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What's Driving Speech Recognition Market Growth? Major Players are Google Inc., Naunce Communication, IBM, Baidu, Amazon, Microsoft, Raytheon BBN Technologies, Sensory, Iflytek, and Speak2web

04-14-2020 11:38 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Allied Market Research

Speech Recognition Market

Speech Recognition Market

Speech recognition is a technology used in various devices such as smartphones, cars, and computers which enables the system to identify the sound of spoken words and convert them into machine-readable forms. It uses linguistic units for speech and audio signals. These signals are measured by word error rate (WER) that helps to identify the inaccuracies that occurred while processing.

Moreover, there are numerous speech recognition technologies like Amazon Alexa, Google's Google Assistant, Apple Siri, and Microsoft Cortana that enable easy accessibility of interaction by people to their devices. The purpose of speech recognition technology is to increase speed, accuracy, and help to improve the efficiency of the system.

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A positive outlook can be seen for speech recognition market. An increase in adoption of electronic devices equipped with technological advance features augment market growth. Speech recognition is used in multiple industries such as health care, BFSI, and marketing. Increase in mobile penetration and convenience becomes an important consideration for millennials speech recognition to garner wide attention in terms of research, development, and deployment in the upcoming years.

Speech recognition market has been segmented by deployment, end user, and region. Based on deployment, the market is classified into on cloud, on premises, and on embedded. Based on end user, the market is categorized into automotive, consumer, government, healthcare, and BFSI. Based on region, it is studied across North America, Europe, Asia-Pacific, and LAMEA.

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KEY BENEFITS FOR STAKEHOLDERS

o This report provides a quantitative analysis of the current trends, estimations, and dynamics of the global speech recognition market from 2018 to 2026 to identify the prevailing market opportunities.
o The key countries in all the major regions are mapped based on their speech recognition market share.
o Porter's five forces analysis highlights the potency of the buyers and the suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
o In-depth analysis of the market segmentation assists in determining the prevailing market opportunities.
o Major countries in each region are mapped according to their revenue contribution to the global industry. Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
o The global speech recognition market report includes the analysis of the regional as well as global market, key players, market segments, application areas, and growth strategies.

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Global Speech Recognition Market Segmentation

By Deployment Mode

o On Cloud
o On Premise

By End Use

o Automotive
o Consumer Electronics
o Healthcare
o Enterprise
o Others

By Region

o North America

o U.S.
o Canada
o Mexico

o Europe

o UK
o Germany
o France
o Russia
o Rest of Europe

o Asia-Pacific

o China
o Japan
o India
o Australia
o Rest of Asia-Pacific

o LAMEA

o Latin America
o Middle East
o Africa

Key Market Players

o Google Inc.
o Naunce Communication
o IBM
o Baidu
o Amazon
o Microsoft
o Raytheon
o BBN Technologies
o Sensory
o Iflytek
o Speak2web

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About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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