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Speech and voice recognition market projected to grow at a CAGR of 19.80% between 2017 and 2023
The speech and voice recognition market is expected to be valued at USD 6.19 billion in 2017 and is likely to reach USD 18.30 billion by 2023, at a CAGR of 19.80% between 2017 and 2023. The growing impact of artificial intelligence AI on the accuracy of speech and voice recognition and the increased demand for multifactor authentication are driving the market growth. However, oligopoly in the development of speech and voice recognition technology using neural networks is a restraint for this market.
Speech recognition technology expected to hold largest share of market during forecast period
The speech recognition technology is expected to hold the largest share of the market during the forecast period due to its growing use in multiple applications owing to the continuously decreasing word error rate WER of speech recognition algorithm with the developments in natural language processing and neural network technology. The speech recognition technology finds applications mainly across healthcare and consumer electronics sectors to produce health data records and develop intelligent virtual assistant devices, respectively.
Speech and voice recognition market for consumer vertical expected to grow at highest CAGR during forecast period
The market for the consumer vertical is expected to grow at the highest CAGR during the forecast period. The key factor contributing to this growth is the ability to integrate speech and voice recognition technologies into other consumer devices, such as refrigerators, ovens, mixers, and thermostats, with the growth of Internet of Things.
Speech and voice recognition market in APAC expected to grow at highest CAGR during forecast period
The speech and voice recognition market in APAC is expected to grow at the highest CAGR during the forecast period. The key factor contributing to the growth of the speech and voice recognition market in APAC is the increasing awareness among masses and lowered costs of biometric devices. The Americas is expected to hold the largest share of the market in 2017. This can be attributed to the increase in the deployment of biometric systems to ensure high level of security in countries such as the US, Canada, and Mexico.
Following is the breakdown of primary participants' profiles by different parameters:
By Company Type: Tier 1 43%, Tier 2 19%, and Tier 3 38%
By Designation: CLevel Executives 39%, Directors 27%, and Others 34%
By Region: Americas 24%, Europe 20%, APAC 37%, and RoW 19%
The key players operating in the market include Nuance Communications, Inc. US, Microsoft Corporation US, Alphabet Inc. US, Cantab Research Limited UK, Sensory, Inc. US, ReadSpeaker Holding B.V. Netherlands, Pareteum Corporation US, Iflytek Co., Ltd. China, VoiceVault Inc. US, VoiceBox Technologies Corp. US, LumenVox, LLC US, and Acapela Group SA Belgium.
The report covers the following market segments: technology, vertical, and geography. The report offers a detailed view of the market across 4 main regionsAmericas, Europe, APAC, and RoW comprising the Middle East and Africa. The strategic benchmarking has also been included in the report.
Reasons to Buy the Report:
This report includes statistics pertaining to the speech and voice recognition market by technology, vertical, and geography.
The report includes competitive leadership mapping of 25 global companies.
It provides major drivers, restraints, challenges, and opportunities for the speech and voice recognition market.
The report includes illustrative segmentation, analysis, and forecast for the speech and voice recognition market based on its segments and subsegments.
Original Article: Speech and Voice Recognition Market by Technology Speech Recognition, Voice Recognition, Vertical Automotive, Consumer, Banking, Financial Services and Insurance BFSI, Retail, Education, Healthcare Government and Geography Global Forecast to 2023 [ReporNEXT ARTICLE
Health care (or healthcare) is the diagnosis, treatment, and prevention of disease, illness, injury, and other physical and mental impairments in humans. Health care is delivered by practitioners in medicine, chiropractic, dentistry, nursing, pharmacy, a...