BANGALORE, India | 27th October 2020: Speech Recognition Market by Deployment Mode (On Cloud, On Premise), By End Use (Automotive, Consumer Electronics, Healthcare, Enterprise, Others): Global Opportunity Analysis and Industry Forecast, 2019–2026, Published on Valuates Reports in Software Category.
The global speech recognition market size was valued at USD 6.39 Billion in 2018, and is projected to reach USD 29.28 Billion by 2026, registering a CAGR of 19.9% from 2019 to 2026.
Major factors driving the growth of speech recognition market size include a high potential forgrowth in healthcare applications, the increasing demand for voice authentication in mobile banking applications, the rapid proliferation of multifunctional devices or smart speakers, and AI and effect on voice and voice recognition accuracy.
The Speech Recognition Market report offers a comprehensive overview of the industry leaders and provides information on these businesses expertise and capabilities. The study also covers details of the industry competitive environment and provides information on the products provided by different businesses.
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TRENDS INFLUENCING THE SPEECH RECOGNITION MARKET SIZE
In smart home automation, the proliferation of voice-enabled IoT devices is expected to drive
speech recognition market size growth. In addition, to conventional methods such as touch screens and buttons, IoT-enabled devices will benefit many offline devices with revolutionary means of user interaction.
The growing incorporation of voice-activated software in next-generation cars is likely to stimulate speech recognition market size growth. Thanks to advances in technology and the introduction of innovative concepts, such as autonomous and connected vehicles, the automotive industry is expected to gain momentum.
Advancements in AI and machine learning will further augment the speech recognition market size during the forecast period. Artificial intelligence transforms speech into well-structured algorithms by going through the fooling phases: representation of speech units, the formulation and creation of recognition algorithms, and the demonstration of correct inputs.
In addition to smartphones, the introduction of voice and speech recognition techniques in other
consumer electronic devices such as refrigerators, thermostats, mixers, and grinders, and others, is expected to fuel the speech recognition market size.
SPEECH RECOGNITION MARKET SHARE ANALYSIS
Based on end-users, the Automotive segment is expected to hold the largest market share during the forecast period. This dominance of the automotive segment is attributed to the growing incorporation of voice-enabled in-car infotainment systems. Advanced automotive technology such as connected devices updates drivers to recommend alternate routes and traffic conditions on the road.
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- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East
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SPEECH RECOGNITION MARKET SEGMENTS
By Deployment Mode
- On Cloud
- On Premise.
By End Use
- Consumer Electronics
- Google Inc.
- Naunce Communication
- BBN Technologies
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- Automotive Voice Recognition Market
In 2018, the global Automotive Voice Recognition market size was USD 180 Million and it is expected to reach USD 240 Million by the end of 2025, with a CAGR of 3.9% during 2019-2025.
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- AI for Speech Recognition Market
- Voice Recognition Software Market
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- Mobile Speech Recognition Software Market
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