What is Speech and Voice Recognition Technology Market?
Voice recognition technology is a software program or hardware device that has the ability to decode the human voice. Sometimes referred to as voice-activated or speech recognition software, this technology has become more and more popular in recent years among everyday consumers. Increasing application of speech and voice recognition for day-to-day life. For instance, according to Google, 27% of the global population with access to the internet use voice search.
Highlights from Speech and Voice Recognition Technology Market Study
|Unit||Value (USD Million)|
|Key Companies Profiled||Nuance Communications, Inc. (United States), Amazon Web Services (United States), Microsoft Corporation (United States), Alphabet (Google LLC) (United States), Cantab Research Limited (United Kingdom), Sensory, Inc. (United States), Audio Analytic (United Kingdom), ReadSpeaker Holding B.V. (Netherlands), Pareteum Corporation (United States), Iflytek Co., Ltd. (China), VoiceVault Inc. (United States) and VoiceBox Technologies Corp. (United States)|
Due to the presence of a number of players are present, the market is fragmented. The key objective for the players is to launch more new technologies. These will improve their marketability. The businesses are also preparing strategic moves like alliances, mergers, and purchases that will help them survive in the market and preserve their competitive advantage. Nuance Communications, Inc. (United States), Amazon Web Services (United States), Microsoft Corporation (United States), Alphabet (Google LLC) (United States), Cantab Research Limited (United Kingdom), Sensory, Inc. (United States), Audio Analytic (United Kingdom), ReadSpeaker Holding B.V. (Netherlands), Pareteum Corporation (United States), Iflytek Co., Ltd. (China), VoiceVault Inc. (United States) and VoiceBox Technologies Corp. (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are LumenVox, LLC (United States), Acapela Group SA (Belgium) and BioTrust (Netherlands).
Speech and Voice Recognition Technology Market Segmentation:
|Application / End User||Automotive, Banking, Retail, Healthcare and Legal or Education|
|Type||Speaker Dependent Systems, Speaker Independent Systems, Discrete Speech Recognition, Continuous Speech Recognition and Natural Language|
On the basis of geography, the market of Speech and Voice Recognition Technology has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Advances in Automatic Speech and Voice Recognition Technology and Voice AI Technology is Gaining Traction in a Variety of Industries
Market Growth Drivers:
Growing Application of Speech and Voice Recognition Technology in E-Commerce Sector and Increasing Demand for Voice-Enabled Payments and Shopping Systems
Accuracy and Misinterpraration Related Risk Associated with Speech And Voice Recognition Technologies Market
Stringent Regulatory Compliances with the Speech And Voice Recognition Technologies Market
Surging Business Opportunities for Voice Search in Local Businesses and The rising Gaming Industry will Boost the Speech And Voice Recognition Technologies Market
Key Target Audience
Speech And Voice Recognition Technology Providers, Speech And Voice Recognition Technology Industry Associations, Research and Development Institutes, Potential Investors, Regulatory Bodies and Others
Market Leaders & Development Strategies
On 12th April 2021, Microsoft buys speech recognition company Nuance in a USD 16 billion deal. Nuance has a strong reputation for its voice recognition technology, and it has been considered an acquisition target for companies like Apple, Microsoft, and more for several years.
On 7th July 2021, Sensory Inc. announced the integration of its TrulyNatural embedded speech recognition software within the latest public beta release of Zoom Rooms for Android, iOS, MacOS, and Windows. Powered by Sensory, voice commands are now supported on all Zoom Rooms platforms.
"The volume of voice data within contact centers is vast. Transcribing voice data into text is the first step in understanding the content and context of a conversation. Contact centers can transform voice data into text to gain new and valuable insights to reduce the risk of regulation and compliance breaches. Businesses can improve process efficiency, streamline workflows, reduce customer churn, deliver better customer experiences and ultimately reduce costs and protect their brand."