Speech and Voice Recognition Technology Market Insights

The global speech and voice recognition market size is estimated to reach USD 31.82 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 17.2% during the forecast period.

Demand for voice activated systems, voice-enabled devices, and voice-enabled virtual assistant systems is slated to increase over the coming years owing to rising applications in the banking and automobile sectors.

Soaring need to counter fraudulent activities and enhance security in the banking sector is accelerating the adoption of voice biometrics for the authentication of users.The automobile sector is expected to gain momentum in the near future owing to advancements in technology and emergence of innovative concepts such as autonomous and connected cars.

Increasing integration of voice-activated software in next generation cars is likely to stoke the growth of the market during the forecast period.Voice recognition is also a core technology widely used in the healthcare sector to enhance the electronic health record systems by providing an ease to doctors to speak and keep records instead of manual typing or writing.

In 2017, the healthcare sector held the largest share in the for voice and speech recognition software market.

It is poised to register healthy growth over the forecast period.AI-based voice and speech recognition software is projected to witness a high CAGR during the forecast period owing to continual development of machine learning techniques and integration of connected devices with personal assistants.

The data included in this Asia-Pacific Speech and Voice Recognition Market report provides detailed information of the geographic landscape, competitive scenarios and   upcoming opportunities in the Industry.

The inclusion of the statistical records in the Asia-Pacific Speech and Voice Recognition Market report helps in authenticating the results that are being presented and thus provide a clear vision and indication to clients in understanding the response of the participants.Asia-Pacific Speech and Voice Recognition Market is expected to reach USD 2,754.38 Million by 2025 from USD 397.49 Million in 2017, with the highest CAGR of 27.4% in the forecast period 2018 to 2025.For In-Depth Review | Get Sample PDF @ https://www.databridgemarketresearch.com/request-a-sample/?dbmr=asia-pacific-speech-voice-recognition-market Market Definition :The major factors driving the growth of this market are the effective integration due to increased demand for voice and speech-based biometric systems, increasing demand for voice authentication in mobile applications and use of artificial intelligence (AI) on the accuracy of speech and voice recognition.

On the other hand, disadvantages related to speech and voice recognition systems may hinder the growth of the market.Key vendors operating in the market:IFLYTEK CO. LTD.  is going to dominate the speech and voice recognition market following with Nuance Communications, Inc. and Microsoft along with others such as HOYA Corporation, Raytheon, Advanced Voice Recognition Systems, Inc., Pareteum, Sensory, IncVoiceVault Inc., LumenVox, LLC., Acapela Group SA, VocalZoom, BioTrust, Uniphore, Voicebox Technologies Corporation and Cantab Research Limited among others.Market Segmentation: Asia-Pacific Speech and Voice Recognition MarketThe Asia Pacific speech and voice recognition market is segmented based on technology into two notable segments; artificial intelligence based software and traditional software.

The Speech and voice recognition market is dominated by artificial intelligence based software with 71.0% market share in 2017 and is expected to grow at the highest CAGR of 29.7% in the forecast period.The Asia Pacific speech and voice recognition market is segmented based on technology into two notable segments system; speech recognition software and voice recognition software.

On the basis of product type, speech recognition software is sub segmented into text to speech and speech to text.

Also it creates a relationship of the market outlook with Porter Five Force AnalysisThis research report is inclusive concept of the market progression.

Bharat Book Bureau Provides the Trending Industry Research Report on “Speech and Voice Recognition Market with COVID-19 Impact Analysis by Delivery Method, Deployment Mode (On Cloud, On-Premises/Embedded), Technology (Speech Recognition, Voice Recognition), Vertical and Geography – Global Forecast to 2026” under Services Market Research Reports Category.

The report offers a collection of superior Industry research, Industry analysis,competitive intelligence and Industry reports.The speech and voice recognition market is expected to grow from USD 8.3 billion in 2021 to USD 22.0 billion by 2026; it is expected to grow at a CAGR of 21.6% during the forecast period.

An on-premises/embedded speech and voice recognition system has no formatting or coding issues while accessing databases.Consumer vertical of Speech and Voice Recognition Market is expected to have the largest market share during the forecast period.Mobile device authentication and control of wearable devices using voice commands are expected to drive the speech and voice recognition market.

Alphabet (US), Apple (US), and Microsoft (US) are leveraging their huge customer base and neural networks to process, understand and take decisive actions based on real-time voice inputs from the user.

The introduction of voice based smart devices in the consumer sector has led to the launch of many innovative products in the market.

The growing focus on artificial intelligence (AI) in industries and enterprises is also expected to contribute toward the growth of the voice recognition market in Asia Pacific during the forecast period.

The report projects the global market size and the growth rate for the forecasted period 2020-2025.

It also analyzes competitive developments such as business expansions, new product launches, and acquisitions in the market.

The report also covers the impact of COVID-19 while projecting the volume and growth, trends, and plans for this market.For Right Perspective & Competitive Insights, Request a Sample @: https://introspectivemarketresearch.com/request/11120Key Player Mentioned: Nuance Communications (US), Microsoft Corporation (US), Alphabet Inc. (US), Cantab Research Limited (UK), Sensory (US), ReadSpeaker Holding B.V. (Netherlands), Pareteum Corporation (US), Iflytek Co., Ltd. (China), VoiceVault Inc. (US), VoiceBox Technologies Corp. (US), LumenVox, LLC (US), Acapela Group SA (Belgium), BioTrust (Netherlands)Product Segment Analysis: Dependent Speech Recognition, Independent Speech Recognition, Multiplayer Speech RecognitionApplication Segment Analysis: Application A, Application B, Application CRegional Segment Analysis: North America (U.S.; Canada; Mexico), Europe (Germany; U.K.; France; Italy; Russia; Spain etc.

Currently, the US accounts for the highest market share of the global Speech and Voice Recognition Technology market, and it is expected to increase in the coming years further.

: https://introspectivemarketresearch.com/discount/11120The reference for this report is reliable; data are taken from authentic sources and can be helpful for decision making.

Competitive developments are being evaluated thoroughly.

As per the latest report by IMARC Group, titled “Voice and Speech Recognition Market size: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global voice and speech recognition market experienced robust growth during 2014-2019.

Voice and speech recognition is an authentication technology that decodes human voice.

It is rapidly gaining traction across the globe on account of the increasing use of artificial intelligence (AI) and intelligent assistants (IAs), such as Apple’s Siri, Microsoft’s Cortana and Amazon’s Alexa.Get a sample copy of this Report @ https://www.imarcgroup.com/voice-speech-recognition-market/requestsample  Voice and Speech Recognition Market Trends:At present, there is an increase in the sales of consumer electronics, such as smartphones, laptops and tablets, on account of rapid urbanization, altering lifestyles, rising internet penetration and increasing consumer spending on entertainment and mobile communication.

Apart from this, owing to the implementation of stringent on-road regulations by governments of numerous countries, there is a rise in the demand for voice-driven navigation systems, which is further contributing to the market growth.

Furthermore, some of the leading players are investing in research and development (R) activities to introduce innovative products.

For instance, Google LLC has developed Google Duplex, a project that enables users to make reservation calls at restaurants, clinics, and other places.