe is expected to boom over the assessment period. Asia Pacific countries such as India, Japan, and China are a part of the emerging regions in speech recognition market and is expected to grow at the highest CAGR in the years to come due to the presence of a large number of key players.

The growth in customer care services in banks, travel, hospitality, and telecom contributes to the growth of the market to combat fraudulent activities in these sectors. Presence of consumer electronics device manufacturers like Sony and Samsung has created a lucrative market for speech recognition in the Asia Pacific region.

Competition Analysis:

Some of the prominent players operating the global market for speech recognition are Nuance Communications Inc. (U.S.), VoiceBox Technologies Corp. (U.S.), Microsoft Corporation (U.S.), VoiceVault (U.S.), Agnitio SL (Spain), and others. Microsoft has called on the government to set up and control facial recognition technology.

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Industrial Developments:

Evernote has been a big player in the market for speech recognition for years. Besides allowing you to take conventional notes, but also offers a nifty feature that lets you dictate voice notes right to the app.

Just Press Record is a cloud-based transcription tool which comes with features such as transcription, one tap recording, and iCloud syncing. When it comes to call recording, one requires to press a single button and get unlimited recording time. It can also convert speech into searchable text. Once a file has been transcribed, it can be edited from within the app.

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