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.
Browse Details of Report @ 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, 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, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
No comments:
Post a Comment