Global Speech and Voice Recognition Market to Grow at Bolstering CAGR from 2019 to 2026

  • 18 Jul 2019

Global Speech and voice recognition market value over USD 24 Billion by 2026 end and register a CAGR of over 17% from 2019 to 2026.
Expanding demand for virtual assistants, voice-enabled and voice-activated systems or devices, in industries such as healthcare, automotive, and banking is boosting the market growth. Furthermore, the employment of voice biometrics to tackle fraud and enhance security measures will also stimulate the adoption of speech and voice recognition devices. 

The market is segmented into technology,  vertical, deployment, and region. Based on technology, the market is bifurcated into voice recognition and speech recognition. An increasing number of cyberattacks has led to further adoption of voice recognition technology. Voice recognition reduces the chances of security breaches. On the basis of deployment, the market is bifurcated into embedded and on-premises & on cloud. Extensive growth of cloud-based technology and the internet of things has had a positive influence on on-premises & on cloud and will continue to do so. Thus resulting in end users like BFSI and hospitals opting for on-premises & on cloud. Based on vertical, the market is classified into government, healthcare, automotive, retail, education, BFSI, Consumer and enterprise.

The rise of e-commerce industry has led to the urgent requirement of safety to ensure safer transactions. Banks and financial institutes have increased the level of authentication in order to prevent cyber crimes and have safe transactions. BFSI is estimated to dominate the market during the forecast period. The ANZ Bank in Australia has deployed Voice ID to ensure safe transactions.

Factors Boosting Market Growth:
•    The latest innovation in the automotive industry has spurred the size of the market. With autonomous and semi-autonomous cars being made, manufacturers are deploying speech and voice recognition to enhance the user's experience. 
•    Availability of speech and voice recognition in multiple languages. 
•    Increase in demand for speech and voice-based apps on smartphones. 
•    Rapid adoption of software in healthcare sectors since it eases the work of typing details and thus eliminating any chance of typing errors. 
•    The rapid expansion of the internet of things is expected to play an essential role in accelerating the growth of the market.

However, inaccuracy in recognizing different voices, impaired speech resulting in improper encoding are some of the factors which are expected to hinder the growth of the market.

North America leads the speech and voice recognition market. Growing security applications and IoT based applications are driving the growth of the market in this region. Asia-Pacific region is the most lucrative region for the speech and voice recognition market. The rapid increase in the number of smartphone users in developing nations like China, Japan and India have fuelled the growth of the market in these regions.

Some of the established players of the market are Raytheon BBN Technologies, Nuance Communications, MMODAL Inc., Microsoft Inc., Pareteum, BioTrust, Apple Inc. and HOYA Corporation.

Speech and Voice Recognition Market Restraints: 
•    Inaccuracy in recognizing different voices
•    Impaired speech resulting in improper encoding

Speech and Voice Recognition Market Segmentation: 
By Technology:  

•    Voice Recognition  
•    Speech Recognition 

By Vertical: 
•    Government 
•    Healthcare 
•    Automotive 
•    Education 
•    BFSI 
•    Consumer & Retail 
•    Enterprise

By Deployment: 
•    Embedded 
•    On-Premises & On Cloud

By Region: 
•    Europe  
•    North America  
•    APAC  
•    Latin America 
•    Rest of World  

Competitive Landscape:  
•    Tier 1 players- established companies in the market with a major market share  
•    Tier 2 players 
•    Emerging players which are growing rapidly 
•    New Entrants   

FutureWise Takeaways: 
•    Growth prospects  
•    SWOT analysis 
•    Key trends 
•    Key data points affecting market growth  

Objectives of the Study: 
•    To provide with an exhaustive analysis on speech and voice recognition market based on the technology, vertical, deployment and by region 
•    To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints) 
•    To evaluate and forecast micro-markets and the overall market  
•    To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East
•    To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions 
•    Profiling of companies to evaluate their market shares, strategies, financials and core competencies  

 

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