What is Voice Recognition System?
Voice recognition system refers to a machine's or program's capacity to receive, decipher, and act upon spoken commands. The popularity and use of voice recognition have increased along with AI and intelligent assistants like Amazon's Alexa, Apple's Siri, and Microsoft's Cortana. Voice recognition technology enables hands-free requests, reminders, and other basic tasks so that users can interact with technology simply by speaking to it. Computer voice recognition programs need to convert analog audio into digital signals, a process known as analog-to-digital conversion. A computer needs a digital vocabulary or database of words or syllables, as well as a quick way to compare this information to signals, to decode signals. When the program is run, the speech patterns are loaded into memory from storage on the hard drive. Pattern recognition is the process of comparing these saved patterns to the A/D converter's output using a comparator.
|Unit||Value (USD Million)|
|Key Companies Profiled||Nuance (United States), Google LLC (United States), Microsoft (United States), Amazon.com, Inc. (United States), Apple (United States), Sensory, Inc. (United States), Voicebox (United States), Inago (Canada), LumenVox LLC (United States) and Vocalzoom (Israel)|
The study covers a detailed analysis segmented by key business segments i.e. by type (BEV, ICE and Others) , by application (Control a Smart Home, Instruct a Smart Speaker, Command Phones and Tablets) and major geographies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Voice Recognition System market throughout the predicted period.
The competition is expected to become even more intense in the years to come due to the entry of several new players in the market. To help clients improve their revenue shares in the market, this research study provides an in-depth analysis of the markets competitive landscape and offers information on the products offered by various leading companies. Additionally, this Voice Recognition System market report suggests strategies that Players can follow and highlights key areas they should focus on, in order to take maximum benefits of growth opportunities.
The report offers several leading Players, some of them are Nuance (United States), Google LLC (United States), Microsoft (United States), Amazon.com, Inc. (United States), Apple (United States), Sensory, Inc. (United States), Voicebox (United States), Inago (Canada), LumenVox LLC (United States) and Vocalzoom (Israel).
On 15th April 2021, Microsoft revealed that it will pay approximately USD16 billion to acquire Boston-based Nuance, a speech recognition, and AI company. It represents the business's biggest acquisition since LinkedIn and a significant wager on speech recognition technology.
Businesses operating in Illinois should be aware of BIPA regulations. Consider features like "Informed consent before collection," "Profiting from biometric information," and "Limited right of disclosure of biometric information" when it comes to voice recognition. More than thirty US states have data obliteration and disposal laws. Many of these laws require businesses to take reasonable measures to securely dispose of any records containing personal information. Similar to other laws, the definition of personal information frequently encompasses biometric data like voiceprints.
The voice recognition system market is becoming more fragmented as market leaders rely on new product development and innovation to gain an advantage. Additionally, growing locally is the number of competitors, which intensifies competition in the market. Important players include Microsoft Corporation, Apple Inc., Alphabet Inc., Auraya Systems Pty Ltd., Nuance Communications Inc., etc.
Using Advanced System for Making Attractive Content and Adaptability of New Technologies to Drive the Deployment
Market Growth Drivers:
Increasing Demand of Technological Solution for Voice Recognition System and Increasing Demand for Voice Recognition System and Shopping Systems
Accuracy and Misinterpretation Related Risk Associated with Voice Recognition System Market and Lack of Skilled Professionals
Network Security Issues and Huge Cost of Initial Deployment & Replacement
Surging Business Opportunities for Voice Search in Local Businesses and Rising Gaming Industry will boost the Voice Recognition System Technologies Market
Key highlights of the Global Voice Recognition System market Study:
CAGR of the market during the forecast period 2021-2027
In-depth information on growth factors that will accelerate the Voice Recognition System market in next few years.
Detailed Insights on futuristic trends and changing consumer behavior
Forecast of the Global Voice Recognition System market size and its contribution to the parent market by type, application and by country.
A broad view of customer demand
Uncover markets competitive landscape and in-depth information on various Players
Comprehensive information about factors that will challenge the growth of Voice Recognition System Players
Transformation and Important Triggers:
Business transformation has taken hold across the broad corporate landscape due to the confluence of several important triggers, including:
A tipping point in globalization
A major slowdown in Western economies
Significant shifts in technology and cost structure
The challenges of regulatory compliance
New forms of competition developing
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Voice Recognition System market.
In order to reach an exhaustive list of functional and relevant players, various industry classification standards are closely followed such as NAICS, ICB, and SIC to penetrate deep into important geographies by players, and a thorough validation test is conducted to reach the most relevant players for survey in Voice Recognition System market.
In order to make a priority list sorting is done based on revenue generated based on the latest reporting, using 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 New Entrants/Investors, Analysts and Strategic Business Planners, Voice Recognition System Manufacturer, Voice Recognition System Suppliers & Distributors, Research Organization, Government Bodies, End-Users and Others.
This helps us to gather the data for the 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 include Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, Annual reports, press releases, etc.