As per the latest report by IMARC Group, titled “Voice and Speech Recognition Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global voice and speech recognition market share reached a value of US$ 9.9 Billion in 2020. Voice and speech recognition is a technology used in various devices such as smartphones, cars, and computers to receive and interpret the human voice and carry out spoken commands. It determines the identity of the speaker behind the voice and converts the commands into electrical signals, which are then transformed into coding patterns and sent back to the device in a digital format for final execution. At present, there are numerous virtual assistants that rely on speech recognition technologies like Amazon Alexa, Google Assistant, Apple Siri, and Microsoft Cortana.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Voice and Speech Recognition Market Trends:
The market is primarily driven by the increasing sales of electronic devices, such as tablets, laptops and smartphones, with voice and speech recognition software capabilities. Besides this, various developers are introducing innovative products with upgraded speech and voice recognition software, representing another growth-inducing factor. For instance, Google has announced the launch of Google Duplex, which can conduct a natural conversation with users and help them book their reservations. Moreover, as governments of numerous countries have implemented stringent road safety regulations prohibiting the usage of mobile phones while driving to prevent road accidents, users are inclined toward the utilization of voice commands for carrying out different tasks on their mobile devices. This, along with changing lifestyles and rising internet penetration, is creating a positive market outlook across the globe. Looking forward, IMARC Group expects the market to grow at a CAGR of around 19.5% during the forecast period (2021-2026).
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- Nuance Communication
- Microsoft
- Google, Inc
- IBM
- Baidu, Inc
- Facebook, Inc.
- Apple, Inc.
- Amazon, Inc.
- Advanced Voice Recognition Systems
- M2SYSLLC
- Sensory
- BioTrust ID B.V.
- Voicebox Technologies
Voice and Speech Recognition Market Segmentation:
Our report has categorized the market based on region, technology, deployment mode, delivery methods and end-use.
Market Breakup by Technology:
- Voice Recognition
- Speech Recognition
Market Breakup by Deployment Mode:
- On Cloud
- On-Premises/Embedded
Market Breakup by Delivery Methods:
- Artificial Intelligence (AI) Based
- Non-Artificial Intelligence Based
Market Breakup by End-Use:
- Automotive
- Enterprise
- Consumer
- Banking, Financial Services, and Insurance (BFSI)
- Government
- Retail
- Healthcare
- Others
Market Breakup Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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