Speech and Voice Recognition Technologies Market - Global Industry Analysis

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

Published Date: 21-Aug-2018 Category: Technology & Media Report Format : PDF Pages: 125 Report Code: ZMR-3287 Status : Published

Global speech and voice recognition technologies market 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.

Description

The report covers forecast and analysis for the speech and voice recognition technologies market on a global and regional level. The study provides historic data of 2015-2017 along with a forecast from 2018 to 2024 based on revenue (USD Billion). The study includes drivers and restraints for the speech and voice recognition technologies market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the speech and voice recognition technologies market on a global level.

This report offers comprehensive coverage of global speech and voice recognition technologies market along with, market trends, drivers, and restraints of the speech and voice recognition technologies market. This report included a detailed competitive scenario and the product portfolio of key vendors. To understand the competitive landscape in the market, an analysis of Porter’s Five Forces model for the speech and voice recognition technologies market has also been included. The study encompasses a market attractiveness analysis, wherein all segments are benchmarked based on their market size, growth rate, and general attractiveness. This report is prepared using data sourced from in-house databases, secondary and primary research team of industry experts.

Global Speech and Voice Recognition Technologies Market

The study provides a decisive view of the speech and voice recognition technologies market by segmenting the market based on technology, application, and regions. All the segments have been analyzed based on present and future trends and the market is estimated from 2018 to 2024. Application wise the market is divided into automotive, consumer electronics, BFSI, government, retail, healthcare, military, legal, education, and others.

The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. 
The competitive profiling of noticeable players of speech and voice recognition market includes company and financial overview, business strategies adopted by them, their recent developments and products offered by them which can help in assessing competition in the market. Noticeable players included in the report are Microsoft Corporation, Alphabet Inc., Acapela Group SA, Sensory, Inc., Read Speaker Holding B.V., Iflytek Co., Ltd., Nuance Communications, Inc., Cantab Research Limited, Pareteum Corporation, VoiceBox Technologies Corp., LumenVox, LLC, and VoiceVault Inc., among others.

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

Global Speech and Voice Recognition Technologies Market: Technology Type 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

Table Of Content

  • Chapter 1. Preface
    • 1.1. Report Description and Scope
    • 1.2. Research Scope
    • 1.3. Research Methodology
      • 1.3.1. Market Research Process
      • 1.3.2. Market Research Methodology
  •  
  • Chapter 2. Executive Summary
    • 2.1. Global Speech and Voice Recognition Technologies Market, 2015 - 2024, (USD Billion)
    • 2.2. Speech and Voice Recognition Technologies Market: Market Snapshot
  •  
  • Chapter 3. Global Speech and voice recognition technologies market - Industry Analysis
    • 3.1. Introduction
    • 3.2. Industrial Ecosystem Analysis
    • 3.3. Technology Landscape
    • 3.4. Market Drivers
      • 3.4.1. North America
      • 3.4.2. Rising demand for voice-based biometric
      • 3.4.3. Asia Pacific
      • 3.4.4. Boosting consumer electronics in emerging countries like India and China
      • 3.4.5. Europe
      • 3.4.6. Latin America
      • 3.4.7. Middle East & Africa
    • 3.5. Market Restraints
      • 3.5.1. Lack of accuracy in speech and voice recognition systems in noisy and harsh Working Environments
    • 3.6. Opportunities
      • 3.6.1. Development and growing acceptance of new technology
    • 3.7. Innovation and Sustainability
    • 3.8. Regulatory Landscape
      • 3.8.1. U.S.
      • 3.8.2. Europe
      • 3.8.3. China
    • 3.9. Porter's Five Forces Analysis
      • 3.9.1. Bargaining Power of Suppliers
      • 3.9.2. Bargaining Power of Buyers
      • 3.9.3. Threat From New Entrants
      • 3.9.4. Threat From New Substitutes
      • 3.9.5. Degree of Competition
    • 3.10. PESTLE Analysis
    • 3.11. Market Attractiveness Analysis
      • 3.11.1. Market Attractiveness Analysis, by Technology Segment
      • 3.11.2. Market Attractiveness Analysis, by Application Segment
      • 3.11.3. Market Attractiveness Analysis, by Regional Segment
  •  
  • Chapter 4. Global Speech and voice recognition technologies market - Competitive Landscape
    • 4.1. Company market share analysis, 2017
    • 4.2. Strategic Development
      • 4.2.1. Acquisitions and Mergers
      • 4.2.2. New Product Launch
      • 4.2.3. Agreements, Partnerships, Collaborations and Joint Ventures
      • 4.2.4. Research and Development, Product and Regional Expansion
  •  
  • Chapter 5. Global Speech and voice recognition technologies market-Technology Segment Analysis
    • 5.1. Global Speech and Voice Recognition Technologies Market Revenue Share, by Technology 2017 & 2024
    • 5.2. Global Speech and Voice Recognition Technologies Market for Voice Recognition, 2015-2024 (USD Billion)
    • 5.3. Global Speech and Voice Recognition Technologies Market for Speech Recognition, 2015-2024 (USD Billion)
  •  
  • Chapter 6. Global Speech and voice recognition technologies market-Application Segment Analysis
    • 6.1. Global Speech and Voice Recognition Technologies Market Revenue Share, by Application 2017 & 2024
    • 6.2. Global Speech and Voice Recognition Technologies Market for BFSI, 2015-2024 (USD Billion)
    • 6.3. Global Speech and Voice Recognition Technologies Market for Automotive, 2015-2024 (USD Billion)
    • 6.4. Global Speech and Voice Recognition Technologies Market for Education, 2015-2024 (USD Billion)
    • 6.5. Global Speech and Voice Recognition Technologies Market for Consumer electronics, 2015- 2024 (USD Billion)
    • 6.6. Global Speech and Voice Recognition Technologies Market for Healthcare, 2015- 2024 (USD Billion)
    • 6.7. Global Speech and Voice Recognition Technologies Market for Government, 2015- 2024 (USD Billion)
    • 6.8. Global Speech and Voice Recognition Technologies Market for Retail, 2015- 2024 (USD Billion)
    • 6.9. Global Speech and Voice Recognition Technologies Market for Military, 2015- 2024 (USD Billion)
    • 6.10. Global Speech and Voice Recognition Technologies Market for Legal, 2015- 2024 (USD Billion)
    • 6.11. Global Speech and Voice Recognition Technologies Market for others, 2015- 2024 (USD Billion)
  •  
  • Chapter 7. Global Speech and voice recognition technologies market- Regional Analysis
    • 7.1. Global Speech and Voice Recognition Technologies Market: Regional overview
      • 7.1.1. Global Speech and Voice Recognition Technologies Market Revenue Share, by Region, 2017 and 2024
    • 7.2. North America
      • 7.2.1. North America Speech and Voice Recognition Technologies Market Revenue, by Technology, 2015- 2024 (USD Billion)
      • 7.2.2. North America speech and Voice Recognition Technologies Market Revenue, by Application, 2015- 2024 (USD Billion)
      • 7.2.3. U.S.
        • 7.2.3.1. U.S. Speech and Voice Recognition Technologies Market Revenue, by Technology, 2015- 2024 (USD Billion)
        • 7.2.3.2. U.S. Speech and Voice Recognition Technologies Market Revenue, by Application, 2015- 2024 (USD Billion)
    • 7.3. Europe
      • 7.3.1. Europe Speech and Voice Recognition Technologies Market Revenue, by Technology, 2015- 2024 (USD Billion)
      • 7.3.2. Europe Speech and Voice Recognition Technologies Market Revenue, by Application, 2015- 2024 (USD Billion)
      • 7.3.3. U.K.
        • 7.3.3.1. U.K. Speech and Voice Recognition Technologies Market Revenue, by Technology, 2015- 2024 (USD Billion)
        • 7.3.3.2. U.K. Speech and Voice Recognition Technologies Market Revenue, by Application, 2015- 2024 (USD Billion)
      • 7.3.4. France
        • 7.3.4.1. France Speech and Voice Recognition Technologies Market Revenue, by Technology, 2015- 2024 (USD Billion)
        • 7.3.4.2. France Speech and Voice Recognition Technologies Market Revenue, by Application, 2015- 2024 (USD Billion)
      • 7.3.5. Germany
        • 7.3.5.1. Germany Speech and Voice Recognition Technologies Market Revenue, by Technology, 2015- 2024 (USD Billion)
        • 7.3.5.2. Germany Speech and Voice Recognition Technologies Market Revenue, by Application, 2015- 2024 (USD Billion)
    •  
    • 7.4. Asia Pacific
      • 7.4.1. Asia-Pacific Speech and Voice Recognition Technologies Market Revenue, by Technology, 2015- 2024 (USD Billion)
      • 7.4.2. Asia-Pacific Speech and Voice Recognition Technologies Market Revenue, by Application, 2015- 2024 (USD Billion)
      • 7.4.3. China
        • 7.4.3.1. China Speech and Voice Recognition Technologies Market Revenue, by Technology, 2015- 2024 (USD Billion)
        • 7.4.3.2. China Speech and Voice Recognition Technologies Market Revenue, by Application, 2015- 2024 (USD Billion)
      • 7.4.4. Japan
        • 7.4.4.1. Japan Speech and Voice Recognition Technologies Market Revenue, by Technology, 2015- 2024 (USD Billion)
        • 7.4.4.2. Japan Speech and Voice Recognition Technologies Market Revenue, by Application, 2015- 2024 (USD Billion)
      • 7.4.5. India
        • 7.4.5.1. India Speech and Voice Recognition Technologies Market Revenue, by Technology, 2015- 2024USD Billion)
        • 7.4.5.2. India Speech and Voice Recognition Technologies Market Revenue, by Application, 2015- 2024USD Billion)
    • 7.5. Latin America
      • 7.5.1. Latin America Speech and Voice Recognition Technologies Market Revenue, by Technology, 2015- 2024 (USD Billion)
      • 7.5.2. Latin America Speech and Voice Recognition Technologies Market Revenue, by Application, 2015- 2024 (USD Billion)
      • 7.5.3. Brazil
        • 7.5.3.1. Brazil Speech and Voice Recognition Technologies Market Revenue, by Technology, 2015- 2024 (USD Billion)
        • 7.5.3.2. Brazil Speech and Voice Recognition Technologies Market Revenue, by Application, 2015- 2024 (USD Billion)
    • 7.6. Middle East & Africa
      • 7.6.1. Middle East & Africa Speech and Voice Recognition Technologies Market Revenue, by Technology, 2015- 2024 (USD Billion)
      • 7.6.2. Middle East & Africa Speech and Voice Recognition Technologies Market Revenue, by Application, 2015- 2024 (USD Billion)
  •  
  • Chapter 8. Company Profiles
    • 8.1. Microsoft Corporation
      • 8.1.1. Overview
      • 8.1.2. Financials
      • 8.1.3. Product portfolio
      • 8.1.4. Business strategy
      • 8.1.5. Recent developments
    • 8.2. Alphabet Inc.
      • 8.2.1. Overview
      • 8.2.2. Financials
      • 8.2.3. Product portfolio
      • 8.2.4. Business strategy
      • 8.2.5. Recent developments
    • 8.3. Acapela Group SA
      • 8.3.1. Overview
      • 8.3.2. Financials
      • 8.3.3. Product portfolio
      • 8.3.4. Business strategy
      • 8.3.5. Recent developments
    • 8.4. Inc Iflytek Co.,
      • 8.4.1. Overview
      • 8.4.2. Financials
      • 8.4.3. Product portfolio
      • 8.4.4. Business strategy
      • 8.4.5. Recent developments
    • 8.5. Nuance Communications, Inc.
      • 8.5.1. Overview
      • 8.5.2. Financials
      • 8.5.3. Product portfolio
      • 8.5.4. Business strategy
      • 8.5.5. Recent development
    • 8.6. Read Speaker Holding B.V.
      • 8.6.1. Overview
      • 8.6.2. Financials
      • 8.6.3. Product portfolio
      • 8.6.4. Business strategy
      • 8.6.5. Recent developments
    • 8.7. Cantab Research Limited
      • 8.7.1. Overview
      • 8.7.2. Financials
      • 8.7.3. Product portfolio
      • 8.7.4. Business strategy
      • 8.7.5. Recent developments
    • 8.8. Pareteum Corporation
      • 8.8.1. Overview
      • 8.8.2. Financials
      • 8.8.3. Product portfolio
      • 8.8.4. Business strategy
      • 8.8.5. Recent developments
    • 8.9. VoiceBox Technologies Corp.,
      • 8.9.1. Overview
      • 8.9.2. Financials
      • 8.9.3. Product portfolio
      • 8.9.4. Business strategy
      • 8.9.5. Recent developments
    • 8.10. LumenVox
      • 8.10.1. Overview
      • 8.10.2. Financials
      • 8.10.3. Product portfolio
      • 8.10.4. Business strategy
      • 8.10.5. Recent developments

Table Of Figures

List of Figures 

1. Global Speech and Voice Recognition Technologies Market Segmentation by Application and Geography
2. Global Speech and Voice Recognition Technologies Market, 2015 - 2024 (USD Billion)
3. Porter’s five forces analysis: Speech and Voice Recognition Technologies Market 
4. Global Speech and Voice Recognition Technologies Market Attractiveness, by Technology
5. Global Speech and Voice Recognition Technologies Market Attractiveness, by Application 
6. Global Speech and Voice Recognition Technologies Market Attractiveness, by Region
7. Global Speech and Voice Recognition Technologies Market Revenue Share, by Technology 2017 & 2024
8. Global Speech and Voice Recognition Technologies Market for Voice Recognition, 2015-2024 (USD Billion)
9. Global Speech and Voice Recognition Technologies Market for Speech Recognition, 2015-2024 (USD Billion)
10. Global Speech and Voice Recognition Technologies Market Revenue Share, by Application 2017 & 2024
11. Global Speech and Voice Recognition Technologies Market for Automotive, 2015-2024 (USD Billion)
12. Global Speech and Voice Recognition Technologies Market for Consumer electronics, 2015-2024 (USD Billion)
13. Global Speech and Voice Recognition Technologies Market for BFSI, 2015-2024 (USD Billion)
14. Global Speech and Voice Recognition Technologies Market for Others,2015– 2024 (USD Billion)
15.  Global Speech and Voice Recognition Technologies Market Revenue Share, by Region, 2017 & 2024
16.  North America Speech and Voice Recognition Technologies Market, 2015 - 2024, (USD Billion)
17.  Europe Speech and Voice Recognition Technologies Market, 2015 - 2024, (USD Billion)
18. Asia Pacific Speech and Voice Recognition Technologies Market, 2017- 2024 (USD Billion)
19.   Latin America Speech and Voice Recognition Technologies Market, 2015-2024 (USD Billion)
20.  Middle East & Africa Speech and Voice Recognition Technologies Market, 2015 – 2024, (USD Billion)


Table Of Tables

List of Tables

1. Global Speech and Voice Recognition Technologies Market Snapshot
2. Drivers for Speech and Voice Recognition Technologies Market : Impact Analysis
3. Restraints of Speech and Voice Recognition Technologies market : Impact Analysis
4. North America Speech and Voice Recognition Technologies Market Revenue, by Technology, 2015– 2024 (USD Billion)
5. North America Speech and Voice Recognition Technologies Market Revenue, by Application, 2015– 2024 (USD Billion)
6. U.S. Speech and Voice Recognition Technologies Market Revenue, by Technology, 2015– 2024 (USD Billion)
7. U.S. Speech and Voice Recognition Technologies Market Revenue, by Application, 2015– 2024 (USD Billion)
8. Europe Speech and Voice Recognition Technologies Market Revenue, by Technology, 2015– 2024 (USD Billion)
9. Europe Speech and Voice Recognition Technologies Market Revenue, by Application, 2015– 2024 (USD Billion)
10. U.K. Speech and Voice Recognition Technologies Market Revenue, by Technology, 2015– 2024 (USD Billion)
11. U.K. Speech and Voice Recognition Technologies Market Revenue, by Application, 2015– 2024 (USD Billion)
12. France Speech and Voice Recognition Technologies Market Revenue, by Technology, 2015– 2024 (USD Billion)
13. France Speech and Voice Recognition Technologies Market Revenue, by Application, 2015– 2024 (USD Billion)
14. Germany Speech and Voice Recognition Technologies Market Revenue, by Technology, 2015– 2024 (USD Billion)
15. Germany Speech and Voice Recognition Technologies Market Revenue, by Application, 2015– 2024 (USD Billion)
16. Asia-Pacific Speech and Voice Recognition Technologies Market Revenue, by Technology, 2015– 2024 (USD Billion)
17. Asia-Pacific Speech and Voice Recognition Technologies Market Revenue, by Application, 2015– 2024 (USD Billion)
18. China Speech and Voice Recognition Technologies Market Revenue, by Technology, 2015– 2024 (USD Billion)
19. China Speech and Voice Recognition Technologies Market Revenue, by Application, 2015– 2024 (USD Billion)
20. Japan Speech and Voice Recognition Technologies Market Revenue, by Technology, 2015– 2024 (USD Billion)
21. Japan Speech and Voice Recognition Technologies Market Revenue, by Application, 2015– 2024 (USD Billion)
22. India Speech and Voice Recognition Technologies Market Revenue, by Technology, 2015– 2024 (USD Billion)
23. India Speech and Voice Recognition Technologies Market Revenue, by Application, 2015– 2024 (USD Billion)
24. Latin America Speech and Voice Recognition Technologies Market Revenue, by Technology, 2015– 2024 (USD Billion)
25. Latin America Speech and Voice Recognition Technologies Market Revenue, by Application, 2015– 2024 (USD Billion)
26. Brazil Speech and Voice Recognition Technologies Market Revenue, by Technology, 2015– 2024 (USD Billion)
27. Brazil Speech and Voice Recognition Technologies Market Revenue, by Application, 2015– 2024 (USD Billion)
28. Middle East & Africa Speech and Voice Recognition Technologies Market Revenue, by Technology, 2015– 2024 (USD Billion)
29. Middle East & Africa Speech and Voice Recognition Technologies Market Revenue, by Application, 2015– 2024 (USD Billion)

Methodology

Free Analysis

Speech and voice recognition is the process wherein a machine or an inbuilt program receives, interprets, as well as understands the dictation and carries out the spoken command by converting them to a machine-readable format. Speech and voice recognition both appear to be similar but there is a slight difference between them. In speech recognition, process words are recognized in the spoken language whereas voice recognition is used to identify person’s or speaker's voice. Automatic voice recognition, speech recognition, and text-to-speech software work all together in many voice-enabled applications including both consumer and commercial applications.

Global speech and voice recognition technologies market is highly competitive owing to the presence of a large number of providers. Since the market is expanding tremendously it will have an immensely positive effect on both the large and small scale vendors. The demand for biometrics is immensely increasing worldwide in numerous sectors due to rising awareness of security concerns. The biometric featured with voice assistance is currently attracting enormous consumers. Among all sectors, there is rapid growth observed in the adoption of voice-based biometric in banking. Today’s young generation not only avoids old pin code methods of banking but gives utmost preference to facial recognition, voice-based and fingerprint technology. Furthermore, raising awareness of security concerns have led to a rise in demand for multifactor authentication. This has led to a rise in demand for biometrics operating on the principle of speech and voice recognition.

Global Speech and Voice Recognition Technologies Market

However, there are instances were these systems commit errors due to unwanted recognition such as children screaming, dogs barking, or loud external conversations can restrain market growth. Numerous emerging end-user segment including consumer centers, automotive vehicles centers, telecommunications, enterprise contact, and mobile electronic devices are further enhancing the market demand globally. Further, it is predicted that many leading companies will enter into agreements with speech and voice recognition technologies in augmented reality and artificial intelligence.

Speech and voice recognition technologies market are segmented on the basis of technology, application, and region. Based on technology, the market is bifurcated under two section voice recognition and speech recognition. In the forecast period, voice recognition segment is observed to grow remarkably. The rising need for biometrics globally has resulted in an acceleration in demand for voice recognition integration technology. Voice recognition is further classified as speaker identification and speaker verification. Also, speech recognition is further classified as automatic speech recognition and text to speech. Application wise speech and voice recognition technologies market includes consumer electronics, healthcare, automotive, retail, enterprise, BFSI, government, military, legal, and education. Rising demand for automation in emerging countries like India and China has led to increased demand for consumer electronics application sector which anticipates being the significant shareholder of the market. 

Speech and voice recognition technologies market in the Asia Pacific is expected to grow at the highest rate during the forecast period. Geographically it includes the overview of policies opted in each region of Europe, Asia Pacific, North America, Latin America, and MEA. Presence of urging security awareness has led North America to be the largest market shareholder. The Asia Pacific is observed to grow tremendously in the upcoming years due to emerging demand of consumer electronics segment.

Key players operating in speech and voice recognition technologies market are   Microsoft Corporation, Alphabet Inc., Acapela Group SA, Sensory, Inc., Read Speaker Holding B.V., Iflytek Co., Ltd., Nuance Communications, Inc., Cantab Research Limited, Pareteum Corporation,  VoiceBox Technologies Corp., LumenVox, LLC, and  Voice Vault Inc. Numerous companies across all sectors are looking for a competitive edge that will distinguish them in a growing competitive business environment and are significantly opting for technically advanced biometric systems. 

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