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Speech and Voice Recognition Market by Technology, Vertical, Retail, Education, Healthcare & Government and Geography - Global Forecast to 2023

Speech and Voice Recognition Market: Global Forecast until 2023

  • August 2017
  • 167 pages
  • ID: 5061072
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"Speech and voice recognition market forecasted to grow at a CAGR (Compound annual growth rate) of ~19.8 percent between 2017 and 2023"

The speech and voice recognition market is anticipated to be valued at ~$6.2B in 2017 and is likely to reach ~$18.3B by 2023, at a compound annual growth rate (CAGR) of ~19.8 percent between 2017 and 2023. The increasing impact of artificial intelligence on the accuracy of speech and voice recognition and the raised demand for multifactor authentication are driving the market increase. Nevertheless, oligopoly in the development of speech and voice recognition technology using neural networks is a restraint for this sector.

"Speech recognition technology forecasted to hold biggest share of market during projection period"

The speech recognition technology is intended to hold the largest market share during the outlook period due to its increasing use in multiple applications due to the continuously decreasing word error rate of speech recognition algorithm with the developments in natural language processing and neural network technology. The speech recognition technology finds applications primarily across healthcare and consumer electronics markets to produce health data records and develop intelligent virtual assistant devices, respectively.

"Speech and voice recognition market for client vertical anticipated to grow at topmost cagr during forecast horizon"

The industry for the consumer vertical is anticipated to grow at the highest CAGR (Compound annual growth rate) during the estimate period. The main factor providing to this increase is the ability to integrate speech and voice recognition technologies into other consumer devices, including refrigerators, ovens, mixers, and thermostats, with the rise of Internet of Things.

"Speech and voice recognition market in Asia-Pac forecasted to grow at topmost cagr during projection period"

The speech and voice recognition market in Asia-Pacific is anticipated to grow at the highest compound annual growth rate (CAGR) during the outlook period. The main factor providing to the increase of the speech and voice recognition market in Asia-Pac is the growing awareness among masses and lowered costs of biometric devices. The whole Americas is forecasted to hold the biggest share of the market in 2017. This can be connected to the growth in the deployment of biometric systems to assure high level of security in countries including the US, Canada (CA), and Mexico (MX).

Following is the breakdown of primary participants' industry profiles by distinct parameters:

• By Company category: Tier 1 - 43.0 percent, Tier 2 - 19.0 percent, and Tier 3 - 38.0 percent

• By Description: C-suite executives - 39.0 percent, Directors - 27.0 percent, and Others - 34.0 percent

• By Area: Americas - 24.0 percent, EU - 20.0 percent, Asia-Pacific - 37.0 percent, and rest of the world - 19.0 percent

The top players operating in the sector contain Nuance Communications, Incorporated, Microsoft (NASDAQ:MSFT), Alphabet Inc., Cantab Research Limited, Sensory, Incorporated, ReadSpeaker Holding B.V., Pareteum Corporation, Iflytek Co., Limited, VoiceVault Inc., VoiceBox Technologies Corp., LumenVox, Limited liability company, and Acapela Group SA.

Segment Research

The study includes the following market segments: technology, vertical, and territory. The analysis affords a in-depth view of the market across 4 main regions-Americas, Europe (EU), Asia-Pac, and RoW (comprising the Middle East (ME) and African continent). The strategic benchmarking has also been included in the market research.

Why Purchasing This Study Can Help You:

• this business report includes statistics pertaining to the speech and voice recognition market by technology, vertical, and area.

• The report includes competitive leadership mapping of ~25 overall firms.

• It offers main drivers, market restraints, opportunities, and alternatives for the speech and voice recognition market.

• The report includes figures of segmentation, review, and estimate for the speech and voice recognition market established on its segments and sub-segments.

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