Speech Recognition Applications Market Technologycal Treand, market demand outlook forecast by 2027 | LumenVox, Nuance Communications

This Global Speech Recognition Applications Market report provides an all-inclusive environment analysis and market estimates. Similarly, the report provides the result of in-depth secondary research, primary interviews, and in-house expert reviews. These market estimates have been considered by studying the impact of various social, political, and economic factors along with the current market dynamics affecting the Global Speech Recognition Applications Market growth.

Along with the market overview, which includes the market dynamics the chapter includes Porter’s Five Forces analysis which explains the five forces: namely buyers bargaining power, suppliers bargaining power, the threat of new entrants, the threat of substitutes, and degree of competition in the Global Speech Recognition Applications Market. It clarifies the various participants, such as system integrators, intermediaries, and end-users within the ecosystem of the market. The report also focuses on the competitive landscape of the Global Speech Recognition Applications Market.

The global Speech Recognition Applications market exhibited moderate growth during 2021-2027. Looking forward, the market to grow at a CAGR of around 21.7%.

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The leading market players listed are:

LumenVox, Nuance Communications, Telisma S. A., AT&T Corp, Dolby Fusion Speech, Microsoft Tellme, Raytheon BBN Technologies, Telisma S.A

Market Overview:

The increasing requirement of authentication in the BFSI industry is expected to boost the voice recognition market; the application includes voice recognition as a form of biometrics to tackle fraudulent transactions. According to Tsinghua University, in China, the demand for biometric recognition technologies in China is expected to reach CNY 34 billion by 2021.

Various consumer demographics have highly adopted Voice-based searches. ComScore, an American Analytics Company, predicted that 50% of the searches are estimated to be voice searches in upcoming years. The adoption of voice recognition technologies adds to the efficiency of various processes as an average person can speak about 150 words per minute while only 60 words can be typed in a minute on average.

Scenario for Covid-19:

Throughout the initial period of the pandemic's lockdown, businesses and manufacturing units in numerous countries suffered. During this period, deferred facilities and interrupted supply chains were the key factors affecting the market growth.

Nevertheless, with the obligatory preventative measures in place to prevent the spread of the disease, most of the regions have improved or are recovering. Vaccination drives are also picking up across the region, which is helping the sector develop even more.

Types of Products:

Education

Healthcare

Military Services

Electronic Goods

Fraud Management

Application spectrum:

Front End Techniques

Back End Techniques

Industrial News:

China has the world’s largest population and is expected to have high adoption rates for voice recognition technologies. CNNIC has reported that 583.39 million mobile users utilized payment services on their devices in 2018, which provides a further need to implement voice recognition software.

After demonetization by the Indian government in 2016, RBI reported the value of mobile banking payments across India reached INR 13,104 billion in 2017 and INR 14,738 billion in 2018. This may increase the demand for authentication services, boosting the requirement for voice recognition as an authentication process.

Regions and Countries Level Analysis:

Regional analysis is another highly comprehensive part of the research and analysis study of the global Speech Recognition Applications market presented in the report. This section sheds light on the sales growth of different regional and country-level Speech Recognition Applications markets. For the historical and forecast period 2021 to 2027, it provides detailed and accurate country-wise volume analysis and region-wise market size analysis of the global Speech Recognition Applications market.

The report offers an in-depth assessment of the growth and other aspects of the Speech Recognition Applications market in important countries (regions), including:

North America (the United States, Canada, and Mexico)

Europe (Germany, France, UK, Russia, and Italy)

Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)

South America (Brazil, Argentina, etc.)

Middle East & Africa (Saudi Arabia, Egypt, Nigeria, and South Africa)

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Frequently Asked Questions (FAQ):

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Table of Content:

1 Report Overview

1.1 Product Definition and Scope

1.2 PEST (Political, Economic, Social and Technological) Analysis of MR Reporting Speech Recognition Applications Market

2 Market Trends and Competitive Landscape

3 Segmentation of Speech Recognition Applications Market by Types

4 Segmentation of Speech Recognition Applications Market by End-Users

5 Market Analysis by Major Regions

6 Product Commodity of Speech Recognition Applications Market in Major Countries

7 North America Speech Recognition Applications Landscape Analysis

8 Europe Speech Recognition Applications Landscape Analysis

9 Asia Pacific Speech Recognition Applications Landscape Analysis

10 Latin America, Middle East & Africa Speech Recognition Applications Landscape Analysis

11 Major Players Profile

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