New York, NY, Aug. 22, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “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’’. According to the report, global speech and voice recognition technologies market was valued at around USD 6.19 billion in 2017 and is 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. With the speech and voice recognition technologies users can effectively manage their security dubiety, safety concerns, and privacy that are governed by regulations. Automatic speech and voice recognition along with text-to-speech software work all together in numerous voice-enabled applications.
Browse through 29 Tables & 20 Figures spread over 125 Pages and in-depth TOC on “Global Speech and Voice Recognition Technologies Market Size, Share, Analysis and Forecast, 2017-2024”.
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In 2015, the healthcare transcriptions segment attained substantial size in speech and voice recognition technologies market and accounted for the remarkable market share of greater than 30%. Major driving factors of the technologies are accelerating urge of speech-based biometric systems required for accurate authentication. Furthermore, the rising requirement of voice authentication in numerous e-banking applications contributes to the growth of the market. There is a remarkable impact of AI (Artificial Intelligence) technology in this market; the reason is many consumer electronic devices are operating on the principle of voice control technology. However, in critical environmental conditions, the technology lags to provide accurate results. Further, technological advancement on the basis of the neural network is hindering its implementation for online web-based services. However, diversified applications of the market in service robots among others are anticipated to create numerous opportunities. Speech and voice recognition solutions play a prime role in educating disabled students. Its software is implemented for numerous applications such as autonomous cars and multilingual language application.
Speech and voice recognition technologies market are bifurcated on the basis of technology, application, and region. Technology wise segmentation is bifurcated into two categories namely speech recognition and voice recognition. Speech recognition is observed to hold remarkable market share due to its implementation in detecting speech patterns in artificial intelligence-based solutions. Numerous applications of these technologies are in consumer electronics, banking, financial services, & insurance, legal, government, retail, healthcare, automotive, military, education, and others. Among various application sectors of the market, consumer electronics holds significant share because of rising adoption of the technology in laptops, tablets, smartphones, and other connecting devices. Boosting demand for IoT (Internet of Things) based consumer electronics devices act as an add-on.
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Geographically, speech and voice recognition technologies market are segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa. In 2015, voice recognition technology was trending that led North America to attain a significant share. By the end of 2015, more than 250,005 consumers switched to voice-based biometrics in the U.S. Furthermore, accelerating demand for advanced security along with developed economy has led to account the substantial market share of North America. In terms of geography, the Americas dominated this market and envisaged to grow at a CAGR of over 16% in the forecast timeframe. Factors such as the increasing acceptance of speech recognition solutions in the healthcare and BFSI sectors for time and attendance monitoring and access to organizations PCs, networks, and servers will result in the accelerating growth of the market in America.
The market is anticipated to grow at a rapid pace in Asia Pacific during the forecast period. In emerging Asia Pacific countries such as China and India, lowering expenses and rising awareness of biometrics systems are significantly driving the regional market. The partnership of many renowned players such as Toyota with Microsoft has facilitated mutual access to voice and speech recognition further enhancing the market growth. Boosting demand for home automation in various Asian countries such as Japan, India, and China act as a significant add-on to the demand of the market.
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In Europe, there is rise in technology demand due to increasing adoption of speech recognition in the healthcare sector. Also in Germany, there are numerous opportunities observed due to greater dependence on AI technology (Artificial Intelligence) and cognitive technologies in the enterprise. Increasing investments in biometrics to enhance security application and technological advancement is driving the market in the region.
The major players operating in the speech and voice recognition technologies market are VoiceBox Technologies Corp., Alphabet Inc., Acapela Group SA, Sensory, Inc., Read Speaker Holding B.V., Iflytek Co. Ltd., Nuance Communications Inc., VoiceVault Inc., Cantab Research Limited, Pareteum Corporation, LumenVox, LLC, and Microsoft Corporation.
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The report segments speech and voice recognition technologies market as follows:
Global Speech and Voice Recognition Technologies Market: Technology Segment Analysis
Global Speech and Voice Recognition Technologies Market: Application Segment Analysis
Global Speech and Voice Recognition Technologies Market: Regional Segment Analysis
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