Speech recognition software is designed using the latest technologies that enable the execution of commands that are spoken to it. It has gained much popularity owing to numerous benefits and many research and development activities are going on to increase the efficiency of the system. Market Research Future (MRFR) has presented an observation that unveils that the global speech recognition market is expected to register 16% CAGR over the review period 2017 to 2023. It also suggests that the valuation of the revenue earned by the market will reach USD 16 Bn by the close of the assessment period.
The market is enduring an exacting period with its robust growth coming to an abrupt halt in light of the COVID-19 pandemic. MRFR report on market highlights the future prediction and the growth alternatives that can be created.
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By type, the divisions of the speech recognition market are speaker dependent and speaker independent.
On the basis of technology, the bifurcation of the speech recognition market covers AI based and Non-AI based.
Based on vertical, the speech recognition market has been segmented into automotive, military, healthcare, media & entertainment, finance, government, and others.
The geographic study of the global Speech Recognition Market Covid 19 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.
Nuance Communications, Inc. (U.S.), Agnitio SL (Spain), Microsoft Corporation (U.S.), VoiceVault (U.S.), Google Inc. (U.S.), VoiceBox Technologies Corp. (U.S.), LumenVox LLC. (U.S), Advanced Voice Recognition Systems (U.S.), Raytheon BBN Technologies (U.S.), Sensory, Inc. (U.S.), Iflytek Co., Ltd. (China), Acapela Group SA (Belgium), ReadSpeaker Holding B.V. (Netherlands), AT&T Inc. (U.S.), and Fluent.ai Inc. (Canada) are few of the key players of the global speech recognition market.
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