Global Voice And Speech Recognition Software Market Overview:
Voice and speech recognition form a smaller part of biometric systems. Speech recognition refers to the process of converting spoken words into digitally modified and stored phrases using telephones and microphones. The speed at which it measures how well the software matches a human speaker and the accuracy with which it measures the number of mistakes made in converting spoken words into digitized data are the two parameters that determine the Assess the quality of a speech recognition system. The speech recognition system analyses the identity of the speaker behind a particular voice. It analyses the voice between different speakers by examining the behaviour patterns of different people, such as: Examines the subject's pitch, speaking style, accent, and others, and also examines the subject's mouth and throat shape and size.
- High Growth Potential in Healthcare Application
- Growing Demand for Voice Authentication in Mobile Banking Application
- Rapid Increase of Multifunctional Devices or Smart Speakers
- Growing Impact of AI on the Accuracy of Speech and Voice Recognition
- Large Scale Implementation of Biometric Systems Owing To Increasing Security Concerns
- Impaired Speech and Lack of Accuracy
- Leading To Error in Data Processing
- Adoption of Voice and Speech Recognition Techniques in Other Consumer Electronics Devices
- Investment in Research and Development for Automated Speech Recognition Software
- Lack of Efficient Training to Recognize Different Voices
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products, and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies.
Some of the key players profiled in the report are Microsoft Corporation (United States), Alphabet Inc. (United States), Nuance Communications (United States), Sensory Inc. (United States), Cantab Research (United Kingdom), Readspeaker Holding (Netherlands), Pareteum Corporation (United States), iFlytek (China), Voicevault (United States) and Voicebox Technologies (United States). Additionally, following companies can also be profiled that are part of our coverage like Lumenvox (United States) and Acapela Group (Belgium). Analyst at AMA Research see United States Players to retain maximum share of Global Voice And Speech Recognition Software market by 2026. Considering Market by Deployment Mode, the sub-segment i.e. On Cloud will boost the Voice And Speech Recognition Software market. Considering Market by Technology, the sub-segment i.e. Artificial Intelligence Based will boost the Voice And Speech Recognition Software market.
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The top-down and bottom-up approaches are used to estimate and validate the size of the Global Voice And Speech Recognition Software market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Voice And Speech Recognition Software market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Providers of Speech & Voice Recognition Software, Potential Technology Investors, Regulatory & Government Bodies, End Users, Downstream Vendors and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.