Asia-Pacific Speech and Voice Recognition Market, By Technology (Artificial Intelligence (AI) Based and Non-Artificial Intelligence Based), Product Type (Speech Recognition Software and Voice Recognition Software), Component (Solution, Services), Deployment (Cloud Based and On Premise), Vertical (Entertainment & Mobile Apps, Banking, Financial Services, & Insurance (BFSI), Healthcare, Automotive, Analytics, Military & Security, Education & Academics, Others), Country (China, Japan, South Korea, India, Australia, Singapore, Thailand, Malaysia, Indonesia, Philippines and Rest of Asia-Pacific) Industry Trends and Forecast to 2027
The speech and voice recognition market is expected to gain market growth in the forecast period of 2020 to 2027. Data Bridge Market Research analyses that the market is growing with a CAGR of 24.7% in the forecast period of 2020 to 2027 and is expected to reach USD 7,729.82 million by 2027. The rise in the demand for speech and voice recognition systems for biometric purpose is aiding growth of the speech and voice recognition market.
The speech and voice recognition system is now adopting multi-linguistics and local languages which are driving the speech and voice recognition market. The speech and voice recognition systems used in autonomous cars, education of disabled students and also in service robotics is driving the speech and voice recognition market growth. The errors and lack of accuracy is limiting the growth of Asia-Pacific speech and voice recognition market.
The increasing use of voice recognition in autonomous and connected vehicles is therefore creating new window of opportunity for the growth of Asia-Pacific speech and voice recognition market. The limitations in voice recognition and low internet speed may act as the challenge for speech and voice recognition market not only in developing countries but also in developed countries.
This speech and voice recognition market report provides details of market share, new developments and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the speech and voice recognition market scenario contact Data Bridge Market Research for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
The speech and voice recognition market is segmented on the basis of technology, product type, component, deployment and vertical. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of technology, the speech and voice recognition market is segmented into artificial intelligence (AI) based and non-artificial intelligence based. In 2020, technology segment is dominated by artificial intelligence (AI) based segment and is expected to grow at higher rate as artificial intelligence (AI) based segment generates larger revenue for the speech and voice recognition market.
- On the basis of product type, the speech and voice recognition market is segmented into speech recognition software and voice recognition software. In 2020, speech recognition software segment holds the largest market share in product type segment as it provides cost effective solutions.
- On the basis of component, the speech and voice recognition market is segmented into solution and services. In 2020, solution segment dominates the component segment considering a high initial investment in solutions.
- On the basis of deployment, the speech and voice recognition market is segmented into cloud based and on premise. In 2020, cloud based segment accounts for the highest market share in deployment segment as these are cost-specific and have less maintenance in comparison to on premise segment.
- On the basis of vertical, the speech and voice recognition market is segmented into entertainment & mobile apps, banking, financial services, & insurance (BFSI), healthcare, automotive, analytics, military & security, education & academics and others. In 2020, vertical segment is dominated by entertainment & mobile apps segment considering it provides better speech and voice recognition solutions to the customers.
Asia-Pacific speech and voice recognition market is analysed and market size information is provided by country, technology, product type, component, deployment and vertical as referenced above.
The countries covered in Asia-Pacific speech and voice recognition market report are China, Japan, South Korea, India, Australia, Singapore, Thailand, Malaysia, Indonesia, Philippines and rest of Asia-Pacific.
China has been accounted for the largest market share in Asia-Pacific speech and voice recognition market for technology segment as the technological advancements are taking place in artificial intelligence based software in the forecast period of 2020 to 2027. Japan has been accounted for the second largest market share in Asia-Pacific region for artificial intelligence (AI) based software segment due to increase in the artificial intelligence based speech and voice recognition devices. Also, South Korea has been accounted for the third largest market share in the artificial intelligence (AI) based software segment as there is increase in usage and awareness of speech and voice recognition devices in the profiled market.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of Asia-Pacific brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Rising Demand of Speech and Voice Recognition Technology
Speech and voice recognition market also provides you with detailed market analysis for every country growth in industry with sales, components sales, impact of technological development in speech and voice recognition and changes in regulatory scenarios with their support for the speech and voice recognition market. The data is available for historic period 2010 to 2018.
Competitive Landscape and Speech and Voice Recognition Market Share Analysis
Speech and voice recognition market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Asia-Pacific presence, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the companies’ focus related to speech and voice recognition market.
The major players covered in the Asia-Pacific speech and voice recognition market report are Nuance Communications, Inc., 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 other domestic players. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many product developments are also initiated by the companies worldwide which are also accelerating the growth of speech and voice recognition market.
- In June 2019, GoVivace Inc. had announced its full support of MRCPv2 for its speech and voice recognition technology which will enable easy integration in all its telephony platform. MRCP allows telephony applications to communicate through speech. This will increase its speech technology services such as language, accent, gender and speaker identification.
Partnership, joint ventures and other strategies enhances the company market share with increased coverage and presence. It also provides the benefit for organisation to improve their offering for speech and voice recognition market.
Customization Available: Asia-Pacific Speech and Voice Recognition Market
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