Voice And Speech Recognition Software Industry Overview
The global voice and speech recognition software market size is anticipated to reach USD 31.82 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to register a CAGR of 17.5% during the forecast period. The market is anticipated to witness an upsurge in the adoption of voice activated systems, voice-enabled devices, and voice-enabled virtual assistant systems owing to the rising application in the banking and automobile sectors. The escalating need to counter fraudulent activities and to enhance security in the banking sector is projected to boost the adoption of voice biometrics for user authentication.
Voice And Speech Recognition Software Market Segmentation
Grand View Research has segmented the global voice and speech recognition software market report based on function, technology, vertical, and region.
Based on the Function Insights, the market is segmented into Voice Recognition, Speech Recognition.
- The voice and speech recognition market has been bifurcated into voice and speech recognition. The voice recognition segment has further been segmented into speaker identification and speaker verification.
- While, speech recognition has been sub-segmented into automatic and text to speech. Further this technology has been assisting doctors and radiologists in maintaining records of patients.
- Integration of speech recognition with Virtual Reality (VR) is expected to drive the demand in the forthcoming years. For instance, in February 2017, Facebook enhanced its VR platform, Oculus rift, by adding speech recognition to the VR gear of the oculus rift.
Based on the Technology Insights, the market is segmented into AI-based, Non-AI based.
- Artificial Intelligence (AI)-based technology segment is expected to rise as the system recognizes the patterns of speech accurately. Artificial intelligence exceptionally converts speech into well-structured algorithms by undergoing certain stages, including the representation of speech units, formulation, and development of recognition algorithms along with the demonstration of correct inputs.
- Rising developments in machine learning and natural language processing are expected to drive growth during the forecast period. Rising number of AI-based digital assistants such as Alexa and Cortana are expected to drive the demand for voice and speech recognition software in the forthcoming years.
Based on the Vertical Insights, the market is segmented into Automotive, Enterprise, Consumer, BFSI, Government, Retail, Healthcare, Military, Legal, Education, Others.
- The automotive vertical holds a significant market share owing to rising application of voice-enabled technologies used in car infotainment systems. With the enhancement of automotive technologies such as connected devices would update the driver with traffic conditions on the route and would also update the driver with alternative routes.
- Voice and speech recognition technologies are expected to increasingly find application in consumer and retail verticals over the forecast period owing to the rising adoption of connected devices and growing penetration of personal assistants such as Google Home and Amazon Alexa in Europe and Asia Pacific.
Voice And Speech Recognition Software Regional Outlook
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
Major companies focus on increasing the recognition accuracy to gain a competitive edge in the market. Several companies have entered into strategic partnerships and mergers and acquisitions to strengthen their geoarticleshoodic presence and product portfolio.
Some prominent players in the global voice and speech recognition software market include
- Advanced Voice Recognition Systems, Inc.
- Agnitio S.L.
- Amazon.com, Inc.
- Api.ai
- Apple, Inc.
- Anhui USTC iFlytek o., Ltd.
- Baidu, Inc.
- BioTrust ID B.V.
- CastleOS Software, LLC
- Facebook, Inc.
- Google, Inc.
- International Business Machines Corporation
- JStar
- LumenVox LLC
- M2SYSLLC
- Microsoft Corporation
- MModal, Inc.
- Nortek Holdings, Inc.
- Nuance Communications, Inc.
- Raytheon Company
- SemVox GmbH
- Sensory, Inc.
- ValidSoft U.K. Limited
- VoiceBox Technologies Corporation
- VoiceVault, Inc.
Order a free sample PDF of the Voice And Speech Recognition Software Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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