North America Speech and Voice Recognition Market is expected to reach USD 1,960.60 Million by 2025 - Microsoft and IFLYTEK CO. LTD. along with others such as HOYA Corporation, Raytheon, Advanced Voice Recognition Systems, Inc., Pareteum, Sensory

This comprehensive North America Speech and Voice Recognition Market research report includes a brief on these trends that can help the businesses operating in the industry to understand the market and strategies for their business expansion accordingly. The research report analyzes the market size, industry share, growth, key segments, CAGR and key drivers.

North America Speech and Voice Recognition Market is expected to reach USD 1,960.60 Million by 2025 from USD 312.08 Million in 2017, at a CAGR of 25.7% in the forecast period 2018 to 2025. The new market report contains data for historic years 2016, the base year of calculation is 2017 and the forecast period is 2018 to 2025.

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Key Drivers: North America Speech and Voice Recognition Market

Some of the major factors driving the market for global speech and voice recognition are effective integration due to increased demand for voice and speech-based biometric systems, increasing demand for voice authentication in mobile applications. Use of artificial intelligence (AI) on the accuracy of speech and voice recognition is the other factor which will drive the demand of global speech and voice recognition market.

Disadvantages related to speech and voice recognition systems are the factor which may hinder the growth of this market.

Development of speech and voice recognition software for multi-linguistics and local languages, speech and voice recognition technology used in autonomous cars, use of speech and voice recognition in service robotics and use of speech and voice recognition technology in the education of temporarily and permanently disabled students are some of the factors which will drive the market in future.

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Market Segmentation: North America Speech and Voice Recognition Market

The North America speech and voice recognition market is segmented based on technology into two notable segments; artificial intelligence based software and traditional software. The Speech and voice recognition market is dominated by artificial intelligence based software with 68.2% market share in 2017 and is expected to grow at the highest CAGR of 28.6% in the forecast period.

The North America speech and voice recognition market is segmented based on technology into two notable segments system; speech recognition software and voice recognition software. Speech recognition software is sub segmented on the basis of product type and usage. On the basis of product type, speech recognition software is sub segmented into text to speech and speech to text. Speech to text is further sub segmented into binary and multilingual. On the basis of usage, speech recognition software is sub segmented into back end, front end and end to end. Voice recognition software is sub segmented into voice verification software and voice identification software. The speech and voice recognition market is dominated by speech recognition software with 82.8% market share in 2017 and is expected to grow at the highest CAGR of 27.3% in the forecast period.

The North America speech and voice recognition market is segmented based on deployment into two notable segments; artificial intelligence based cloud based and on premise.

The North America speech and voice recognition market is segmented based on industry into eight notable segments system; entertainment and mobile apps, banking, healthcare, automobiles, analytics, security, education and academics and others.

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Key Points: North America Speech and Voice Recognition Market

Nuance Communications, Inc. is going to dominate the speech and voice recognition market following with Microsoft and IFLYTEK CO. LTD. along with others such as HOYA Corporation, Raytheon, Advanced Voice Recognition Systems, Inc., Pareteum, Sensory, IncVoiceVault Inc., LumenVox, LLC., Acapela Group SA, VocalZoom, BioTrust, Uniphore, Voicebox Technologies Corporation and Cantab Research Limited among others.

Speech to Text market is growing with the highest CAGR

Speech recognition software is driving the market with highest market share.

Artificial Intelligence Based Software segment is dominating the speech and voice recognition market

North America Speech and Voice Recognition Market By Technology (Artificial Intelligence Based Software, Traditional Software), Product Type (Speech Recognition Software, Voice Recognition Software), Deployment (Cloud Based, On Premise), Industry (Entertainment & Mobile Apps, Banking, Healthcare, Automobiles, Analytics, Security, Education & Academics), By Country (U.S., Canada, Mexico)- Industry Trends and Forecast to 2025

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