“Speech and voice recognition market is expected to grow at CAGR of 19.18% from 2018 to 2024.”
The speech and voice recognition market is expected to grow from USD 7.5 billion in 2018 to USD 21.5 billion by 2024, at a CAGR of 19.18%. The high growth potential in healthcare application, growing demand for voice authentication in mobile banking application, and rapid proliferation of multifunctional devices or smart speakers are a few major factors driving the growth of speech and voice recognition market. However, high cost of high-end voice recognition systems and lack of accuracy in speech and voice recognition systems in noisy and harsh environments is restraining the market growth.
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“On-premises/Embedded expected to grow at highest CAGR during the forecast period.”
The on-premise/embedded segment is expected to witness high growth owing to the recent advancement of speech and voice recognition as a multifactor authentication application in BFSI and other enterprise application, whereas on-premise voice recognition is used for high degree of consumer data security.
“Speech and Voice Recognition market in APAC is expected to grow at highest CAGR during forecast period.”
The large consumer electronics industry in China and India offers significant expansion opportunities for the speech recognition market in APAC during the forecast period. Moreover, the growing focus on productivity in developed countries of APAC such as Japan and Singapore is further expected to drive the speech and voice recognition market in the enterprise segment during the forecast period. Furthermore, rapid technological advancements and a high degree of R&D in the country are expected to create several opportunities for the players in the speech and voice recognition market in this country.
Breakdown of profile of primary participants:
- By Company Type: Tier 1 = 27%, Tier 2 = 41%, and Tier 3 = 32%
- By Designation: C-Level Executives = 26%, Directors = 40%, and Others = 34%
- By Region: North America = 47%, Europe = 28%, APAC = 19%, and RoW = 6%
Nuance (US), Microsoft (US), Alphabet (US), IBM (US), Amazon (US), Sensory (US), Cantab Research (UK), iflytek (China), Baidu (China), and Raytheon BBN Technologies (US) are a few key players in the speech and voice recognition market.
- The study covers the speech and voice recognition market. It aims at estimating the market size and growth potential of this market, across different segments, such as by technology, deployment type, vertical, and region.
- The study also includes an in-depth competitive analysis of key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
- The report will help leaders/new entrants in this market with information on the closest approximations of revenue numbers for the overall speech and voice recognition market and its subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
- The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.