The global speech and voice recognition market size is expected to grow to USD 31.49 billion by 2026 according to a new report published by Polaris Market Research. The report “Voice and Speech Recognition Market Share, Size, Trends, Industry Analysis Report By Component (Hardware, Software, Services); By Interface (AI-Based, Non-AI Based); By End-User (Automotive, Healthcare, BFSI, Consumer, Retail, Government, Home security & Automation, Others); By Regions, Segments & Forecast, 2019 – 2026”, provides step-by-step analysis into current market insights and detailed analysis of future market trends.
In 2018, the non AI-based voice and speech recognition segment dominated the global market in terms of revenue. North America is expected to be the leading contributor to global market revenue during forecast period. A currently moving demand for virtual assistants at homes and enterprises supports the growth of this market. A growing need for automation in customer service and integration of virtual assistants with smart home appliances (digital homes) drive the growth of market. A need to streamline enterprise communication to improve productivity further supports market growth. Other driving factors include increased use in automobiles, mobile banking applications and Electronic health record applications (EHR). The increasing use in biometric applications for user voice authentication would boost market growth during forecast period. A surging demand from emerging economies and technological advancements are factors expected to provide several growth opportunities in coming years.
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An upward interest shone through in cars sector and expanding modernization of vehicles drove showcase development. The thought process being voice acknowledgements diminish mistakes enhancing market effectiveness. IT has been foreseen that half of ventures will be voice essays by 2020. An increasing number of data lapses such as security attacks give reasonable credence to voice recognition systems that are more reliable authentication methods. Growing number of security concerns drive market.
North America came up with highest revenue in the market in 2017 and is anticipated to lead market gains through the forecast period. Use of intelligent virtual assistants to replace traditional interactive response systems has boosted market growth in the region. Use of intelligent virtual assistants is proving effective by enhancing customer and brand experience providing a consumer-friendly environment. The presence of established telecom and cloud infrastructure in the region and growing trend of BYOD drive the market growth in the region. The demand for voice recognition systems has grown significantly in BFSI and healthcare sectors in the regions. Increased adoption of smart homes and smart buildings would provide opportunities for market during forecast period.
China is the world’s largest populace and is expected to have high adoption rates for these technologies. The number of mobile transactions has reportedly increased which makes it ideal for implementation of this software.
Market players are introducing new products in the market to cater to a growing customer base and players are venturing into new markets to expand customer portal and make market presence strong.
The companies in the speech and voice recognition market include Google, Inc., Baidu, Inc., Facebook, Inc., Amazon.com, Inc., Advanced Voice Recognition Systems, Inc., Apple, Inc., IBM Corporation, Microsoft Corporation, Briana soft, VoiceBox Technologies, Fulcrum Biometrics, Neurotechnology, M2SYS Biometrics, Sensory Inc., Voice Base, INc., Agnitio Corp., Auraya Systems, VoiceTrust and Nuance Communications.
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Polaris Market Research has segmented the speech and voice recognition market into component, interface, end-user and region
- Voice and Speech Recognition Component Outlook (Revenue USD Million, 2015 – 2026)
- Hardware
- Software
- Services
- Voice and Speech Recognition Interface Outlook (Revenue USD Million, 2015 – 2026)
- AI-Based
- Non-AI Based
- Voice and Speech Recognition End-User Outlook (Revenue USD Million, 2015 – 2026)
- Automotive
- Healthcare
- BFSI
- Consumer
- Retail
- Commercial
- Others
- Voice and Speech Recognition Regional Outlook (Revenue USD Million, 2015 – 2026)
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Asia Pacific
- India
- China
- Japan
- Latin America
- Mexico
- Brazil
- MEA
- North America
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About Polaris Market Research
Polaris Market Research is a global market research and consulting company. We provide unmatched quality of offerings to our clients present globally. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises. We at Polaris are obliged to serve our diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide our customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities.
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The global speech and voice recognition market size is expected to grow to USD 31.49 billion by 2026 according to a new report published by Polaris Market Research.
A surging demand from emerging economies and technological advancements are factors expected to provide several growth opportunities in coming years.
Request for a sample of this research report @ https://www.polarismarketresearch.com/industry-analysis/voice-recognition-market/request-for-sample An upward interest shone through in cars sector and expanding modernization of vehicles drove showcase development.
The thought process being voice acknowledgements diminish mistakes enhancing market effectiveness.
The presence of established telecom and cloud infrastructure in the region and growing trend of BYOD drive the market growth in the region.
Market players are introducing new products in the market to cater to a growing customer base and players are venturing into new markets to expand customer portal and make market presence strong.
New York, NY 13 May 2021: Intelligent virtual assistant market is anticipated to reach $21.52 Billion by 2026 according to a new study published by Polaris Market Research.
In 2019, the BFSI segment dominated the global market, in terms of revenue.
Additionally, the increasing demand of intelligent virtual assistants from small and medium enterprises has supported market growth over the years.
Growing demand from emerging economies is expected to provide numerous growth opportunities in the coming years.
They have the ability to perform a number of different automated tasks such as scheduling meetings, managing finances, and others.
They also assist in successful use of unified communication tools.
The global operating room management market size is expected to reach USD 4.4 billion by 2025 from USD 2.4 billion in 2020, at a CAGR of 12.4%.Growth in this market can be attributed to factors such as the emphasis on cost control and efficiency improvement in hospitals, growing adoption of EHRs and other HCIT solutions, favorable government support, redevelopment projects, and the availability of funding to promote OR infrastructure.However, a dearth of skilled surgeons in integrated operating rooms and the high prices and maintenance costs of ORM software are expected to hinder the market growth.Operating Room Management Market Dynamics Drivers: Increasing emphasis on cost control and efficiency improvement in hospitals The overall cost of healthcare delivery has grown significantly over the last few decades, mainly due to increasing health insurance premiums, the rising demand for quality healthcare services, rising geriatric population, and the increasing incidence of chronic disorders.
Another important factor attributing to rising healthcare costs is the high dependency on traditional and outdated methods such as paper-based patient records, which leads to an increase in readmission rates, medical errors, and administration costs.To know about the assumptions considered for the study, download the pdf brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=175407912Restrains: High pricing and maintenance costs of ORM software The adoption of ORM solutions has been particularly affected by its high installation and maintenance costs.
ORM software, when once installed, also requires to be regularly updated as per the user’s requirement and software enhancements, thereby presenting recurring expenditure.
Additionally, the maintenance of high-end IT-enabled systems typically costs more than the software itself.Opportunities: Emerging markets and growing medical tourism Brazil, Russia, India, China, and South Africa (BRICS) are among the fastest-growing economies in the world.
The number of independent health care providers has been decreasing as most healthcare providers are turning to mergers, acquisitions, and partnerships and are functioning under a health system rather than operating independently.
On a 15-year basis, the percentage of hospitals functioning under a health system has increased from approximately 50% to approximately 65%.Asia Pacific to witness significant growth from 2020 to 2025 Geographically, the operating room management market is segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World.
The global operating room management market size is expected to reach USD 4.4 billion by 2025 from USD 2.4 billion in 2020, at a CAGR of 12.4%.Growth in this market can be attributed to factors such as the emphasis on cost control and efficiency improvement in hospitals, growing adoption of EHRs and other HCIT solutions, favorable government support, redevelopment projects, and the availability of funding to promote OR infrastructure.However, a dearth of skilled surgeons in integrated operating rooms and the high prices and maintenance costs of ORM software are expected to hinder the market growth.Operating Room Management Market Dynamics Drivers: Increasing emphasis on cost control and efficiency improvement in hospitals The overall cost of healthcare delivery has grown significantly over the last few decades, mainly due to increasing health insurance premiums, the rising demand for quality healthcare services, rising geriatric population, and the increasing incidence of chronic disorders.
Another important factor attributing to rising healthcare costs is the high dependency on traditional and outdated methods such as paper-based patient records, which leads to an increase in readmission rates, medical errors, and administration costs.To know about the assumptions considered for the study, download the pdf brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=175407912Restrains: High pricing and maintenance costs of ORM software The adoption of ORM solutions has been particularly affected by its high installation and maintenance costs.
ORM software, when once installed, also requires to be regularly updated as per the user’s requirement and software enhancements, thereby presenting recurring expenditure.
Additionally, the maintenance of high-end IT-enabled systems typically costs more than the software itself.Opportunities: Emerging markets and growing medical tourism Brazil, Russia, India, China, and South Africa (BRICS) are among the fastest-growing economies in the world.
The number of independent health care providers has been decreasing as most healthcare providers are turning to mergers, acquisitions, and partnerships and are functioning under a health system rather than operating independently.
On a 15-year basis, the percentage of hospitals functioning under a health system has increased from approximately 50% to approximately 65%.Asia Pacific to witness significant growth from 2020 to 2025 Geographically, the operating room management market is segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World.
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