+17 CAGR of Speech Recognition Software Market for Technology Market Predicated To Grow During The Forecast Period 2026 key players like Alphabet Inc., Cantab Research Limited

The global market volume of speech and voice recognition was valued at USD 9.12 billion in 2019. It is ready to expand to a CAGR of +17% during the forecast period. It is projected that technological advances along with the increasing adoption of advanced electronic devices will stimulate market growth during the forecast period. Voice activated biometrics used for security reasons helps provide access to authenticated users to perform a transaction. The growing use of voice biometrics is one of the key factors driving the market.

It is likely that the AI-based technology segment registers a higher CAGR during the forecast period, due to its ability to accurately recognize speech patterns. Artificial intelligence exceptionally converts speech into well-structured algorithms by going through certain stages, including the representation of speech units, the formulation and development of recognition algorithms together with the demonstration of the correct inputs.

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Major players operating in the speech and voice recognition market include Nuance Communications, Inc. (US), Microsoft Corporation (US), Alphabet Inc. (US), Cantab Research Limited (UK), Sensory, Inc. (US), ReadSpeaker Holding B.V. (Netherlands), Pareteum Corporation (US), Iflytek Co., Ltd. (China), VoiceVault Inc. (US), VoiceBox Technologies Corp. (US), LumenVox, LLC (US), and Acapela Group SA (Belgium).

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Speech recognition technology has been around for quite some time, but it was the emergence of smartphones and cloud computing that really changed the game for this market, "says lead analyst Mark Beccue." Artificial intelligence algorithms they have significantly improved voice and speech recognition accuracy rates within a few years, and these new capabilities are enabling a wider range of applications for spoken interfaces in multiple industry sectors

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PART 01: EXECUTIVE SUMMARY

PART 02: SCOPE OF THE REPORT

PART 03: RESEARCH METHODOLOGY

PART 04: MARKET LANDSCAPE

PART 05: MARKET SIZING 2017-2022

PART 06: FIVE FORCES ANALYSIS

PART 07: MARKET SEGMENTATION BY APPLICATION

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