The global market for Voice and Speech Recognition Software is projected to reach US$19.6 billion by 2024, driven by technology developments in computational linguistics that help improve accuracy of automatic speech recognition systems and enhance versatility for use in consumer, industrial and enterprise applications. A key trend in the market is the rapid penetration of intelligent personal assistants on smartphones and the ensuing increase in commercial value of voice user interface (VUI) in smartphone design, architecture and manufacturing. Few of the factors responsible for pushing up smartphone voice command usage include unrivalled freedom and convenience offered by vocal commands for internet search, message dictation, device control and accessibility, configuring calendar, reminders and managing voice calls; and rise of mobile voice biometrics for mobile authentication and mobile banking to combat rising financial fraudulent against the backdrop of mind-bending rise in e-commerce growth. Other major factors also driving growth in the market include rise of voice-powered internet of things (IoT) and the ensuing focus on natural language interface solutions for IoT products; increasing integration of voice and speech recognition software in consumer electronics such as laptops and PCs, tablets, smart watches, gaming consoles and smart TVs for added convenience and security; emphasis on process cost reduction and increased investments in automated self-service platforms in call centers and the ensuing use of voice and speech recognition technology in IVR systems; and growing opportunity for in-car speech recognition systems against the backdrop of increasingly stringent road safety regulations. The United States and Europe represent large markets worldwide supported by the mainstream use of voice and speech recognition technology in enterprise call centers, telecommunication devices and in-car systems. Asia-Pacific ranks as the fastest growing market with a CAGR of 20.6% over the analysis period led by factors such as digitalizing lifestyles of the growing base of affluent middle class population and the ensuing growing investments in home automation and smart home technologies and equipment; rise of low cost Asian economies as outsourcing hubs for backoffice operations and the resulting proliferation of voice based IVR self-service applications in banking, telecom and other service sectors; growing interest in smart cars and intelligent automotive technologies; robustly growing healthcare industry and increasing use of speech recognition software to drive efficiencies and cost savings in clinical documentation.
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Company and Industry News & Stories
- Concord Hospital Expands Use of Nuance Dragon Medical One, a Speech Recognition Platform, Designed for Improving Clinical Documentation Quality, Efficiency & Job Satisfaction at Hospital
- Concentrix Takes Over Convergys in a Move to Become the Second Largest Global Provider of Customer Engagement Services
- Sensory Enhances AI in TrulyHandsfree™ in a Bid to Boost the Technology’s Industry-Leading Wake Word Performance & Accuracy by over 65%
- Nuance Partners with KT Corporation to Develop Dragon Drive-Powered Automotive Assistant Built Specifically for the Korean Market
- LumenVox Integrates Speaker Recognition Feature in SmilePass Identity Verification and Authentication Platform in a Move to Offer Strong Verification at Reasonable Prices
Outlook in Key Market Segments
- Through 2024, Speech Recognition Software will remain the largest market, followed by Voice Recognition Software.
- Voice Recognition Software is projected to witness the fastest growth driven by growing use of voice-based searches, voice-based authentication and voice-based conversational interfaces in smartphones and tablets.
Product Definition & Scope
- Speech technology is the ability to process human speech. Advancements in software for speech technology and advent of high-speed microprocessors are enabling easy accessibility to advanced technology in microphones, enabling widespread adoption of speech technology in myriad ways. Speech recognition/voice recognition is defined as a process that enables recognition and analysis of constituents of a spoken language, and facilitates conversion of inherent linguistic messages into an understandable form to allow a machine to act in response to user spoken commands.
Timeline for Analysis
- Market Estimates and Forecasts for 2016-2024
- Historic Review 2011-2015
Geographic Markets Analyzed
- US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (Australia, China, India, South Korea and Rest of Asia-Pacific), Latin America (Brazil and Rest of Latin America), and Rest of World
Market Segmentation & Classification
- Voice Recognition, and Speech Recognition.
- Acapela Group
- Apple, Inc.
- Convergys Corp.
- BioTrust ID B.V.
- Google, Inc.
- IBM Corporation
- LumenVox LLC
- Nuance Communications, Inc.
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