Voice And Speech Recognition Software Market anticipated to showcase a CAGR of 17.5% from 2019 to 2025

 Voice And Speech Recognition Software Industry Overview

The global voice and speech recognition software market size was valued at USD 10.46 billion in 2018 and is anticipated to showcase a CAGR of 17.5% from 2019 to 2025.

The market is anticipated to be driven by technological advancements and rising adoption of the software in advanced electronic devices. Voice-activated biometrics used for security purposes help provide access to authenticated users for performing a transaction. Growing use of voice biometrics is amongst the major factors driving the growth.

Increasing demand for voice-driven navigation systems and workstations is impelling growth in the hardware and software segments. 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 Software Market

Voice and speech product developers are focusing on innovation, which is expected to accelerate the market growth over the forecast period. The use of voice recognition technology in smartphones enables doctors and clinicians to translate their voice into rich, detailed clinical description, which is recorded in the Electronic Health Record (EHR) systems.

 

Increasing penetration of voice-enabled Internet of Things (IoT) devices in smart home automation is expected to drive the demand in near future. IoT-enabled devices would benefit a number of traditionally offline devices with innovative means of user interactions in addition to traditional means such as touch screens and buttons.

 

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Voice And Speech Recognition Software Market Segmentation

Grand View Research has segmented the global voice and speech recognition software market report based on function, technology, vertical, and region.

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

Regional Outlook (Revenue, USD Million, 2014 - 2025)

  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East & Africa (MEA)

 

Market Share Insights

  • February 2017: Facebook enhanced its VR platform, Oculus rift, by adding speech recognition to the VR gear of the oculus rift.
  • 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 of the prominent players in the voice and speech recognition software market include

  • Advanced Voice Recognition Systems, Inc.;
  • Agnitio S.L.;
  • com, Inc.;
  • ai;
  • Apple, Inc.;
  • Anhui USTC iFlytek o., 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 Software 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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