Dublin, April 26, 2019 (GLOBE NEWSWIRE) -- The "Voice and Speech Recognition Market Size, Share & Trends Analysis Report, By Function, By Technology (AI, Non-AI), By Vertical (Healthcare, BFSI, Automotive), And Segment Forecasts, 2018 - 2025" report has been added to ResearchAndMarkets.com's offering.
The global speech and voice recognition market size is estimated to reach USD 31.82 billion by 2025, exhibiting a CAGR of 17.2% during the forecast period.
Demand for voice activated systems, voice-enabled devices, and voice-enabled virtual assistant systems is slated to increase over the coming years owing to rising applications in the banking and automobile sectors. Soaring need to counter fraudulent activities and enhance security in the banking sector is accelerating the adoption of voice biometrics for the authentication of users.
The automobile sector is expected to gain momentum in the near future owing to advancements in technology and emergence of innovative concepts such as autonomous and connected cars. Increasing integration of voice-activated software in next generation cars is likely to stoke the growth of the market during the forecast period.
Voice recognition is also a core technology widely used in the healthcare sector to enhance the electronic health record systems by providing an ease to doctors to speak and keep records instead of manual typing or writing. In 2017, the healthcare sector held the largest share in the for voice and speech recognition software market. It is poised to register healthy growth over the forecast period.
AI-based voice and speech recognition software is projected to witness a high CAGR during the forecast period owing to continual 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., which 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 Dragon Drive.
However, lack of accuracy of these technologies in recognizing regional accents and dialects is anticipated to limit the growth of the market. Additionally, sentiment analysis using changes in the pitch of voice can provide growth opportunities to the voice and speech recognition software market.
Further key findings from the report suggest:
- Rising focus on development of artificial intelligence-based system is estimated to trigger the growth of the market during the forecast period.
- Deployment of speech recognition solutions in the consumer and retail verticals is likely to augment the overall market. Changing lifestyles in several countries including the U.S., Germany, and the U.K. are promoting the deployment of voice and speech recognition software
- Growing adoption of smart electronics in India, China, Japan, and Brazil is also poised to fuel the demand for voice and speech recognition software in the consumer vertical. Leveraging deep learning algorithm in voice and speech solutions for better search results is expected to work in favor of the market
- North America dominated the market in 2017, representing more than 35.0% of the overall revenue.
- Domicile of key players such as Apple, Inc.; Facebook, Inc.; Baidu, Inc.; Amazon, Inc.; and Alphabet, Inc. is escalating the growth of the market in the U.S. and China
- Key industry participants operating in the voice and speech recognition software market include Advanced Voice Recognition Systems, Inc.; Amazon, Inc.; Api.ai; Apple, Inc.; Baidu, Inc.; BioTrust ID B.V.; Facebook, Inc.; Google, Inc.; International Business Machines Corporation; M2SYSLLC; and Microsoft Corporation
- These players focus on integrating artificial intelligence with voice and speech recognition software to build superior products that will increase their user customer base.
Key Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
2.1 Voice and speech recognition software - Industry snapshot and key buying criteria, 2014 - 2025
2.2 Industry Trends
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
3.5 Market Dynamics
3.5.1 Market driver analysis
3.5.1.1 Increasing demand for voice biometric systems for user authentication
3.5.1.2 The growth of speech recognition in car voice and speech recognition systems
3.5.1.3 Ability to Streamline Workflow
3.5.1.4 Increasing use of voice and speech recognition system for Electronic Health Record (EHR) applications
3.5.1.5 Dictionary of interactive tutorials
3.5.2 Market restraint analysis
3.5.2.1 Lack of accuracy in voice and speech recognition systems
3.5.3 Market opportunities
3.5.3.1 Voice Control over Internet of Things (IoT) Devices
3.5.3.2 Enabling human-robot communication
3.6 Industry Analysis - Porter's
3.7 PEST Analysis
3.8 Technology Overview
3.8.1 Audio Mining (Speech analytics)
3.8.2 Automatic Speech Recognition
3.8.3 Cloud Computing
3.8.4 Far-Field Microphone
3.8.5 Interactive Voice Response
3.8.6 Noise Abatement
3.8.7 Speech Biometrics
3.8.8 Text-to-speech
3.8.9 Voice-Over-IP (VoIP)
3.8.10 Voice Activated Dialling
3.8.11 VoiceXML
3.8.12 Natural Language Processing
3.9 Voice and speech recognition technology - Home Security and Home Automation
3.9.1 Home Security and Home Automation- Hardware Solutions
3.9.1.1 Angee
3.9.1.2 Insteon Hub Pro
3.9.1.3 Ivee Sleek
3.9.1.4 TuxedoTouch
3.9.2 Home Security and Home Automation - Software
3.9.2.1 ADT Pulse Voice App
3.9.2.2 Vognition
3.9.2.3 CastleOS
3.9.2.4 VoicePod
3.9.3 Home Security and Home Automation - Complete Solution Providers
3.9.3.1 Apple's HomeKit
3.9.3.2 Homey
3.9.3.3 CastleHub
3.9.3.4 Ubi
Chapter 4 Voice and Speech Recognition Software Market: Function Outlook
4.1 Voice and speech recognition software market share by functions, 2017 & 2025
4.1.1 Voice Recognition
4.1.1.1 Global market estimates and forecasts, 2014 - 2025 (USD Million)
4.1.1.2 Speaker Identification
4.1.1.3 Speaker Verification
4.1.2 Speech Recognition
4.1.2.2 Automatic Speech Recognition
4.1.2.3 Text to Speech
Chapter 5 Voice and Speech Recognition Software Market: Technology Outlook
5.1 Voice and speech recognition software market share by technology, 2017 & 2025
5.1.1 Artificial intelligence
5.1.2 Non-artificial intelligence
Chapter 6 Voice and Speech Recognition Software Market: Vertical Outlook
6.1 Voice and speech recognition software market: Vertical Outlook
6.1.1 Automotive
6.1.2 Enterprise
6.1.3 Consumer
6.1.4 BFSI
6.1.5 Government
6.1.6 Retail
6.1.7 Healthcare
6.1.8 Military
6.1.9 Legal
6.1.10 Education
6.1.11 Others
Chapter 7 Voice and Speech Recognition Software Market: Regional Outlook
7.1 Voice and speech recognition software market share by region, 2017 & 2025
Companies Mentioned
- Advanced Voice Recognition Systems, Inc
- Agnitio S.L. (subsidiary of Nuance Communications Inc.)
- Amazon.com, Inc.
- Anhui USTC iFlytek Co., Ltd.
- Apple Inc.
- Baidu, Inc.
- BioTrust ID B.V.
- Google LLC
- International Business Machines Corporation
- M2Sys LLC
- LumenVox LLC
- Microsoft Corporation
- M*Modal, Inc.
- Nuance Communication, Inc.
- Raytheon Company
- Sensory Inc
- ValidSoft U.K. Limited (ElephantTalk Communications Corp.)
- VoiceBox Technologies Corporation
- VoiceVault Inc.
- Api.ai
- CastleOS Software, LLC
- Facebook, Inc.
- JStar
- Nortek Holdings, Inc
- SemVox GmbH
For more information about this report visit https://www.researchandmarkets.com/r/90timb
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