Global Speech and Voice Recognition Market accounted for USD 6.1 billion in 2016 growing at a CAGR of 20.1% during the forecast period of 2017 to 2024. The upcoming market report contains data for historic year 2014, 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.
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Some of the major players operating in this market are
- Nuance Communications, Inc.
- Microsoft Corporation
- Alphabet Inc.
- Cantab Research Limited
- Sensory, Inc.
- ReadSpeaker Holding B.V.
- Pareteum Corporation
- Iflytek Co., Ltd. (China)
- VoiceVault Inc.
- VoiceBox Technologies Corp.
- LumenVox, LLC
- Acapela Group SA
- Vocalzoom Ltd
- Biotrust ID B.V.
- Uniphore Software Solutions Pvt. Ltd.
Major market drivers: Global Speech and Voice Recognition Market
- Increasing adoption of mobile banking by e-commerce retailers & banks
- Increased Demand for Speech-Based Biometric Systems for Multifactor Authentication
- Growing Impact of Artificial Intelligence (AI) on the Accuracy of Speech and Voice Recognition
- Growth in Voice Control-Based Smart Assistive Devices in Consumer and Enterprise Vertical
The global speech and voice recognition market is segmented on the basis of delivery method, technology, end-user and geography.
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On the basis of delivery method the market is segmented into artificial intelligence (AI) based, and non-artificial intelligence based.
On the basis of technology the market is segmented into voice recognition, and speech recognition. The voice recognition segment is further sub-segmented into speaker identification, and speaker verification. The speech recognition segment is further sub-segmented into automatic speech recognition, and text to speech.
Based on end-user the market is segmented into automotive, enterprise, consumer, banking, financial services, & insurance, government, retail, healthcare, military, legal, education.
On the basis of geography, global speech and voice recognition market report covers data points for 28 countries across multiple geographies such as North America, South America, Europe, Asia-Pacific, and Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa, and Brazil among others. In 2017, North America is expected to dominate the market.
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