Europe Speech and Voice Recognition Market Business Development by 2025 - Top players are Nuance Communications, Microsoft, Hoya, Raytheon, Sensory, Inc., Anhui USTC iFLYTEK Co, VoiceVault, LumenVox, Acapela Group, VocalZoom, BioTrust, Voicebox Technologi

The Europe Speech and Voice Recognition Market is a synopsis to the study of Semiconductors and Electronics industry and the report also provides valuable insights about the leading drivers, upcoming trends, applications and challenges, determined by our Experts. SWOT analysis is the method to tell any market’s strengths and weaknesses (i.e. drivers and restrains) so that you know on what to stick and what to avoid, this report not only consists SWOT analysis but also provides with the CAGR value fluctuation on the Forecast period of 2018-2024. There are several brands and key players that are driving the Europe Speech and Voice Recognition market and in turn changing the face of industry. The study provides forecast and estimates of Europe Speech and Voice Recognition market for each product in terms of revenue and volume during the forecast period.

Europe Speech and Voice Recognition Market is expected to reach USD 1,665.08 Million by 2025 from USD 286.89 Million in 2017, at a CAGR of 24.7% 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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Well known players of Europe Speech and Voice Recognition Market are Nuance Communications, Microsoft, Hoya, Raytheon, Sensory, Inc., Anhui USTC iFLYTEK Co, VoiceVault, LumenVox, Acapela Group, VocalZoom, BioTrust, Voicebox Technologies Corporation, Cantab Research Limited, Apple, Mercedes-Benz USA, HARMAN International, Google, ReadSpeaker, a HOYA Speech Company, Pareteum Corporation NYSE American: TEUM, Advanced Voice Recognition Systems and others.

Market Segmentation

Based on geography the market is segmented into 11 countries,

• Germany,
• France,
• U.K.,
• Italy,
• Spain,
• Russia,
• Turkey,
• Netherlands,
• Belgium,
• Switzerland and rest of Europe

The Europe 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 69.5% market share in 2017 and is expected to grow at the highest CAGR of 27.2% in the forecast period.

The Europe 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 84.0% market share in 2017 and is expected to grow at the highest CAGR of 26.0% in the forecast period.

The Europe speech and voice recognition market is segmented based on deployment into two notable segments;

• artificial intelligence based cloud based and
• on premise

The Europe 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 Drivers: Europe Speech and Voice Recognition Market

Some of the major factors driving the market for Europe 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 Europe 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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