Speech Recognition Market Analysis
The global speech recognition market will touch USD 16 billion at a 16% CAGR in the forecast period 2017- 2023 as per the new Market Research Future (MRFR) analysis. Speech recognition, put simply, is a technology that is used in different devices like computers, cars, and smartphones that allows systems in identifying the sound of spoken words and converting them into machine readable form. This uses linguistic units for audio and speech signals.
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Various factors are fuelling the global speech recognition market size. According to the recent MRFR market estimates, such factors include the growing need for speech recognition in automotive, growing need for voice biometric systems for user authentication, high growth potential in healthcare application, growing adoption in consumer verticals, emergence of speech recognition in robotics, and technological advances in voice solutions and speech like voice biometric or voice dialling. The additional factors adding market growth include the increasing need for voice-driven navigation systems, growing need for IVA (intelligent virtual assistant) smart speakers with voice capabilities, and growth in personal robotics like robot companion, cleaning robots, and robotic pets.
On the contrary, high installation cost, impact of the COVID-19 pandemic, and lack of accuracy in harsh environments may limit the global speech recognition market growth over the forecast period.
Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global speech recognition market based on verticals, technology, and type.
By type, the global speech recognition market is segmented into speaker independent and speaker dependent.
By technology, the global speech recognition market is segmented into artificial intelligence based and non-artificial intelligence based. Of these, the artificial intelligence based segment will lead the market over the forecast period.
By verticals, the global speech recognition market is segmented into government, media and entertainment, healthcare, automotive, military, and others. Of these, the automotive segment will dominate the market over the forecast period.
Regional Analysis
By region, the global speech recognition market covers the growth opportunity and recent trends across Europe, the Asia Pacific (APAC), North America, and the Rest of the World (RoW). Of these, North America will remain the forerunner in the market over the forecast period. Increasing use of security application in internet-connected and digital devices, technological advances, ongoing research and development activities in autonomous vehicles, consumer electronics, and healthcare, increasing sale of smart wearables and luxury cars, growing adoption of voice-enabled applications in smartphones, and increasing use of voice recognition & speech recognition in consumer electronics, IoT devices, and mobile banking are adding to the global speech recognition market growth in the region.
In Europe, the speech recognition market is predicted to have second-largest share over the forecast period. Increased applications in the retail and consumer electronics sectors, and growing trend of connected devices in home automation and automotive are adding to the global speech recognition market growth in the region.
In the APAC region, the speech recognition market is predicted to grow at a fast pace over the forecast period. The growing demand for voice and speech recognition in Singapore, Japan, and China, surging penetration of voice-enabled devices in healthcare and automobile industries, retail, BFSI, education, and consumer electronics, increasing spending power, and economic growth, and technological evolution of several industries are adding to the global speech recognition market growth in the region. Besides, growing demand for high-level secured authentication devices, smart technologies, and connected cars, and increasing use of smart devices are also adding market growth. India, Japan, and China have the utmost market share.
In RoW, the speech recognition market is predicted to have sound growth over the forecast period.
Key Players
The notable players profiled in the global speech recognition market report include Fluent.ai Inc. (Canada), AT&T Inc. (U.S.), Acapela Group SA (Belgium), Iflytek Co., Ltd. (China), ReadSpeaker Holding B.V. (Netherlands), Sensory, Inc. (U.S.), Advanced Voice Recognition Systems (U.S.), Raytheon BBN Technologies (U.S.), LumenVox LLC.(U.S), Google Inc. (U.S.), VoiceBox Technologies Corp. (U.S.), VoiceVault (U.S.), Agnitio SL (Spain), Microsoft Corporation (U.S.), and Nuance Communications, Inc. (U.S.), among others.
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