Speech Recognition Market
The global speech recognition market can exhibit 16% growth rate over the forecast period. Speech recognition is a technology with high potential in various applications. Integration with AI to improve its accuracy and reduce errors while deciphering commands can drive its market demand. MRFR’s report on the speech recognition market focuses on rapid changes in technologies and latest evolutions. It offers drivers, opportunities, and restraints for the forecast period (2020-2027). The COVID-19 pandemic and its implications are explored in depth in the market.
COVID-19 Impact Analysis
The speech recognition market has been highly affected by the COVID-19 pandemic owing to facilities being shut down and research to be undertaken from confines of homes. But the crumbling facades of the healthcare system worldwide has led to developers creating programs for detecting COVID-19 through a person’s voice. This is aided by advances in speech recognition technology. Decline of mental and emotional health are also playing a major role in development strides of the technology with various developers offering advice through AI to reduce stress levels.
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Segmentation Analysis
AI Powered Speech Recognition Software to Register Huge Growth
The speech recognition software fueled by artificial intelligence can assist users in searching or resolving queries rapidly. Translation of speech to text by understanding various dialects can drive segment growth.
Automotive to Lead in Speech Recognition Market
The automotive sector can lead in demand for speech recognition owing to integrated controls for relieving passengers of boredom or accessing head-up displays to prevent distractions during navigation. Rise of in-car connected services in ride hailing services can bode well for the global speech recognition market.
Market Scope
The global speech recognition market is set to exhibit a stellar growth owing to inclination towards smart devices. Penetration of high-speed internet and awareness about automation can drive market demand. Rise of remote working can induce the need for the technology and a centralized control screen for all applications. This is evident with the success of voice-enabled assistants such as Alexa, Siri, and Google Assistant.
But the market growth is restrained by loud environments, extreme climates, and low security standards.
Regional Analysis
North America to Lead in Market Share by 2027
North America is set to lead in market demand by the end of the forecast period due to adoption of smartphones by customers and use of voice authorization for accessing devices. Huge demand for voice-enabled and voice-activated systems from banking and automotive sectors can drive regional demand. Integration of voice recognition techniques in consumer electronic devices can influence global market growth.
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Competitive Analysis
ATT Inc. (U.S.), ReadSpeaker Holding B.V. (Netherlands), Microsoft Corporation (U.S.), Nuance Communications, Inc. (U.S.), Acapela Group SA (Belgium), VoiceBox Technologies Corp. (U.S.), Agnitio SL (Spain), VoiceVault (U.S.), LumenVox LLC. (U.S), Iflytek Co., Ltd. (China), Advanced Voice Recognition Systems (U.S.), Raytheon BBN Technologies (U.S.), Google Inc. (U.S.), Fluent.ai Inc. (Canada), and Sensory, Inc. (U.S.) are key players in the global speech recognition market.
Industry News
LumenVox has launched the latest version of its speech recognition technology embedded with machine learning and artificial intelligence. It can detect accents and add various languages to improve its ability to provide interactive customer experiences.
