North America Speech and Voice Recognition Market, By Delivery Mode (Artificial Intelligence Based and Non- Artificial Intelligence Based), Technology (Voice Recognition and Speech Recognition), Deployment Mode (On-Cloud and On-Premises and Embedded), Vertical (Automotive, Enterprise, Consumer, Banking, Financial Services and Insurance, Government, Retail, Healthcare, Military, Legal, Education and Others), Country (U.S., Canada, Mexico) Industry Trends and Forecast to 2027
Speech and voice recognition market is expected to reach at USD 3,087.99 million by 2027, with market growth at a rate of CAGR 25.5 % in the forecast period of 2020 to 2027. Demand for voice-enabled devices, voice activated systems, voice–enabled virtual assistant systems will grow in the coming years owing to rising demand from automobile and banking sectors.
Voice and speech recognition form a small part of biometric systems, speech recognition is a process of converting spoken words into digitally modified and stored set of words with the help of microphones and telephones. Two parameters which access the quality of speech recognition are the speed which measures how well the software matches with human speakers and accuracy which measures the number of errors made during conversion of spoken words into digitalized data. As voice recognition system analyses the identity of speaker behind particular voice, it also analyses the voice between different speakers by studying behavioural patterns of different people such as speaking style, voice pitch, accent and others.
Rise in the adoption of speech and voice recognition applications in smart phones is driving the growth of the market. Integration of speech and voice recognition techniques in consumer electronics, growing use of speech and voice recognition technology in mobile banking and advent of internet of things are the factors driving the growth of the market.
Adoption of voice and speech recognition technologies in other consumer electronic devices will create growth opportunities for speech and voice recognition market in the forecast period of 2020-2027.
Lack of accuracy, impaired speech and leading to error in data processing will act as a restraint, and will further challenge the growth of North America speech and voice recognition market in the forecast period mentioned above.
This speech and voice recognition market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info speech and voice recognition market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Speech and Voice Recognition Market Scope and Size
- Speech and voice recognition market is segmented on the basis of delivery mode, technology, deployment mode 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 delivery mode, speech and voice recognition market is segmented into artificial intelligence \based and non- artificial intelligence based.
- On the basis of technology, speech and voice recognition market is segmented into voice recognition and speech recognition.
- On the basis of deployment mode, speech and voice recognition market is segmented into on-cloud and on-premises and embedded.
- On the basis of vertical, speech and voice recognition market is segmented into automotive, enterprise, consumer, banking, financial services and insurance, government, retail, healthcare, military, legal, education and others.
Speech and Voice Recognition Market Country Level Analysis
Speech and voice recognition market is analysed and market size, volume information is provided by country as delivery mode, technology, deployment mode and vertical as referenced above.
The countries covered in the North America speech and voice recognition market report are U.S., Canada and Mexico
The country section of the speech and voice recognition market 0report 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 like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
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, regional presence, company strengths and weaknesses, product launch, product width and breadth, application dominance. 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 speech and voice recognition market report are FLYTEK CO. LTD., HOYA Corporation, Advanced Voice Recognition Systems, Inc., Pareteum, Sensory, IncVoiceVault Inc., LumenVox, LLC., Acapela Group SA, VocalZoom, BioTrust, Uniphore, Voicebox Technologies Corporation, Cantab Research Limited, Microsoft Corporation, Google Inc., Apple, Inc., Amazon.com, Inc., IBM, The Raytheon Company, Voice Vault Authentication, among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Customization Available : North America Speech and Voice Recognition Market
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