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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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.
- February 2017: Facebook enhanced its VR platform, Oculus rift, by adding speech recognition to the VR gear of the oculus rift.
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.
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June 21, 2019: The global voice and speech recognition software market size is anticipated to reach USD 31.82 billion by 2025 and it is anticipated to register a CAGR of 17.5% during the forecast period.
The market is anticipated to witness an upsurge in the adoption of voice activated systems, voice-enabled devices, and voice-enabled virtual assistant systems owing to the rising application in the banking and automobile sectors.
The escalating need to counter fraudulent activities and to enhance security in the banking sector is projected to boost the adoption of voice biometrics for user authentication.Automobile sector is expected to gain momentum owing to advancements in technology and emergence of innovative concepts such as autonomous and connected cars.
Integration of voice-activated software in future cars is anticipated to drive demand for technologies such as noise abatement for selectively ignoring driving and passenger noises for providing an error-free and seamless experience to the operator.Voice recognition is also a core technology widely used in healthcare sector to enhance the Electronic Health Record (EHR) systems by providing an ease to the doctor to speak and keep the records instead of manual typing or writing.
In 2018, the healthcare vertical held the largest market share and is expected to grow significantly over the forecast period.The report “Voice and Speech Recognition Software Market to 2025” is available now at https://www.radiantinsights.com/research/voice-and-speech-recognition-software-marketArtificial Intelligence (AI)-based voice and speech recognition software is expected to expand at a high CAGR owing to the continuous development of machine learning techniques and integration of connected devices with personal assistants.
For instance, Dragon Drive is a personal assistant developed by Nuance Communication Inc. that integrates various household appliances, cars, and smartphones that can be connected to a hub through the internet.
The Global Voice and Speech Recognition Software Market Report, with its in-depth industry analysis of the market, estimates the industry size bifurcated into segments and regions.
Besides, it sheds light on comprehensive competitive landscape of global market.
The study supplementary offers dashboard outline of the major players encompassing their fruitful marketing plans, recent developments, market contribution etc.
in both historic and the present contexts.Why Voice and Speech Recognition Software Report is Important to You:Voice and Speech Recognition Software Market Research Report includes various topics that will brief you about total industry Size, Key Market Drivers, Challenges, Growth Opportunities, Industry Share, Growth, Demand, Outlook etc.
Furthermore, it covers Covid-19 Impact , key market updates, the impact of regulations and technological updates in.
The report addresses the need to stay updated in this competitive market conditions and this provides and comprehensive data for making strategies and decision to stimulate the market growth and profitabilityRequest PDF Copy @ https://www.datalibraryresearch.com/sample-request/voice-and-speech-recognition-software-market-2317?utm_source=free_medium=60Major Prominent Key Vendors are: Advanced Voice Recognition Systems Inc.,,Agnitio S.L,Amazon, Inc.,Apple, Inc.,iFlytek Co., Ltd,Baidu, Inc.,BioTrust ID B.V,Castle Software, LLC.,Facebook, Inc.,Google, Inc.,IBM,LumenVox,M2SYS Technology,Microsoft Corporation,MModal Inc.,Nortex Holdings Inc.,Nuance Communications, Inc.,SemVox GmbH,Raytheon Technologies Corporation,Sensory Inc.,Voice Technologies Corporation,VoiceVault Inc.Segmentation:The research report has combined analysis of diverse factors that supplement market’s growth.
