Speech and Voice Recognition Market Will Reach 26.79 billion by 2025

Speech and Voice Recognition Market by Type (Speech and Voice Recognition), End User (Automotive, Healthcare, BFSI, Education, Legal), Technology (Artificial Intelligence and Non-Artificial Intelligence), and Geography – Global Forecast to 2025

Pune, India – January 14, 2020 /MarketersMedia/ —

The speech and voice technologies are widely acknowledged as a key platforms that offer precise, convenient, and effortless means to control variety of devices including smart home systems, smart wearable gadgets, smartphones, smart speakers, autonomous and connected cars, and consumer electronics devices. It is expected that over the coming years, there will be more voice-enabled devices than people on the planet as the enthusiasm among consumers for such devices is swiftly increasing with massive adoption of advanced voice-enabled solutions. Meticulous Research® in its latest publication on Speech and Voice Recognition states that the global Speech and Voice Recognition market will increase at a CAGR of 17.2% from 2019 to 2025 to reach $26.8 billion by 2025.

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Growth of the global speech and voice recognition market is mainly attributed to increasing usage of voice-enabled applications especially for home activities including operating smart devices, making online purchases, playing music, ordering meals, and so on. In addition, increasing adoption of voice-enabled teaching aids and evaluation system in education sector; integration of in-car infotainment systems; increasing demand for voice-enabled applications in healthcare equipment; growing adoption of voice-biometric technologies particularly in BFSI, enterprise, and government sector is also supporting rapid growth of the speech and voice recognition market.

To provide efficient analysis, Meticulous Research® has segmented this market on the basis of type (speech recognition, and voice recognition), end-user (automotive, healthcare, BFSI, education, hospitality, government and public services, manufacturing/enterprise, retail and e-commerce, legal, consumer electronics, and military and defence), technology (artificial intelligence, and non-artificial intelligence), and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa).

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Key Topics Covered in This Report:

1. Introduction
1.1. Market Definition
1.2. Market Ecosystem
1.3. Currency and Limitations
1.3.1. Currency
1.3.2. Limitations
1.4. Key Stakeholders

2. Research Methodology
2.1. Secondary Research
2.2. Primary Research

3. Executive Summary

4. Market insights
4.1. Introduction
4.2. Market Dynamics
4.2.1. Drivers
4.2.1.1. Surge in The Use of Voice Biometrics
4.2.1.2. Integration of Voice-Enabled in-Car infotainment Systems
4.2.1.3. Proliferation of Voice-Enabled Devices
4.2.2. Restraints
4.2.2.1. Lack of Accuracy in Regional Accents and Dialects Recognition
4.2.2.2. Lack of Awareness
4.2.3. Opportunities
4.2.3.1. High Growth Potential for AI-Enabled Voice Assistants in Healthcare Industry
4.2.3.2. Technological Advancements with Rising Acceptance of Connected Devices
4.2.4. Challenges
4.2.4.1. Inability to Overpower Ambient Noise
4.2.5. Trends
4.2.5.1. Growing Usage of Connected Device in Automotive and Home Automation

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Geographically, North America commanded the largest share in this market followed by Asia-Pacific. The major share of North America is mainly attributed to the easy availability of voice-enabled smart devices, greater consumer acceptance for advanced technologies, and increasing demand for high-level secured authentication devices. Furthermore, existence of major voice and speech recognition technology companies and availability of their revolutionary forthcoming products appearances is also expected to support the growth of the voice and speech recognition technologies over the coming years.

In terms of type, speech recognition technologies accounted for the largest share of this market owing to increasing demand for voice-enabled devices along with growing customer confidence in smart technologies, increasing usage of voice assistants particularly for online purchases, and consistent proliferation of advanced technologies.

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Key questions answered in the report:

Growing use of voice biometric systems will propel the speech and voice recognition market

1. What factors are responsible for the increasing demand forvoice-enables biometric security systems?
2. Who are the major players in the voice recognition marketand what strategies do they employ?
3. How voice biometric system can help to reduce issues associated with access control?

Increasing integration of voice-enabled in-car infotainment systems are witnessing a healthy growth across the global speech and voice recognition market

1. How will recent or ongoing technological developments in the automotive industry affect the voice and speech recognition technologies market?
2. What strategies are being adopted by the key players in various regions/countries?
3. Which geographic segment is expected to experience the fastest growth in terms of smart speaker adoption?

Speech and Voice Recognition market holds significant growth opportunities in developing countries

1. Which geographic region is expected to experience the fastest growth rate?
2. What factors are contributing to the rapid expansions in the developing countries?
3. What are the geographical trends and high growth rate regions/countries?

Recent partnerships, acquisitions, and expansions have taken place in the global speech and voice recognition market

1. What companies have recently merged/acquired and how will these affect the competitive landscape of the speech and voice recognition market?
2. What companies have created partnerships and how will these partnerships promote a competitive benefit?
3. Who are the key players in the global voice and speech recognition market and what share of the market do they hold?

The report provides competitive intelligence in terms of financials, growth strategies, product portfolios, and geographical presence on some of the key players in this market including Nuance Communications (U.S.), Google LLC (U.S.), Apple, Inc. (U.S.)., Amazon.com, Inc. (U.S.), Microsoft Corporation (U.S.), IBM Corporation (U.S.), iFlytek (China), Baidu (China), LumenVox LLC (U.S.), Sensory, Inc. (U.S.), Sestek (Turkey), and Dolbey Systems, Inc. (OH) among others.

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