Voice and Speech Recognition Industry Poised to Expand at a CAGR of 17.2% during the Forecast Period

 Voice and Speech Recognition Industry Overview

The global voice and speech recognition market size was valued at USD 9.12 billion in 2017. It is poised to expand at a CAGR of 17.2% during the forecast period.

Technological advancements along with the rising adoption of advanced electronic devices are projected to stimulate the growth of the market during the forecast period. Voice-activated biometrics used for security purposes help in providing access to authenticated users for performing a transaction. Surging the use of voice biometrics is of the key factors driving the market.

Increasing demand for voice-driven navigation systems and workstations is promoting growth in the hardware and software segments. The integration of voice-enabled in-car infotainment systems is gaining popularity across the globe as several countries initiate “hands-free” regulations that govern the use of mobile phones while driving.

Gather more insights about the market drivers, restrains and growth of the Global Voice and Speech Recognition Market

Developers of speech and voice recognition market are focusing on innovations, which are estimated to accelerate market growth over the forecast period. The use of voice recognition technology in smartphones enable doctors and clinicians to translate their voice into the rich, detailed clinical description, which is recorded in the electronic health record (EHR) system.

The proliferation of voice-enabled IoT devices in smart home automation is expected to work in favor of the market soon. IoT-enabled devices would benefit several traditionally offline devices with innovative means of user interactions in addition to traditional means such as touch screens and buttons.

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

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Voice and Speech Recognition Market Segmentation

  • Voice and Speech Recognition Software Function Outlook (Revenue, USD Million, 2014 - 2025)
    • Voice recognition
      • Speaker identification
      • Speaker verification
    • Speech recognition
      • Automatic speech recognition
      • Text to speech
    • Voice and Speech Recognition Software Technology Outlook (Revenue, USD Million, 2014 - 2025)
      • AI-based
      • Non-AI based
    • Voice and Speech Recognition Software Vertical Outlook (Revenue, USD Million, 2014 - 2025)
      • Automotive
      • BFSI
      • Consumer
      • Education
      • Enterprise
      • Government
      • Healthcare
      • Legal
      • Military
      • Retail
      • Others
    • Voice and numb Regional Outlook (Revenue, USD Million, 2014 - 2025)
      • North America
      • Europe
      • Asia Pacific
      • South America
      • Middle East & Africa (MEA)

Market Share Insights

  • July 2017: Baidu Inc. collaborated with Conexant Systems, Inc. to launch voice recognition kits for consumers. The collaboration aims at assisting device makers and developers in integrating DeurOS into their products.

Key Companies profiled:

Some prominent players in the global voice and speech recognition market include

  • Agnitio S.L.;
  • Amazon, Inc.;
  • ai;
  • Apple, Inc.;
  • Anhui USTC iFlytek Co., Ltd.;
  • Baidu, Inc.;
  • BioTrust ID B.V.;
  • CastleOS Software, LLC;
  • Facebook, Inc.;
  • Google, Inc.;
  • International Business Machines Corporation;
  • JStar;
  • LumenVox LLC;
  • M2SYSLLC;
  • Microsoft Corporation;
  • MModal, Inc.;
  • Nortek Holdings, Inc.;
  • Nuance Communications, Inc.;
  • Raytheon Company; SemVox GmbH;
  • Sensory, Inc.;
  • ValidSoft U.K. Limited;
  • VoiceBox Technologies Corporation;
  • VoiceVault, Inc.

Order a free sample PDF of the Voice and Speech Recognition Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

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.

 

 

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