Speech Recognition Market Analysis - Top Companies Profile, Forecast to 2023

Market Scenario

According to a new report by Market Research Future (MRFR), global speech recognition market is expected to reach USD 16 billion at 16% CAGR over the forecast period (2017-2023). Voice holds a unique characteristic of an individual just like iris or fingerprints and has emerged as a feasible authentication technique. The ability to deliver accurate authentication sets voice apart as a preferred authentication method for online transactions. The incorporation of voice recognition techniques is gaining popularity in cars since most of the countries are initiating hands-free regulation with the use of mobile phones while driving.

Voice-based search features are being widely adopted by search engines such as Google, Yahoo, etc. It is also poised to lead the expansion of the speech recognition technology in the upcoming years. Tech giants are investing in the development of the technology as it is still at a nascent stage. The speech recognition market is likely to gain a quick mileage over the next few years. Also, the development of AI technology is poised to open new growth channels for the speech recognition market. The system is anticipated to find proliferating applications in end-user industries such as BFSI, automotive, ETC. The high rate of adoption of technologies in these industries is projected to influence the growth of the speech recognition market greatly.

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Segmentation

The global market for speech recognition has been segmented into technology, type, region, and verticals.

On the basis of type, the market has been segmented into speaker dependent and speaker independent.

Based on technology, it is segmented into artificial intelligence based and non-artificial intelligence. Among these, artificial intelligence is expected to gain momentum as the system transforms speech into well-structured algorithms by undergoing certain stages such as formulation, representation of speech units, development of recognition algorithms, and demonstration of correct inputs. Besides, the non-artificial market accounted for the majority of overall share and is predicted to lose its market soon by the end of the review period.

The market has been further segmented into military, automotive, finance, government, media & entertainment, healthcare, and others on the basis of verticals where healthcare is expected to showcase the largest Speech Recognition Market Analysis share.

Regional Analysis:

The geographic study of the global speech recognition market is included in this MRFR report, which covers four major regions – Asia Pacific, Europe, North America, and the Rest of the World (RoW). These regions are assessed on a country-level basis. North America is leading the global speech recognition market. Increasing adoption of security applications in digital and internet-connected devices is anticipated to drive the growth of the regional market. Europe is also poised to earn considerable revenues in the foreseeable future. The developments in the automotive industry in the region is expected to accelerate revenue creation. Asia Pacific, owing to the presence of fast-developing economies, is prognosticated to boost market growth in the forthcoming years. It is anticipated to expand at the highest growth rate over the review period.

Competition Analysis

Some of the prominent players operating the global market for speech recognition are Nuance Communications Inc. (U.S.), VoiceBox Technologies Corp. (U.S.), Microsoft Corporation (U.S.), VoiceVault (U.S.), Agnitio SL (Spain), and others. Microsoft has called on the government to set up and control facial recognition technology.

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