According to the latest IMARC group report, entitled “Voice and Speech Recognition Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2021-2026‘, The size of the global voice and speech recognition market has reached a worth US $ 9.9 billion in 2020. Voice and speech recognition is an authentication technology that decodes the human voice. It helps to operate electronic devices and execute commands without using other input devices. It translates commands into electrical signals, converts them into coding patterns, and sends them back to the device in digital format for final execution. This technology is currently available in smartphones and other consumer electronics, due to advancements in processing capabilities and improvements in network connectivity. It is rapidly gaining traction around the world due to the increasing use of artificial intelligence (AI) and intelligent assistants (AI), such as Apple’s Siri, Microsoft’s Cortana, and Amazon’s Alexa.
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Voice and speech recognition market trends:
At present, the sales of consumer electronics such as smartphones, laptops and tablets are increasing due to rapid urbanization, changing lifestyles, increasing internet penetration and increased consumer spending on entertainment and mobile communications. This, in turn, is boosting the voice and speech recognition market across the world. Apart from this, due to the implementation of strict road regulations by the governments of many countries, the demand for voice-activated navigation systems is increasing which further contributes to the growth of the market. In addition, some of the major players are investing in research and development (R&D) activities to introduce innovative products. For example, Google LLC developed Google Duplex, a project that allows users to make phone reservations at restaurants, clinics, and other places. This project, with the help of Google Assistant, helps users conduct natural conversations during calls while booking. In addition to this, the application of voice and speech recognition is also growing in the banking industry due to data security concerns during online banking. For the future, the IMARC Group expects the market to develop at a 19.5% CAGR in 2021-2026.
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Competitive landscape with key players:
The report also analyzed the competitive landscape of the market with some of the major players being.
- Nuance Communication
- Google inc
- Baidu, Inc
- Facebook, Inc.
- Apple Inc.
- Amazon, Inc.
- Advanced voice recognition systems
- BioTrust ID BV
- Voicemail Technologies
Voice and speech recognition Market segmentation :
Our report has categorized the market based on region, technology, mode of deployment, delivery methods, and end use.
Market breakdown by technology:
- Speech Recognition
- Speech recognition
Market breakdown by deployment mode:
- On the Cloud
- On site / Integrated
Market breakdown by delivery method:
- Based on artificial intelligence (AI)
- Based on non-artificial intelligence
Market breakdown by end use:
- Banking, Financial Services and Insurance (BFSI)
- Health care
Market share region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia-Pacific (China, Japan, India, Australia, Indonesia, Korea, others)
- Latin America (Brazil, Mexico, others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, others)
Highlights of the report:
- Market performance (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market drivers and success factors
- SWOT analysis
- Value chain
- Complete mapping of the competitive landscape
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