Speech Recognition Market Research Reports - Forecast till 2027

Speech Recognition Market, By Type (Speaker Dependent, Speaker Independent), Technology (AI Based, Non-AI Based), Verticals (Military, Automotive, Healthcare) - Forecast Till 2027

ID: MRFR/SEM/1283-HCR | February 2021 | Region: Global | 100 pages

Speech Recognition Market Overview:


The Speech Recognition Market is required to arrive USD ~16 billion by 2027 at a CAGR of ~16% during the forecast period. The improvement of the Speech Recognition market can be credited to the high development potential in medical services applications, developing interest for voice verification in a versatile financial application, etc. The fast expansion of multifunctional gadgets or intelligent speakers and the developing effect of A.I. on the precision of discourse and voice acknowledgment.


The striking elements influencing the Speech Recognition Market remember increment for speech recognition in auto, increment famous for biometric voice frameworks for client confirmation, and high development potential in medical services application. Be that as it may, the absence of exactness in brutal conditions and high establishment cost hamper the market development. Besides, ascend in the reception of speech recognition system in the shopper verticals and rise of discourse acknowledgment in mechanical Technology offers huge market open doors in the following six years.


COVID 19 Analysis:


Toward the start of 2021, coronavirus illness started to spread around the planet. Many individuals were contaminated with COVID-19 sickness, and powerful nations worldwide have actualized foot disallowances and work stoppage orders. Except for the clinical supplies and life uphold items enterprises, most ventures have been significantly affected, & Speech and Voice Recognition market have additionally been extraordinarily affected. With the breakdown in world financial development, the Speech Recognition Industry has likewise endured a specific effect yet kept a moderately idealistic result. In the previous four years, the Speech Recognition Market Size kept up the average yearly development pace of 2015 to 2021.  


Market Dynamics:


Drivers


The Significant Drivers for Speech Recognition Market are developing interest for voice confirmation in portable financial applications, expanded interest for discourse-based biometric frameworks for multifaceted validation, and development in voice control-based brilliant assistive gadgets in purchaser and venture vertical.


Opportunities


The high development rate for the Speech Recognition Market in this locale is credited to the quickly creating economies, rising interest for undeniable level security frameworks, youthful populace combined with the rising cash flow, and expanding the accessibility of discourse and voice-empowered gadgets in this district.


Challenges


The current difficulties of the Speech Recognition Market Report brought about by two primary considerations – reach and boisterous conditions. This calls for considerably more exact frameworks that can handle the most aspiring ASR use-cases. Consider speech recognition, live meetings, at a crowded place, or gatherings with different individuals.


Restraints


The Speech Recognition Market Analysis has severe restraints of security, privacy, noise affectability, security, and being prominent in a typical climate


Cumulative Growth


The Worldwide Voice and Speech Recognition Market Trends are required to develop at a CAGR of 16% from 2019 to reach $16 billion by 2027, where the Asia Pacific Voice and Speech Acknowledgment Market is relied upon to develop the most noteworthy CAGR.


Value Chain Analysis


The Automatic Speech Recognition Market Overview's value chain analysis gives experiences on central participants, opportunity size, and productivity across various hubs of this market. The value chain of the Speech Recognition Market is different and continuously advancing. As per the speech recognition market report, this market's future seems promising with various opportunities in the enterprise, automotive, financial services, consumer, banking, insurance, healthcare, government, legal, education industries, retail, and military. 


Segmental Overview:


By Technology


In view of Technology, the market is segmented into Speech Recognition and Voice Recognition. The voice acknowledgment section has additionally been separated into recognizable speaker proof and speaker confirmation. In the interim, the discourse acknowledgment fragment has been sub-portioned into programmed discourse acknowledgment and text to discourse. Further, this innovation has been helping specialists and radiologists in keeping up records of patients.


By Delivery Methods


In view of Delivery Methods, the market is sectioned into Non-artificial intelligence-based and Artificial Intelligence Based. The AI-based innovation section will probably enroll a higher CAGR during the figure time frame, inferable from their capacity to perceive examples of discourse precisely. Artificial brainpower significantly changes over speech into all-around organized calculations by going through specific stages, including a portrayal of discourse units, plan, and improvement of acknowledgment calculations alongside a show of good sources of info.


By Regional Analysis


Based on the Regional Investigation, the Global Voice and Speech Recognition Market are fragmented into Europe, North America, the Asia Pacific, and Rest of the world. North America's market is relied upon to be the main income patron in the worldwide field all through the estimate skyline.


Regional Analysis:


North America's Market is required to be the leading income supporter in the worldwide field all through the assessment skyline. Developing reception of Speech Recognition Applications in cell phones and expanding the utilization of discourse and voice acknowledgment in mobile banking, buyer gadgets, and IoT gadgets will probably animate the development of the local market.


In Europe, voice recognition advances are ready to observe expanded applications in the buyer gadgets and retail areas inferable from rising patterns of associated devices in auto and home robotization. Interest for discourse and voice acknowledgment market is filling in China, Japan, and Singapore, which is projected to prod the Asia Pacific market's development. Flooding entrance of voice-empowered gadgets in the auto and medical care businesses is likewise expected to support the market development.


Competitive Landscape:


The Speech Recognition Market is heading towards the divided market as market pioneers depend on item advancement and item improvement to acquire an edge. The quantity of nearby players is also expanding, which is making high competition on the lookout.


Major Market Players of Speech Recognition Market



  • Nuance Communications, Inc. (U.S.)

  • Microsoft Corporation (U.S.)

  • Agnitio SL (Spain)

  • VoiceVault (U.S.)

  • VoiceBox Technologies Corp. (U.S.)

  • Google Inc. (U.S.)

  • LumenVox LLC. (U.S)

  • Raytheon BBN Technologies (U.S.)

  • Advanced Voice Recognition Systems (U.S.)

  • Sensory, Inc. (U.S.)

  • ReadSpeaker Holding B.V. (Netherlands)

  • Iflytek Co., Ltd. (China)

  • Acapela Group SA (Belgium)

  • AT&T Inc. (U.S.)

  • Fluent.ai Inc. (Canada)


Nuance Communications (U.S.) centers around organizations, arrangements, and coordinated efforts to universally keep up its market presence. The organization has an enormous client base with sustainable contracts. Nuance Communications has put intensely innovative work to upgrade its item portfolio and construct an a-list arrangement of protected innovation, applications, advances, and structures through inside improvements and acquisitions.


Recent Developments:


In May 2018, Nuance Communications dispatched the general cloud-based discourse acknowledgment stage, Dragon Medical One. It brings the force of discourse straightforwardly to electronic wellbeing records (EHRs), helpfully catch a patient's finished story at the mark of care, and empowering doctors to rapidly.


IBM and Nuance have gone into a permitting and specialized administration's consent to upgrade and grow inventive discourse arrangements intended to all the more likely serve endeavors, buyers, transporters, and accomplices. Under this arrangement, Nuance consolidates IBM innovation into its discourse arrangements.


Microsoft joined forces with Toyota Motor Corporation (Japan) to empower voice acknowledgment innovation in the vehicles. Microsoft will admit its intellectual properties, including working frameworks, voice acknowledgment innovation, computerized reasoning, and signal control. 


Report Overview:


When contrasted with Speech Recognition, the Voice Acknowledgment Market is required to develop at a higher rate from 2018 to 2024, attributable to the developing utilization of Voice Recognition Marketing in multifaceted verification frameworks in BFSI, government, and guard verticals. In North America and Western Europe, an enormous number of banking clients use telephone banking offices. Large numbers of these monetary establishments receive voice-based confirmation answers for acknowledging or reject versatile exchanges by a client.


The Market Research Report includes an outline of the product and equipment for Voice Recognition and their business sectors. It also contains an assessment of the significance of emerging and traditional voice-empowered gadgets, as these media will advance and broaden Speech Recognition's compass.



Report Scope:
Report Attribute/Metric Details
  Market Size   USD ~16 billion
  CAGR   16%
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type, Technology, Verticals
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW
  Key Vendors   Nuance Communications, Inc. (U.S.), Microsoft Corporation (U.S.), Agnitio SL (Spain), VoiceVault (U.S.), VoiceBox Technologies Corp. (U.S.), Google Inc. (U.S.), LumenVox LLC. (U.S), Raytheon BBN Technologies (U.S.), Advanced Voice Recognition Systems (U.S.), Sensory, Inc. (U.S.), ReadSpeaker Holding B.V. (Netherlands), Iflytek Co., Ltd. (China), Acapela Group SA (Belgium), AT&T Inc. (U.S.), Fluent.ai Inc. (Canada)
  Key Market Opportunities

  • The quickly creating economies.
  • Rising interest for undeniable level security frameworks.
  • Expanding the accessibility of discourse and voice-empowered gadgets.
  •   Key Market Drivers

  • Developing interest for voice confirmation in portable financial applications.
  • Development in voice control-based brilliant assistive gadgets in purchaser and venture vertical.


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    Frequently Asked Questions (FAQ) :


    The incorporation of artificial intelligence in speech recognition is a key factor that will sway the market progress in the coming years.

    A USD 16 billion earning is foreseen to be gained by a 16% CAGR by the culmination of the forecast period.

    The companies that are participating in the progress of the speech recognition market are Nuance Communications, Inc. (U.S.), Agnitio SL (Spain), Microsoft Corporation (U.S.), VoiceBox Technologies Corp. (U.S), VoiceVault (U.S.) and Google Inc. (U.S.) to name a few.

    The North American region is expected to assume the lead in the growth of the speech recognition market during the forecast period.

    Voice Recognition is the capacity of an electronic gadget to comprehend verbally expressed words. A mouthpiece records an individual's voice, and the equipment changes the sign from simple sound waves over to computerized sound. The Sound Recognition Market information is then handled by programming, which deciphers the sound as individual words.

    Speech Recognition Technology is normally used to work a gadget, perform orders, or compose without utilizing a console, mouse, or press any catches. Today, this is done on a P.C. with ASR (programmed discourse acknowledgment) programming programs.

    With the assistance of innovation, clients can undoubtedly control gadgets and make reports by talking. The Speech Emotion Recognition permits records to be made quickly because the product creates words as fast as they are expressed, which is typically quicker than an individual can type.

    Speech Recognition Software is an option in contrast to composing on a console. Set forth plainly, you converse with the P.C., and your words show up on the screen. The product has been created to give a quick strategy for composing on a P.C. and assist individuals with an assortment of inabilities.

    Google's Voice Recognition programming is the business chief. Google Speech-to-Text perceives 120 dialects so you can interpret sound from call focuses, decipher, uphold worldwide clients, and execute orders. It even uses its own "mind" to analyze pre-recorded sound.