Global Speech and Voice Recognition Market Business Development Hacking Strategies and Key Player analysis - Nuance Communications, Microsoft, Hoya, Raytheon, Sensory, Inc., Anhui USTC iFLYTEK Co, VoiceVault, LumenVox, Acapela Group, VocalZoom, BioTrust
Global Speech and Voice Recognition Market is expected to reach USD 6,770.21 Million by 2025 from USD 1,095.00 Million in 2017, at a CAGR of 25.7% in the forecast period 2018 to 2025.
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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.
On the basis of geography, global speech and voice recognition market report covers data points for 28 countries across multiple geographies such as
• North America,
• South America,
• Asia-Pacific, and
• Middle East & Africa.
Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa, and Brazil among others. In 2017, North America is expected to dominate the market.
Global Speech and Voice Recognition Market is segmented on the basis of delivery method into
• Artificial intelligence (AI) based, and
• Non-artificial intelligence based.
The global speech and voice recognition market is also segmented on the basis of technology into
• Voice recognition, and
• Speech recognition.
The voice recognition segment is further sub-segmented into
• speaker identification, and
• speaker verification
The speech recognition segment is further sub-segmented into
• automatic speech recognition, and
• text to speech
On the basis of end user the global speech and voice recognition market is further segmented into
• financial services, & insurance,
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Drivers: Global Speech and Voice Recognition Market
INCREASING DEMAND FOR VOICE AUTHENTICATION IN MOBILE APPLICATIONS
The network connectivity and computing power in automobiles, mobile phones, and other mobile devices has led to an eruption of applications and services for consumers. Applications such as Maps, navigation, the arrival of social networking sites such as Twitter and Facebook, email, web search, games, and music and video content posed many user interface challenges to designers. For instance, during the travel time the users are not always able to keep their eyes and hands on the device at certain places and situations such as, working out at the health club, and while driving a car. To overcome these challenges, the developers have then decided to improve the user’s experience, by designing predictive text, touchscreens, and speech technology. A speech technology such as speech recognition has been in use for mobile applications.
INCREASED DEMAND FOR VOICE AND SPEECH-BASED BIOMETRIC SYSTEMS
The speech-based biometric are progressively increasing in society. Due to arrival of speech-based biometric systems the user need not to remember password or a PIN. A voice-based biometric systems converts each spoken word into numerous dominant frequencies. The wave that is formed by a user’s speech produces an electrical signal output from the microphone. The application of this technology is mainly for security use in banking and trading, e-Commerce, insurance use, health use, network security. The companies that are developing voice and speech based biometric systems are Microsoft that deals in application namely Azure for speaker recognition, Uniphore, Nuance Communication, VoiceVault, Sensory and among others. Voice biometric technology for authentication purpose is considered as convenient and accurate. The rapid development and increased usage of automated applications for finances and E-commerce has increased the concern over reliability, high-security, and non-intrusive methods for personal authentication. Speaker recognition technology is one of the technologies included in analysing and modelling the voiceprints is now playing a vital role in the society
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