replique montre fausse rolex african american wigs diamond art Voice Recognition Market Size is Projected to be Around USD 26.86 Billion by 2025

Voice Recognition Market Size is Projected to be Around USD 26.86 Billion by 2025

By Digvijay Chakravarty 08 May 2020 Top stories,Business

Global Voice Recognition Market is valued at USD 9.11 Billion in 2018 and expected to reach USD 26.86 Billion by 2025 with the CAGR of 16.71% over the forecast period.

Growing cyber threat and increasing security concerns are the major factors driving the growth of Global Voice Recognition Market.

Scope of Global Voice Recognition Market Report– Voice recognition which is alternatively known as speech recognition is a computer software program or hardware device having the ability to decode human voice. It is generally used to operate a device, perform commands or write without using keyboard, Mouse or any other button. This voice recognition is done by automatic speech recognition ASR) software program.  Major ASR programs need to train users the ASR program to identify their voice for efficient conversation. For instance, user could say "open Internet" and the computer would open the Internet browser. In voice recognition software, it can provide user verification while the user is speaking without needing any special phrases or questions.

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Global Voice Recognition Market report is segmented on the basis of deployment type, end-user, and by regional & country level. Based on deployment type, global voice recognition market is classified as cloud and on premise. Based upon end-user, global voice recognition market is classified into banking, telecommunications, healthcare, government and consumer applications.

The regions covered in this voice recognition market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of voice recognition is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.

Key Players for Global Voice Recognition Market Report-

Some major key players for global voice recognition market are Nuance Communications Inc., Auraya Systems Pty Ltd., Microsoft Corporation, Apple Inc., Alphabet Inc., MMODAL Inc., Sensory Inc., Agnitio SL, Advanced Voice Recognition Systems, Biotrust, ValidSoft UK Ltd., VoiceVault, M2SyS LLC, VoiceBox Technologies Corp., Raytheon BBN Technologies, and others.

Global Voice Recognition Market Dynamics

Increasing security concern, demand for voice-activated systems & virtual assistant systems, application of voice recognition in various industries are the major factors driving the growth of global voice recognition market. One of the main determinant factors for demand of this market is rapid growth of biometric industry which is approximately USD 70 Billion market globally and increasingly used in personal portable devices where voice recognition is increasingly used. For instance; the recent introduced iPhone 8 and iPhone X are featured with voice recognition facility for security purpose. With the popularity of Amazon Alexa and Google Assistant, it is expected that the demand of market will grow exponentially within the forecast period. Some of the statistics which shows the voice based services are mentioned which shows the trend of increasing demand of voice recognition market. The popularity of voice based search is growing from the time of introduction of voice based search by Google and shows that 20% of all searches are done by voice. Among smart phone users, about 31% use voice technology at least once in a week.

Voice based Google search is now available on devices such as Google Home, Android phone & tablets, iPhones, Headphones, TVs, watches etc. In addition, Microsoft’s voice assistant Cortana had about 100 million users by 2016 and more than 255 of searches executed on the windows 10 taskbar were voice which shows the growing popularity of voice recognition technology as well as its future perspective. However, the lack of ability to identify voice in regional accent and high cost of AI based systems may restrain the voice recognition market demand.

Global Voice Recognition Market Regional Analysis–

North America is dominating the voice recognition market globally with highest share due to increasing need of high level security, increasing application of biometric products, and presence of number of major players in this region. The demand of voice recognition in USA can be known from the fact that, 52% of smart phone owners use voice assistants which is equivalent to 41.4% of US population. Additionally, 19.7% of consumers use smart speaker and voice shopping by smart speaker have become hobby for one in nine smart speaker owners in US, with about 47.3 million US consumers have access to smart speakers. Apple’s Siri, Google Assistant and Amazon’s Echo and Alexa are the major product for this market in this region.

Asia-Pacific voice recognition market is estimated to witness a high growth rate within the forecast period due to the growing demand for voice technology, increasing IoT applications and rising threat of cyber-attack in this region. For instance; from introduction of first mobile wallet, India has about 15 mobile wallets along with over 70 million users. Other than that, in China more than 6oo million people had used online payment in 2018 with growth rate of 1.7% from previous year. These statistics shows the growing need of voice recognition as security measure and many financial market players are implementing security measures using voice recognition method and supplementing the market growth in this region.

Europe is the second dominating region in the global voice recognition market. For instance; under immigration trend and challenges from terrorism, the UK Home Office have planned to invest USD 119 million in biometrics since mid-2017, which will help in expansion of voice recognition market.

Key Benefits for Global Voice Recognition Market Report–

  • Global Voice Recognition Market report covers in depth historical and forecast analysis.
  • Global Voice Recognition Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
  • Global Voice Recognition Market report helps to identify opportunities in market place.
  • Global Voice Recognition Market report covers extensive analysis of emerging trends and competitive landscape.

Global Voice Recognition Market Segmentation:–

By Deployment Type

  • Cloud
  • On premise

By End-User

  • Banking
  • Telecommunications
  • Healthcare, government
  • Consumer applications

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Digvijay Chakravarty

Digvijay Chakravarty presently develops content for a slew of portals, including businessstatsnews and Industry Stats Report. A post graduate in mathematics and business administration. As a content writer, he currently writes articles pertaining to the latest industry news, business trends, and market research.

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