Asia-Pacific Speech and Voice Recognition Market is expected to grow with the CAGR of 24.7% in the forecast period of 2020 to 2027. The years considered for study are as mentioned below.

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Asia-Pacific speech and voice recognition market is a highly consolidated market, which includes number of key players as well as local players. The speech and voice recognition market has witnessed increased strategic developments owing to favourable market scenario.

The major players dealing in Asia-Pacific speech and voice recognition market are introducing strong range of product portfolio. This helped companies to maximize the sales with enhanced product portfolio and business expansions. For instance, in March 2020, IBM Corporation upgraded its Watson AI platform which will be integrated with natural language processing capability to boost the feature of understanding business language that will be useful in analysing the English language text and conversations. The new upgradation will increase the market share of the company.

Nuance Communications, Inc. is the dominating player in Asia-Pacific speech and voice recognition market. The other key players existing in the speech and voice recognition market includes Microsoft, IBM Corporation, Amazon Web Services, Inc. (a subsidiary of Amazon.com, Inc.), Google (a subsidiary of Alphabet Inc.), Sensory Inc., iFLYTEK Corporation, Uniphore, HOYA Corporation, GoVivace Inc., FueTrek Co., Ltd., Lionbridge Technologies, Inc., NEC Corporation, Renesas Electronics Corporation and Advanced Media, Inc. among others.

Nuance Communications, Inc.:

Nuance Communications, Inc. is headquartered in Massachusetts, U.S. and was founded in 1992. The company is engaged in providing various solutions such as high accuracy in automated speech recognition ("ASR"), text-to-speech ("TTS"), biometric speaker authentication, dialog and information management and natural language understanding ("NLU") capabilities. The company operates in various business segments such as healthcare, enterprise, automotive, and other out of which healthcare and enterprise are the market focused segments. The company offers wide range of solutions under categories such as healthcare AI solutions & services, omni-channel customer engagement and dragon consumer & enterprise out of which healthcare AI solutions & services and dragon consumer & enterprise are the market focused categories.

For instance,

• In May 2020, Nuance Communications, Inc. announced partnership with National Australia Bank (NAB) for allowing NAB to use the Nuance Gatekeeper, a biometric authentication solution by Nuance Communications, Inc. which will help in authenticating customers and detecting frauds. The new partnership has increased the application portfolio of the company.

The company has wide global presence across Asia-Pacific, North America and Europe with its various subsidiaries such as Ecopy (U.S.), Loquendo (Italy), Dictaphone (U.S.), inQ (U.S.), SVOX (Switzerland) among others.

Microsoft:

Microsoft is headquartered in Washington, U.S. and was founded in 1975. The company is engaged in providing services and solutions for conversion of audio to text. The company operates in several business segments such as productivity & business processes, intelligent cloud and more personal computing out of which intelligent cloud is the market focused segment. The company offers wide range of products under categories such as windows, office, apps, devices and more, developer & IT and business out of which business is the market focused category.

For instance,

• In August 2020, Microsoft upgraded its product by integration of English (India) and Hindi to its Neural Text to Speech (Neural TTS) service language set. The company has added a total of 15 new dialects which will increase the popularity of the company.

The company has wide presence across North America, Latin America, Europe, Middle East and Africa and Asia-Pacific along with its subsidiaries such as Skype Technologies (U.S.), Citus Data, Inc. (U.S.), Xamarin (U.S.), LinkedIn Corporation (U.S.), FSLogix, Inc. (U.S.) among others.

Amazon Web Services, Inc. (a subsidiary of Amazon.com, Inc.):

Amazon Web Services, Inc. (a subsidiary of Amazon.com, Inc.) is headquartered in Washington, U.S. and was founded in 2006. The company focuses on providing on-demand cloud computing platforms to individuals, companies or governments on a paid subscription basis. The company offers various products under categories such as analytics, application integration, AR & VR, AWS cost management, blockchain, business applications, compute, containers, customer engagement, database, developer tools, end user computing, front-end web & mobile, game tech, internet of things, machine learning, management & governance, media services, migration & transfer, networking & content delivery, quantum technologies, robotics and satellite out of which machine learning is the market focused category.

For instance,

• In December 2019, Amazon Web Services, Inc. launched Amazon Transcribe Medical which is useful in converting the speech of physicians into accurate text in real time. The voice recognition solution is an initiative by the company to take entry into medical sector which in turn will increase the application portfolio of the company.

The company has presence across North America, South America, Europe, Middle East and Africa and Asia-Pacific and generates more revenue through its subsidiaries such as CloudEndure (U.S.), Sqrrl (U.S.), AWS Elemental (U.S.), Thinkbox Software Inc. (Canada), OpenSCG, Inc. (U.S.), Amiato, Inc. (U.S.) among others.