Portland, April 27, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global speech recognition market held $6.39 billion in 2018, and is projected to reach $29.28 billion by 2026, growing at a CAGR of 19.9% from 2019 to 2026. The report offers a detailed analysis of value chain, market dynamics, top winning strategies, key segments, business performance, and competitive landscape.

Surge in demand for speech recognition in automotive, rise in demand for voice biometric systems for user authentication, and high growth potential in healthcare drive the growth of the global speech recognition market. However, lack of accuracy in harsh environments hampers the market growth. On the contrary, rise in adoption of speech recognition in the consumer verticals and emergence of speech recognition in robotics are expected to open new opportunities for the market players in the future.

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The global speech recognition market was segmented on the basis of deployment mode, end user, and region. Based on deployment mode, the market is divided in on cloud and on premise. The on cloud segment is projected to register the highest CAGR of 24.0% during the forecast period. However, on premise segment held the largest share in 2018, accounting for more than half of the market.

On the basis of end user, the market is categorized into consumer electronics, healthcare, enterprise, and others. The healthcare segment dominated the market in 2018, contributing to more than one-fourth of the total revenue. In addition, the segment is expected to portray the highest CAGR of 21.9% during the forecast period.

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The global speech recognition market is analyzed across several regions such as North America, Asia-Pacific, Europe, and LAMEA. The market across North America held the largest share in 2018, accounting for nearly half of the market. However, the market across Asia-Pacific is expected to manifest the fastest CAGR of 21.4% during the study period.

The global speech recognition market report includes an in-depth analysis of the major market players such as Naunce Communication, Google Inc., Baidu, IBM, Microsoft, Amazon, BBN Technologies, Raytheon, Iflytek, Sensory, and Speak2web. These companies have adopted several strategies such as partnerships, collaborations, new product launches, and collaborations to maintain a foothold in the market.

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