Speech and Voice Recognition Market to Rise Exponentially at a CAGR of 19.8%, Cloud-based Segment to Emerge Dominant, Says Fortune Business Insights
PUNE, India, Sept. 12, 2019 /PRNewswire/ -- The advent of advance technologies in diverse industries such as healthcare, banking, medicine, and others is promoting the growth of the global speech and voice recognition market. According to a published report by Fortune Business Insights titled, "Speech and Voice Recognition Market:Global Market Analysis, Insights, and Forecast, 2018-2026," the global Speech and Voice Recognition Market was valued at US$ 6,892.9 Mn in 2018, is projected to rise at a CAGR of 19.8% and reach a value of US$ 28,335.3 Mn by the end of 2026. Based on deployment, the cloud-based segment will dominate the market in the future because it is an advanced tool for business. It also offers multiple functions such as multilingual technology for audio segmentation, speech recognition, speaker digitization for switching raw audio data and audio-visual data into desired format, along with language identification, and others.
Browse Complete Report Details with Table of Content and Figures:
Voice Controlled Devices to find Application in Various Sectors
Various factors are responsible for the growth of the global speech and voice recognition market. Speech and voice recognition helps to recognize phrases or words and converts them to a machine-readable format. Users can control devices with the help of speech and voice as the audio and text received by such devices automatically gets converted into a machine-friendly format, making it easier for humans to operate devices without having to indulge time and effort by operating other devices such as a mouse, keyboard, and others. This is a major factor promoting the growth of the global speech and voice recognition market and anticipated to continue doing the same during the forecast period.
Voice-controlled systems are increasingly used in smart cars, smart speakers, and other applications. Voice-controlled and speech-recognition systems are applicable in several industries such as the smartphone industry, assistance applications, embedded devices, dictation appliances, and others. As per the Adobe Analytics Survey, voice recognition used on smart speakers and smartphones today, are mostly used for searching music, fun questions followed by online search, maps and directions, weather forecast, news, and others. This indicates a remarkable speech and voice recognition market growth in the forecast duration.
However, the market may face rough waters in terms of lack of speech or voice accuracy and impaired speech. Such problems may not help the devices recognize command over voice or speech, and this may cause hindrance to the speech and voice recognition market revenue in the forecast duration.
Nevertheless, voice and speech recognition can be installed in other electronic devices such as mixers, and grinders, thermostats, refrigerators, and others in future and this is anticipated to create lucrative growth opportunities for the global market in the long run.
Sample PDF https://www.fortunebusinessinsights.com/enquiry/sample/speech-and-voice-recognition-market-101382
Leading Players Are Launching Personal Assistant Devices with Voice Recognition Technology to Gain Competitive Advantage
Several companies in the global speech and voice recognition market are focusing on different strategies to remain competitive in the market. These strategies include company collaborations, mergers and acquisitions, and most importantly, new product launches. For Instance, Nuance Communication Inc., company launched their assistance system namely Dragon Drive, that can integrate multiple devices such as cars, different household appliances, and others. This will provide real-time alerts and reminders to people about traffic updates, working schedules, daily chores, and others through Dragon Drive. Such innovations are likely to bode well for the global speech and voice recognition market in the foreseeable future.
Some of the players operating in the global speech and voice recognition market include Raytheon Company, VoiceTrust, VoiceBase, Inc., M2SYS Technology - KernellÓ Inc., Fulcrum Biometrics, LLC., Brianasoft, IBM, Advanced Voice Recognition Systems, Inc., Facebook, Google, Nuance Communication, Inc., Auraya, Sensory Inc., Neurotechnology, Voicebox Technologies Corporation, Microsoft, Apple Inc., Amazon.com, Inc., Baidu. Inc., and others.
Speak to Analyst https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/speech-and-voice-recognition-market-101382
Table of Content:
- Definition, By Segment
- Research Approach
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Global Speech and Voice Recognition Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Component (Value)
- By Technology (Value)
- Voice Recognition
- Speech Recognition
- By Deployment Type (Value)
- By End-User (Value)
- IT and Telecommunications
- Travel and Hospitality
- By Geography (Value)
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
Request for Customization: https://www.fortunebusinessinsights.com/enquiry/customization/speech-and-voice-recognition-market-101382
Browse Related Reports:
- Artificial Intelligence (AI) Market Size, Share and Global Trend by Component (Hardware, Software, Services), By Technology (Computer Vision, Machine Learning, Natural Language Processing, Others), By Industry Vertical (BFSI, Healthcare, Manufacturing, Retail, IT & Telecom, Government, Others) and Geography Forecast till 2026
- Endpoint Security Market Size, Share and Global Trend By Component (Software, Services), By Deployment (On-Premise, Cloud), By Enterprise Size (Large Enterprises, Small & Medium Enterprises), By End-Use Industry (BFSI, Telecom & IT, Retail, Healthcare, Government & Public Sector, Transportation, and Others) and Geography Forecast till 2026
- Internet of Things (IoT) Market Size, Share and Global Trend By Platform (Device Management, Application Management, Network Management), By Software & Services (Software Solution, Services), By End-Use Industry (BFSI, Retail, Governments, Healthcare, Others) And Geography Forecast Till 2026
- Identity And Access Management Market Size, Share and Global Trend By Component (Provisioning, Directory Services, Single Sign-On, Others), By Deployment Model (Cloud, On-Premises), By Enterprise Size (Large Enterprises, Small and Medium Enterprises), By Industry Vertical (BFSI, IT and Telecom, Retail and Consumer Packed Goods, Others) And Geography Forecast Till 2026
Fortune Business Insights offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
Fortune Business Insights Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune - 411045, Maharashtra, India.
View original content to download multimedia:http://www.prnewswire.com/news-releases/speech-and-voice-recognition-market-to-rise-exponentially-at-a-cagr-of-19-8-cloud-based-segment-to-emerge-dominant-says-fortune-business-insights-300916868.html
SOURCE Fortune Business Insights
Eintrag hinzufügen Eintrag bearbeiten
Börse aktuell - Live TickerUS-Handel endet auf rotem Terrain -- ATX geht mit Gewinnen aus dem Handel -- DAX schließt unter 13.000-Punkte-Marke -- Asiatische Märkte letztlich vorwiegend im Plus
Der heimische Markt legte am Dienstag zu. Auch der deutsche Leitindex notierte stärker. Am Dienstag zeigten sich die US-Märkte mit Verlusten. An den asiatischen Börsen wurden am Dienstag überwiegend Gewinne verbucht.