Global Speech and Voice Recognition Technologies Market Is Set For A Rapid Growth And Is Expected To Reach Around USD 22.32 Billion By 2024

21-Aug-2018 | Zion Market Research

Zion Market Research has published a new report titled “Speech and Voice Recognition Technologies Market by Technology (Speaker Identification, Speaker Verification, Speech Recognition, Automatic Speech Recognition, Text to Speech, and Others), by Application (Automotive, Consumer electronics, BFSI, Government, Retail, Healthcare, Military, Legal, Education, and Other Applications): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017-2024’’. According to the report, global speech and voice recognition technologies market was valued at around USD 6.19 billion in 2017 and is expected to reach approximately USD 22.32 billion in 2024, growing at a CAGR of slightly above 20.12% between 2018 and 2024.

Speech and voice recognition are bulging innovative technologies that basically works on identifying the words or phrases and later convert them to a machine-readable format by reducing human interference. With the speech and voice recognition technologies users can effectively manage their security dubiety, safety concerns, and privacy that are governed by regulations. Automatic speech and voice recognition along with text-to-speech software work all together in numerous voice-enabled applications.

Request Sample Request Customization Buy Now

Browse the full "Speech and Voice Recognition Technologies Market by Technology (Speaker Identification, Speaker Verification, Speech Recognition, Automatic Speech Recognition, Text to Speech, and Others), by Application (Automotive, Consumer electronics, BFSI, Government, Retail, Healthcare, Military, Legal, Education, and Other Applications): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017-2024" report at https://www.zionmarketresearch.com/report/speech-and-voice-recognition-technologies-market 

Global Speech and Voice Recognition Technologies Market

In 2015, the healthcare transcriptions segment attained substantial size in speech and voice recognition technologies market and accounted for the remarkable market share of greater than 30%. Major driving factors of the technologies are accelerating urge of speech-based biometric systems required for accurate authentication. Furthermore, the rising requirement of voice authentication in numerous e-banking applications contributes to the growth of the market. There is a remarkable impact of AI (Artificial Intelligence) technology in this market; the reason is many consumer electronic devices are operating on the principle of voice control technology. However, in critical environmental conditions, the technology lags to provide accurate results. Further, technological advancement on the basis of the neural network is hindering its implementation for online web-based services. However, diversified applications of the market in service robots among others are anticipated to create numerous opportunities. Speech and voice recognition solutions play a prime role in educating disabled students. Its software is implemented for numerous applications such as autonomous cars and multilingual language application. 

Speech and voice recognition technologies market are bifurcated on the basis of technology, application, and region. Technology wise segmentation is bifurcated into two categories namely speech recognition and voice recognition. Speech recognition is observed to hold remarkable market share due to its implementation in detecting speech patterns in artificial intelligence-based solutions. Numerous applications of these technologies are in consumer electronics, banking, financial services, & insurance, legal, government, retail, healthcare, automotive, military, education, and others. Among various application sectors of the market, consumer electronics holds significant share because of rising adoption of the technology in laptops, tablets, smartphones, and other connecting devices. Boosting demand for IoT (Internet of Things) based consumer electronics devices act as an add-on. Based on regional analysis it includes an overview of policies opted in each region of Europe, Asia Pacific, North America, Latin America, and MEA. Geographically, surging demand for biometric in the U.S. has led North America to be the significant shareholder of the speech and voice recognition technologies market. In the forecast period, Asia Pacific is anticipated to be the most growing region due to the rising consumer electronics sector.

The major players operating in the speech and voice recognition technologies market are VoiceBox Technologies Corp., Alphabet Inc., Acapela Group SA, Sensory, Inc., Read Speaker Holding B.V., Iflytek Co. Ltd., Nuance Communications Inc., VoiceVault Inc., Cantab Research Limited, Pareteum Corporation,  LumenVox, LLC, and  Microsoft Corporation.

The report segments speech and voice recognition technologies market as follows:

Global Speech and Voice Recognition Technologies Market: Technology Segment Analysis

  • Voice Recognition 
    • Speaker Identification
    • Speaker Verification
  • Speech Recognition 
    • Automatic Speech Recognition
    • Text to Speech

Global Speech and Voice Recognition Technologies Market: Application Segment Analysis

  • BFSI
  • Automotive 
  • Education 
  •  Consumer electronics
  •  Healthcare 
  • Government 
  • Retail
  • Military 
  • Legal
  • Others 

Global Speech and Voice Recognition Technologies Market: Regional Segment Analysis

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

About Us:
Zion Market Research is an obligated company. We create futuristic, cutting-edge, informative reports ranging from industry reports, the company reports to country reports. We provide our clients not only with market statistics unveiled by avowed private publishers and public organizations but also with vogue and newest industry reports along with pre-eminent and niche company profiles. Our database of market research reports comprises a wide variety of reports from cardinal industries. Our database is been updated constantly in order to fulfill our clients with prompt and direct online access to our database. Keeping in mind the client’s needs, we have included expert insights on global industries, products, and market trends in this database. Last but not the least, we make it our duty to ensure the success of clients connected to us—after all—if you do well, a little of the light shines on us.

Contact Us:
Zion Market Research
244 Fifth Avenue, Suite N202
New York, 10001, United States
Tel: +49-322 210 92714
USA/Canada Toll-Free No.1-855-465-4651
Email: sales@zionmarketresearch.com
Website: https://www.zionmarketresearch.com

Request Brochure
Latest Published Reports

View All Published Reports