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 Radiant Insights, 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.
Automobile sector is expected to gain momentum owing to advancements in technology and emergence of innovative concepts such as autonomous and connected cars. Integration of voice-activated software in future cars is anticipated to drive demand for technologies such as noise abatement for selectively ignoring driving and passenger noises for providing an error-free and seamless experience to the operator.
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Voice recognition is also a core technology widely used in healthcare sector to enhance the Electronic Health Record (EHR) systems by providing an ease to the doctor to speak and keep the records instead of manual typing or writing. In 2018, the healthcare vertical held the largest market share and is expected to grow significantly over the forecast period.
Artificial Intelligence (AI)-based voice and speech recognition software is expected to expand at a high CAGR owing to the continuous development of machine learning techniques and integration of connected devices with personal assistants. For instance, Dragon Drive is a personal assistant developed by Nuance Communication Inc. that integrates various household appliances, cars, and smartphones that can be connected to a hub through the internet. Thus, an individual can get alerts about daily chores, work schedules, traffic updates, and many more alerts through the Dragon Drive.
However, the lack of accuracy of these technologies in recognizing the regional accents and dialects is expected to limit the growth of the voice and speech recognition software market. Additionally, sentiment analysis using the changes in the pitch of the voice is anticipated to provide growth opportunity to the market in the forthcoming years.
Further key findings from the report suggest:
• Rising trend in development of artificial intelligence-based system is expected to be the key factor driving the market over the forecast period. Leveraging deep learning algorithm in voice and speech solutions for better search results is expected to be the key growth driver for AI-based technology segment
• Deployment of speech recognition solutions in consumer and retail verticals is anticipated to lead to the high market growth, attributed to the changing lifestyle in several countries including U.S., Germany, and U.K. Growing adoption of smart electronics in India, China, Japan, and Brazil is also likely to drive growth in consumer vertical
• North America led the market, in terms of revenue, representing over 36% of the total market share in 2018. Additionally, North America and Asia Pacific are anticipated to witness a considerable growth owing to the presence of several U.S.- and China-based players, such as Apple, Inc.; Facebook, Inc.; Baidu, Inc.; Amazon.com, Inc.; and Alphabet, Inc.; working toward the development of this technology
• Key companies operating in the 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 UK Limited; VoiceBox Technologies Corporation; and VoiceVault, Inc. These players focus on integrating the artificial intelligence technology, to build superior products that would increase their user customer base.
Browse Full Research Report with TOC @ https://www.radiantinsights.com/research/voice-and-speech-recognition-software-market
Table of Contents
Chapter 1 Methodology and Scope
1.1 Research Methodology
1.2 Research scope and assumptions
1.3 List of data sources
Chapter 2 Executive Summary
2.1 Voice and speech recognition software - Industry snapshot and key buying criteria, 2014 - 2025
2.2 Industry Trends
2.2.1 Functions
2.2.2 Technology
2.2.3 Verticals
2.2.4 Regions
Chapter 3 Voice and Speech Recognition Software Market: Industry Outlook
3.1 Market segmentation
3.2 Market Definition
3.2.1 Function
3.2.1.1 Voice Recognition
3.2.1.2 Speech Recognition
3.2.2 Technology
3.2.2.1 Artificial intelligence
3.2.2.2 Non-artificial intelligence
3.2.3 Verticals
3.2.3.1 Automotive
3.2.3.2 Banking Finance Services & Insurance (BFSI)
3.2.3.3 Consumer
3.2.3.4 Education
3.2.3.5 Enterprise
3.2.3.6 Government
3.2.3.7 Healthcare
3.2.3.8 Legal
3.2.3.9 Military
3.2.3.10 Retail
3.2.3.11 Other
3.2.4 Regions
3.3 Market size and growth prospects
3.4 Value Chain Analysis
Continued…
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About Radiant Insights
Radiant Insights is a platform for companies looking to meet their market research and business intelligence requirements. It assists and facilitate organizations and individuals procure market research reports, helping them in the decisions making process. The Organization has a comprehensive collection of reports, covering over 40 key industries and a host of micro markets. In addition to over extensive database of reports, experienced research coordinators also offer a host of ancillary services such as, research partnerships/ tie-ups and customized research solutions.
Media Contact:
Company Name: Radiant Insights, Inc
Contact Person: Michelle Thoras
Phone: (415) 349-0054
Toll Free: 1-888-928-9744
Address: 201 Spear Street 1100, Suite 3036,
City: San Francisco; State: California; Country: United States
Email: sales@radiantinsights.com
Website: https://www.radiantinsights.com/
Automobile sector is expected to gain momentum owing to advancements in technology and emergence of innovative concepts such as autonomous and connected cars. Integration of voice-activated software in future cars is anticipated to drive demand for technologies such as noise abatement for selectively ignoring driving and passenger noises for providing an error-free and seamless experience to the operator.
Download a Free Sample Report @ https://www.radiantinsights.com/research/voice-and-speech-recognition-software-market/request-sample
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| Voice And Speech Recognition Software Market |
Voice recognition is also a core technology widely used in healthcare sector to enhance the Electronic Health Record (EHR) systems by providing an ease to the doctor to speak and keep the records instead of manual typing or writing. In 2018, the healthcare vertical held the largest market share and is expected to grow significantly over the forecast period.
Artificial Intelligence (AI)-based voice and speech recognition software is expected to expand at a high CAGR owing to the continuous development of machine learning techniques and integration of connected devices with personal assistants. For instance, Dragon Drive is a personal assistant developed by Nuance Communication Inc. that integrates various household appliances, cars, and smartphones that can be connected to a hub through the internet. Thus, an individual can get alerts about daily chores, work schedules, traffic updates, and many more alerts through the Dragon Drive.
However, the lack of accuracy of these technologies in recognizing the regional accents and dialects is expected to limit the growth of the voice and speech recognition software market. Additionally, sentiment analysis using the changes in the pitch of the voice is anticipated to provide growth opportunity to the market in the forthcoming years.
Further key findings from the report suggest:
• Rising trend in development of artificial intelligence-based system is expected to be the key factor driving the market over the forecast period. Leveraging deep learning algorithm in voice and speech solutions for better search results is expected to be the key growth driver for AI-based technology segment
• Deployment of speech recognition solutions in consumer and retail verticals is anticipated to lead to the high market growth, attributed to the changing lifestyle in several countries including U.S., Germany, and U.K. Growing adoption of smart electronics in India, China, Japan, and Brazil is also likely to drive growth in consumer vertical
• North America led the market, in terms of revenue, representing over 36% of the total market share in 2018. Additionally, North America and Asia Pacific are anticipated to witness a considerable growth owing to the presence of several U.S.- and China-based players, such as Apple, Inc.; Facebook, Inc.; Baidu, Inc.; Amazon.com, Inc.; and Alphabet, Inc.; working toward the development of this technology
• Key companies operating in the 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 UK Limited; VoiceBox Technologies Corporation; and VoiceVault, Inc. These players focus on integrating the artificial intelligence technology, to build superior products that would increase their user customer base.
Browse Full Research Report with TOC @ https://www.radiantinsights.com/research/voice-and-speech-recognition-software-market
Table of Contents
Chapter 1 Methodology and Scope
1.1 Research Methodology
1.2 Research scope and assumptions
1.3 List of data sources
Chapter 2 Executive Summary
2.1 Voice and speech recognition software - Industry snapshot and key buying criteria, 2014 - 2025
2.2 Industry Trends
2.2.1 Functions
2.2.2 Technology
2.2.3 Verticals
2.2.4 Regions
Chapter 3 Voice and Speech Recognition Software Market: Industry Outlook
3.1 Market segmentation
3.2 Market Definition
3.2.1 Function
3.2.1.1 Voice Recognition
3.2.1.2 Speech Recognition
3.2.2 Technology
3.2.2.1 Artificial intelligence
3.2.2.2 Non-artificial intelligence
3.2.3 Verticals
3.2.3.1 Automotive
3.2.3.2 Banking Finance Services & Insurance (BFSI)
3.2.3.3 Consumer
3.2.3.4 Education
3.2.3.5 Enterprise
3.2.3.6 Government
3.2.3.7 Healthcare
3.2.3.8 Legal
3.2.3.9 Military
3.2.3.10 Retail
3.2.3.11 Other
3.2.4 Regions
3.3 Market size and growth prospects
3.4 Value Chain Analysis
Continued…
Read all Reports of this category @ https://www.radiantinsights.com/catalog/technology-and-media
About Radiant Insights
Radiant Insights is a platform for companies looking to meet their market research and business intelligence requirements. It assists and facilitate organizations and individuals procure market research reports, helping them in the decisions making process. The Organization has a comprehensive collection of reports, covering over 40 key industries and a host of micro markets. In addition to over extensive database of reports, experienced research coordinators also offer a host of ancillary services such as, research partnerships/ tie-ups and customized research solutions.
Media Contact:
Company Name: Radiant Insights, Inc
Contact Person: Michelle Thoras
Phone: (415) 349-0054
Toll Free: 1-888-928-9744
Address: 201 Spear Street 1100, Suite 3036,
City: San Francisco; State: California; Country: United States
Email: sales@radiantinsights.com
Website: https://www.radiantinsights.com/
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