Global Voice and Speech Recognition Market Status, Trends and COVID-19 Impact Report 2021, Covid 19 Outbreak Impact research report added by Report Ocean, is an in-depth analysis of market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends, and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider Voice and Speech Recognition market, and compares it with other markets., market definition, regional market opportunity, sales and revenue by region, manufacturing cost analysis, Industrial Chain, market effect factors analysis, Digital Evidence Management market size forecast, market data & Graphs and Statistics, Tables, Bar &Pie Charts, and many more for business intelligence. Get complete Report (Including Full TOC, 100+ Tables & Figures, and Chart). – In-depth Analysis Pre & Post COVID-19 Market Outbreak Impact Analysis & Situation by Region.
The global speech and voice recognition market size is expected to grow to USD 31.49 billion by 2026 according to a new report published by Report Ocean.
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The report “Voice and Speech Recognition Market Share, Size, Trends, Industry Analysis Report By Component (Hardware, Software, Services);
By Interface (AI-Based, Non-AI Based);
By End-User (Automotive, Healthcare, BFSI, Consumer, Retail, Government, Home security & Automation, Others);
By Regions, Segments & Forecast, 2019 – 2026″, provides step-by-step analysis into current market insights and detailed analysis of future market trends.
In 2018, the non AI-based voice and speech recognition segment dominated the global market in terms of revenue. North America is expected to be the leading contributor to global market revenue during forecast period. A currently moving demand for virtual assistants at homes and enterprises supports the growth of this market. A growing need for automation in customer service and integration of virtual assistants with smart home appliances (digital homes) drive the growth of market. A need to streamline enterprise communication to improve productivity further supports market growth. Other driving factors include increased use in automobiles, mobile banking applications and Electronic health record applications (EHR). The increasing use in biometric applications for user voice authentication would boost market growth during forecast period. A surging demand from emerging economies and technological advancements are factors expected to provide several growth opportunities in coming years.
An upward interest shone through in cars sector and expanding modernization of vehicles drove showcase development. The thought process being voice acknowledgements diminish mistakes enhancing market effectiveness. IT has been foreseen that half of ventures will be voice essays by 2020. An increasing number of data lapses such as security attacks give reasonable credence to voice recognition systems that are more reliable authentication methods. Growing number of security concerns drive market.
North America came up with highest revenue in the market in 2017 and is anticipated to lead market gains through the forecast period. Use of intelligent virtual assistants to replace traditional interactive response systems has boosted market growth in the region. Use of intelligent virtual assistants is proving effective by enhancing customer and brand experience providing a consumer-friendly environment. The presence of established telecom and cloud infrastructure in the region and growing trend of BYOD drive the market growth in the region. The demand for voice recognition systems has grown significantly in BFSI and healthcare sectors in the regions. Increased adoption of smart homes and smart buildings would provide opportunities for market during forecast period.
China is the world’s largest populace and is expected to have high adoption rates for these technologies. The number of mobile transactions has reportedly increased which makes it ideal for implementation of this software.
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Market players are introducing new products in the market to cater to a growing customer base and players are venturing into new markets to expand customer portal and make market presence strong.
The companies in the speech and voice recognition market includeGoogle, Inc., Baidu, Inc., Facebook, Inc., Amazon.com, Inc., Advanced Voice Recognition Systems, Inc., Apple, Inc., IBM Corporation, Microsoft Corporation, Briana soft, VoiceBox Technologies, Fulcrum Biometrics, Neurotechnology, M2SYS Biometrics, Sensory Inc., Voice Base, INc., Agnitio Corp., Auraya Systems, VoiceTrust and Nuance Communications.
Report Ocean has segmented the speech and voice recognition market into component, interface, end-user and region
Voice and Speech Recognition Component Outlook (Revenue USD Million, 2015 – 2026)
Hardware
Software
Services
Voice and Speech Recognition Interface Outlook (Revenue USD Million, 2015 – 2026)
AI-Based
Non-AI Based
Voice and Speech Recognition End-User Outlook (Revenue USD Million, 2015 – 2026)
Automotive
Healthcare
BFSI
Consumer
Retail
Commercial
Others
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Voice and Speech Recognition Regional Outlook (Revenue USD Million, 2015 – 2026)
North America
US
Canada
Europe
UK
Germany
France
Italy
Asia Pacific
India
China
Japan
Latin America
Mexico
Brazil
MEA
Key questions answered in the global Voice and Speech Recognition market report are:
- How does a global company acquire markets?
- What are its core strategies and policies?
- What factors will influence the Voice and Speech Recognition market over the forecast period?
- What are the factors driving and restraining the market for Voice and Speech Recognition?
- What are the leading competitors in the global market?
- Which region is growing at a higher pace in the global market?
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