Global US $ 28.3 Bn Speech and Voice Recognition Market Outlook to 2026
The global Speech and Voice Recognition Market Size is expected to rise with an impressive CAGR and generate the highest revenue by 2029. Fortune Business Insights™ in its latest report published this information. The report is titled "Speech and Voice Recognition Market Size, Share and Trends Forecast". The report discusses research objectives, research scope, methodology, timeline and challenges during the entire forecast period [2022 - 2029].
- Fortune Business Insights says that the market value stood at US $ 6.9 Billion in 2018
- By 2026, the Speech and Voice Recognition Market size is expected to reach US $ 28.3 Billion
- The market is expected to grow at a CAGR of 19.8% in the forecast period (2019-2026).
- The growth rate of the Global Speech and Voice Recognition Market is 19.8%, with an estimated value of US $ 28.3 Billion million by 2026.
Driving Factor:
Voice Controlled Devices to find Application in Various Sectors
Various factors are responsible for the growth of the global speech and voice recognition market. Speech and voice recognition helps to recognize phrases or words and converts them to a machine-readable format. Users can control devices with the help of speech and voice as the audio and text received by such devices automatically gets converted into a machine-friendly format, making it easier for humans to operate devices without having to indulge time and effort by operating other devices such as a mouse, keyboard, and others. This is a major factor promoting the growth of the global speech and voice recognition market and anticipated to continue doing the same during the forecast period.
Voice-controlled systems are increasingly used in smart cars, smart speakers, and other applications. Voice-controlled and speech-recognition systems are applicable in several industries such as the smartphone industry, assistance applications, embedded devices, dictation appliances, and others. As per the Adobe Analytics Survey, voice recognition used on smart speakers and smartphones today, are mostly used for searching music, fun questions followed by online search, maps and directions, weather forecast, news, and others. This indicates a remarkable speech and voice recognition market growth in the forecast duration.
However, the market may face rough waters in terms of lack of speech or voice accuracy and impaired speech. Such problems may not help the devices recognize command over voice or speech, and this may cause hindrance to the speech and voice recognition market revenue in the forecast duration.
Nevertheless, voice and speech recognition can be installed in other electronic devices such as mixers, and grinders, thermostats, refrigerators, and others in future and this is anticipated to create lucrative growth opportunities for the global market in the long run.
Major companies in Speech and Voice Recognition Market Report are:
- Baidu
- Amazon
- Advanced Voice Recognition Systems
- Apple Inc
- IBM
- Microsoft
- Brianasoft
- Voicebox Technologies Corporation
- Fulcrum Biometrics
- Neurotechnology
- M2SYS Technology
- Sensory Inc.
- VoiceBase
- Auraya
- VoiceTrust
- Nuance Communications
- Raytheon Company
Pre-Post COVID-19 Impact on Global Speech and Voice Recognition Market
COVID-19 is an infectious disease caused by the most recently discovered novel corona virus. Largely unknown before the outbreak began in Wuhan (China) in December 2019, COVID-19 has moved from a regional crisis to a global pandemic in just a matter of a few weeks.
In addition, production and supply chain delays were also witnessed during the second quarter which poised a challenge to the Speech and Voice Recognition Market, since end-user industries were still not operating at their full capacity.
Secondary Research:
This research study made extensive use of secondary sources, directories, and databases such as Hoover’s, Bloomberg BusinessWeek, Factiva, and OneSource to identify and collect information useful for a technical, market-oriented, and commercial study of the global Speech and Voice Recognition Market. Other secondary sources included company annual reports, press releases, and investor presentations, white papers, certified publications, articles by recognized authors, manufacturer associations, trade directories, and databases.
Primary Research:
Various sources from both the supply and demand sides were interviewed during the primary research process to obtain qualitative and quantitative information for this report. Primary sources included industry experts from the core and related industries, as well as preferred suppliers, manufacturers, distributors, technology developers, researchers, and organizations from all segments of the value chain of this industry. To obtain and verify critical qualitative and quantitative information, in-depth interviews were conducted with a variety of primary respondents, including key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants.
Estimation of Market Size
The total size of the Speech and Voice Recognition Market was estimated and validated using both top-down and bottom-up approaches. These methods were also widely used to estimate the size of various market sub segments. The following research methodologies were used to estimate market size:
Extensive secondary research was used to identify the industry’s key players.
The revenues generated by the market’s leading players in molecular diagnostics have been determined through primary and secondary research.
All percentage shares, splits, and breakdowns were calculated using secondary sources and confirmed using primary sources.
FAQ's:
1. How big is Speech and Voice Recognition Market?
The global speech and voice recognition market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 19.8% during the forecast period, to Reach USD 28.3 Billion by 2026, from USD 6.9 Billion in 2018
2. Who is the market leader in Speech and Voice Recognition?
Major Points in Table of Content:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Market Share Analysis and Matrix, 2020
- Key Market Insights and Strategic Recommendations
- Profiles of Key Players
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Annexure / Appendix
- Global Speech and Voice Recognition Market Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
TOC Continued...!
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