A new study title “Speech Recognition market size, status and forecast 2027” has been featured on market research future.
The Speech Recognition Market is required to arrive USD ~16 billion by 2023 at a CAGR of ~16% during the forecast period. The improvement of the Speech Recognition market can be credited to the high development potential in medical services applications, developing interest for voice verification in a versatile financial application, etc. The fast expansion of multifunctional gadgets or intelligent speakers and the developing effect of A.I. on the precision of discourse and voice acknowledgment.
The striking elements influencing the Speech Recognition Market remember increment for speech recognition in auto, increment famous for biometric voice frameworks for client confirmation, and high development potential in medical services application. Be that as it may, the absence of exactness in brutal conditions and high establishment cost hamper the market development. Besides, ascend in the reception of speech recognition system in the shopper verticals and rise of discourse acknowledgment in mechanical Technology offers huge market open doors in the following six years.
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Some of the prominent players operating the global market for speech recognition are Nuance Communications Inc. (U.S.), VoiceBox Technologies Corp. (U.S.), Microsoft Corporation (U.S.), VoiceVault (U.S.), Agnitio SL (Spain), and others. Microsoft has called on the government to set up and control facial recognition technology.
The global market for speech recognition has been segmented into technology, type, region, and verticals.
On the basis of type, the market has been segmented into speaker dependent and speaker independent.
Based on technology, it is segmented into artificial intelligence based and non-artificial intelligence. Among these, artificial intelligence is expected to gain momentum as the system transforms speech into well-structured algorithms by undergoing certain stages such as formulation, representation of speech units, development of recognition algorithms, and demonstration of correct inputs. Besides, the non-artificial market accounted for the majority of overall share and is predicted to lose its market soon by the end of the review period.
The market has been further segmented into military, automotive, finance, government, media & entertainment, healthcare, and others on the basis of verticals where healthcare is expected to showcase the largest market share.
The global market for speech recognition is spanned across regions such as Europe, North America, Asia Pacific, and Rest-of-the-World (RoW).
North America is one of the leading regions globally owing to the security application in inter-connected and digital devices which is expanding the market growth in this region. The market for speech recognition in Europe is expected to boom over the assessment period. Asia Pacific countries such as India, Japan, and China are a part of the emerging regions in speech recognition market and is expected to grow at the highest CAGR in the years to come due to the presence of a large number of key players.
The growth in customer care services in banks, travel, hospitality, and telecom contributes to the growth of the market to combat fraudulent activities in these sectors. Presence of consumer electronics device manufacturers like Sony and Samsung has created a lucrative market for speech recognition in the Asia Pacific region.
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