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 introduction of voice assistants is one of the key drivers of the speech recognition market. It is extensively used in numerous applications ranging from smartphones to smart buildings. Increasing urbanization is supposed to boost the demand for these end-use applications over the next couple of years. This, in turn, is expected to lead the proliferation of the speech recognition market in the foreseeable future. It also makes technology more accessible to people with disabilities, thus, making technological developments more inclusive. It is anticipated to garner much popularity in the forthcoming years. These factors are anticipated to drive market growth during the forecast period.
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.
By type, the divisions of Speech Recognition Market Size 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.
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. These players are leveraging new technologies to expands their market shareholdings. In addition, investments in the expansion of global footprint is also expected to encourage healthy competition in the market place.
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