Speech and Voice Recognition Market COVID-19 Impact on Key Players, Industry Share and Growth Outlook

(The Express Wire via Comtex)

The overallspeech and voice recognitionmarket is expected to grow from USD 6.9 Billion in 2018 to USD 28.3 Billion by 2026 at a CAGR of 19.8% during the forecast period. Based on deployment, the cloud-based segment will dominate the market in the future because it is an advanced tool for business. It also offers multiple functions such as multilingual technology for audio segmentation, speech recognition, speaker digitization for switching raw audio data and audio-visual data into the desired format, along with language identification, and others.

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The advent of advanced technologies in diverse industries such as healthcare, banking, medicine, and others are promoting the growth of the global speech and voice recognition market says Fortune Business Insights in their new study. The study is titled “Speech and Voice Recognition Market Size, Share and Global Trend By Component, By Technology, By Deployment, By End-User and By Geography Forecast till 2026”.

List of Top Key Players Mentioned:

  • Google
  • Baidu
  • Facebook
  • 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

An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are making continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

“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.

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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 forecasts, 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 the future and this is anticipated to create lucrative growth opportunities for the global market in the long run.

Speech and Voice Recognition Market Segmentation:

  1. By Component
    • Solution
    • Services
  2. By Technology
    • Voice Recognition
    • Speech Recognition
  3. By Deployment
    • Cloud
    • On-Premises
  4. By End-User
    • Healthcare
    • IT and Telecommunications
    • Automotive
    • BFSI
    • Government
    • Legal
    • Retail
    • Travel and Hospitality
    • Others
  5. By Geography
    • North America (USA and Canada)
    • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
    • Asia Pacific (China, India, Japan, Australia, Southeast Asia and Rest of Asia Pacific)
    • Latin America (Mexico, Brazil and Rest of Latin America)
    • Middle East and Africa (GCC, South Africa and Rest of the Middle East and Africa)

“North America to Remain Dominant with Large Scale Deployment of Smart Devices”

Geographically, the highest speech and voice recognition market revenue was registered in North America. The North America market was valued at USD 2934.5 Mn in 2018. This is owing to the large scale deployment of smart devices and surge in adoption of technologically advanced devices such as IoT and AI that is compelling people in the U.S. and Canada to opt for voice recognition devices. An estimate of one-third of people in developed nations such as the U.S. is anticipated to use voice recognition devices in the near future. Another factor helping the North America market to continue its dominance in the coming years is the presence of major company bases such as Raytheon BBN, AT and T, and others in its developed nations.

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“Leading Players are Launching Personal Assistant Devices with Voice Recognition Technology to Gain Competitive Advantage”

Several companies in the global speech and voice recognition market are focussing on different strategies to remain competitive in the market. These strategies include company collaborations, mergers and acquisitions, and most importantly, new product launches. For Instance, Nuance Communication Inc., the company launched its assistance system namely Dragon Drive, that can integrate multiple devices such as cars, different household appliances, and others. This will provide real-time alerts and reminders to people about traffic updates, working schedules, daily chores, and others through Dragon Drive. Such innovations are likely to bode well for the global speech and voice recognition market in the foreseeable future.

Major Table of Contents:

  1. Introduction
    • Definition, By Segment
    • Research Approach
    • Sources
  2. Executive Summary
  3. Market Dynamics
    • Drivers, Restraints and Opportunities
    • Emerging Trends
  4. Key Insights
    • Macro and Micro Economic Indicators
    • Consolidated SWOT Analysis of Key Players
  5. Global Speech and Voice Recognition Market Analysis, Insights and Forecast, 2015-2026
    • Key Findings / Summary
    • Market Size Estimates and Forecasts
      • By Component (Value)
        • Solution
        • Services
      • By Technology (Value)
        • Voice Recognition
        • Speech Recognition
      • By Deployment Type (Value)
        • Cloud
        • On-Premises
      • By End-User (Value)
        • Healthcare
        • IT and Telecommunications
        • Automotive
        • BFSI
        • Government
        • Legal
        • Retail
        • Travel and Hospitality
        • Others
      • By Geography (Value)
        • North America
        • Europe
        • Asia Pacific
        • Middle East and Africa
        • Latin America
  1. North America Speech and Voice Recognition Market Analysis, Insights and Forecast, 2015-2026
    • Key Findings / Summary
    • Market Size Estimates and Forecasts

TOC Continued…!

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Press Release Distributed by The Express Wire

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