North America Speech Recognition Market Overview:
Speech recognition technology is used in devices like smartphones, computers, and even automobile audio systems as built-in microphones, etc to capture the language or voice for providing certain action or translate it into the text. This is being used to replace the methods like typing, clicking or selecting in other ways. This technology is useful in voice search, commanding controlling and documentation. Smart assistants like Amazon Alexa and Google Home are in high demand. However, some cyber theft-related issues might hamper the global speech recognition market.
- Growing Lifestyle of People in the Developing Economies
- Increasing Demand for User-Friendly Features in Vehicles for Safety
- Increasing Consumer Acceptance for Speech Recognition System
- The growing use of Speech Recognition Technology for Authentication and Identification in Organisations
- Risk of Data Theft and Other Cyber Privacy Related Issues
- Privacy Related Regulations Associated with Speech Recognition Technology
- Continuous Research and Development in the Speech Recognition System
- Improving the Efficiency and Reliability of Speech Recognition Technology
- Problem with Speech Recognition Response Timing
- Problems with Acuracy or High Error Rates might Hinder the Market Growth
Some of the key players profiled in the report are Nuance (United States), Microsoft (United States), VoiceVault Inc. (United States), Voicebox Technologies (United States), FindBiometrics (United States), LumenVox (United States), Raytheon Company (United States), Sensory Inc. (United States) and Speech FX (United States). Analyst at AdvanceMarketAnalytics see United States Players to retain maximum share of North America Speech Recognition market by 2024. Considering Market by Technology, the sub-segment i.e. On-Cloud will boost the Speech Recognition market. Considering Market by Industry Verticals, the sub-segment i.e. Automotive Industry will boost the Speech Recognition market. Considering Market by Device, the sub-segment i.e. Smartphones will boost the Speech Recognition market.
On 18th April 2019, Sensory Inc. announced the full feature release of Truly Natural, the company's embedded large vocabulary speech recognition platform. This feature will help companies to move beyond the cloud for providing better exciting products capable of natural language interaction providing customers' privacy.
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The top-down and bottom-up approaches are used to estimate and validate the size of the North America Speech Recognition 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 Speech Recognition 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 Speech Recognition System Providers, Research and Development Institutes, Regulatory Bodies, Potential Investors, Industry Associations 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.