The global voice and speech recognition software market size is anticipated
to reach USD 31.82 billion by 2025, according to a new report by Grand View
Research, Inc. 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.
Artificial 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. Thus, an individual can get alerts about daily
chores, work schedules, traffic updates, and many more alerts through the
Dragon Drive.
However, the lack of accuracy of these
technologies in recognizing the regional accents and dialects is expected to
limit the growth of the voice and speech recognition software market. Additionally,
sentiment analysis using the changes in the pitch of the voice is anticipated
to provide growth opportunity to the market in the forthcoming years.
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https://www.grandviewresearch.com/industry-analysis/voice-speech-recognition-software-market
https://www.grandviewresearch.com/industry-analysis/voice-speech-recognition-software-market
Further key findings from the report suggest:
· Rising trend in development of artificial
intelligence-based system is expected to be the key factor driving the market
over the forecast period. Leveraging deep learning algorithm in voice and
speech solutions for better search results is expected to be the key growth
driver for AI-based technology segment
· Deployment of speech recognition solutions
in consumer and retail verticals is anticipated to lead to the high market
growth, attributed to the changing lifestyle in several countries including
U.S., Germany, and U.K. Growing adoption of smart electronics in India, China,
Japan, and Brazil is also likely to drive growth in consumer vertical
· North America led the market, in terms of
revenue, representing over 36% of the total market share in 2018. Additionally,
North America and Asia Pacific are anticipated to witness a considerable growth
owing to the presence of several U.S.- and China-based players, such as Apple,
Inc.; Facebook, Inc.; Baidu, Inc.; Amazon.com, Inc.; and Alphabet, Inc.;
working toward the development of this technology
· Key companies operating in the voice and
speech recognition software market include Advanced Voice Recognition Systems,
Inc.; Agnitio S.L.; Amazon.com, Inc.; Api.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 UK Limited; VoiceBox Technologies Corporation; and VoiceVault,
Inc. These players focus on integrating the artificial intelligence technology,
to build superior products that would increase their user customer base.
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
o
Speaker Verification
o
Speech Recognition
·
Speaker Identification
o
Automatic Speech Recognition
o
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
o
U.S.
o
Canada
o
Mexico
·
Europe
o
Germany
o
U.K.
o
France
o
Italy
o
Spain
o
Netherlands
o
Switzerland
o
Poland
·
Asia Pacific
o
China
o
Japan
o
India
o
South Korea
o
Singapore
o
Pakistan
o
Malaysia
o
Australia
o
Hong Kong
o
Vietnam
·
South America
o
Brazil
o
Argentina
o
Chile
·
Middle East and Africa
o
UAE
o
Saudi Arabia
o
Israel
o
South Africa
o
Nigeria
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business decisions,
we offer market intelligence studies ensuring relevant and fact-based research
across a range of industries, from technology to chemicals, materials and
healthcare.
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