Speech and Speech Recognition Market is Growing at a CAGR of
Pune, India, Jan. 31, 2022 (GLOBE NEWSWIRE) — The advent of advanced technologies in various sectors such as healthcare, banking, medicine and others is driving the growth of the global market Speech and Speech Recognition Market says Fortune Business Insights in its new study. According to the report, the global speech and voice recognition market, which was valued at $6.9 billion in 2018, is expected to increase at a CAGR of 19.8% and reach a value of $28.3 billion by the end of 2026. The study is titled, “Global Speech and Speech Recognition Market Size, Share and Trend By Component (Solution, Services), By Technology (Speech Recognition, Speech Recognition), By Deployment (on-premises, cloud), By End User (Healthcare, IT & Telecom, Automotive, BFSI, Government, Legal, Retail, Travel & Hospitality and Others) and Geographic Forecasts to 2026”.
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Drivers and Constraints-
Voice-activated devices to find application in various sectors
Various factors are responsible for the growth of the global speech and voice recognition market. Speech and speech recognition can recognize phrases or words and convert them into a machine-readable format. Users can control devices using speech and voice, as the audio and text received by these devices is automatically converted into a machine-compatible format, making it easier for humans to use devices without having to spend time and effort using other devices such as mouse, keyboard and others. This is a major factor enabling the growth of the global voice and voice recognition market and is expected to continue to do so during the forecast period.
Voice-activated systems are increasingly used in smart cars, smart speakers and other applications. Voice-activated and voice-recognition systems are applicable in several industries such as smartphone industry, assistive applications, in-vehicle devices, dictation devices, etc. According to the Adobe Analytics survey, the voice recognition used on smart speakers and smartphones today is primarily used to search for music, fun questions followed by online search, maps and directions, weather forecasts, news, etc. This indicates remarkable growth of voice and speech recognition market in the forecast duration.
However, the market may face choppy waters in terms of speech or voice inaccuracy and speech impediments. Such issues may not help the devices to recognize command on voice or speech, which may hamper the speech and speech recognition market revenue during the forecast duration.
Nevertheless, speech and voice recognition may be installed in other electronic devices such as blenders, grinders, thermostats, refrigerators and others in the future, which is expected to create lucrative growth opportunities for the global market at long term.
To learn more about the short-term and long-term impact of COVID-19 on this market,
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List of Speech and Speech Recognition Vendors Operating in the Global Market:
- Advanced speech recognition systems
- Apple Inc.
- Voicebox Technologies Corporation
- Fulcrum Biometrics
- M2SYS technology
- Sensorial inc.
- Communications Shades
- Raytheon Company
Major Players Launch Personal Assistants With Voice Recognition Technology To Gain Competitive Edge
Several companies in the global speech and voice recognition market are focusing on different strategies to stay competitive in the market. These strategies include corporate collaborations, mergers and acquisitions, and most importantly, new product launches. For example, Nuance Communication Inc., the company launched its assistance system named Dragon Drive, which can integrate multiple devices such as cars, different home appliances and others. This will provide real-time alerts and reminders to people about traffic updates, work schedules, daily tasks and more through Dragon Drive. Such innovations are likely to bode well for the global speech and voice recognition market in the foreseeable future.
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Report scope and segmentation
|Forecast period||2019 to 2026|
|Forecast Period 2021 to 2028 CAGR||19.8%|
|2028 value projection||$28.3 billion|
|Market size in 2020||$6.9 billion|
|Historical data for||2015 to 2017|
|Number of pages||160|
|Segments Covered||Component, technology, deployment, end user and geography|
|Growth engines||Voice-activated devices to find application in various sectors|
| North America will remain dominant with large-scale deployment of smart devices
Major Players Launch Personal Assistants With Voice Recognition Technology To Gain Competitive Edge
Based on deployment, the cloud-based segment will dominate the market in the future as it is an advanced tool for businesses. It also offers multiple functions such as multilingual technology for audio segmentation, voice recognition, speaker digitization to switch raw audio data and AV data into desired format, as well as language identification, etc.
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North America will remain dominant with large-scale deployment of smart devices
Geographically, the highest voice and voice recognition market revenues were recorded in North America. The North American market was valued at US$2934.5 million in 2018. This is due to the large-scale deployment of smart devices and the surge in adoption of technologically advanced devices such as IoT and AI that is forcing people in the US and Canada to switch to voice recognition devices. It is estimated that one third of the population in developed countries such as the United States is expected to use voice recognition devices in the near future. Another factor helping the North American market to maintain its dominance in the coming years is the presence of bases of major companies like Raytheon BBN, AT&T and others in its developed countries.
The report offers a comprehensive overview of the market, covering the most important trends prevailing in the global market. It presents insights into the major growth drivers and restraints influencing the growth trajectory of the Speech and Speech Recognition Market.
Main table of contents:
- Definition, by segment
- Research approach
- Market dynamics
- Drivers, constraints and opportunities
- Emerging trends
- key ideas
- Macro and micro economic indicators
- Consolidated SWOT analysis of key players
- Global Speech and Speech Recognition Market Analysis, Outlook and Forecast, 2015 – 2026
- Main results/summary
- Market size estimates and forecasts
- By component (value)
- By technology (value)
- Speech Recognition
- Speech recognition
- By deployment type (value)
- Per end user (value)
- Health care
- IT and Telecommunications
- travel and hospitality
- By geography (value)
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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