Speech Recognition Market Strategic Insights, Current Trends and Future Prospects by 2032

According to a recent report published by Allied Market Research, titled, Speech Recognition Market Size, Share, Competitive Landscape and Trend Analysis Report by Deployment Mode (On Cloud and On Premise) and End Use (Consumer Electronics, Healthcare, Enterprise, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032

The global speech recognition market is projected to reach $29.28 billion by 2026, registering a CAGR of 19.9% from 2019 to 2026. North America is dominating the market share in terms of revenue, owing to wide presence of key market players in the region.

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Speech recognition technology catches and identifies the audio signals in the form of language and converts these signals into the machine-readable form. The increase in penetration of artificial intelligence along with development of next generation home automation products is expected to drive the demand for speech recognition market. Several IT technology giants such as Google, and Amazon have developed voice-based virtual assistant based on this technology. AI-based speech recognition was one of the trending technologies in CES, 2018, worldwide recognized trade show by Consumer Technology Association. This has increased the traction of speech recognition technology worldwide. Speech recognition technology is completely changing interaction style of people and their devices, phones, home, and cars. The AI-based speech recognition uses machine learning to respond to user's question or command.

Several companies such as Google and Baidu offering search engine use this technology to provide speech to text-based search. The use cases of speech recognition technology are significantly increasing with upcoming, humanoids using speech recognition to provide actionable output. One of the best use cases of humanoid is reception robot, Pepper designed and programmed by Softbank Robotics used at the reception of banks and medical facilities. Thus, the speech recognition market is currently experiencing an increase in number of use cases significantly, which is expected to drive its demand over the next few years.

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The increase in penetration of speech recognition industry in consumer electronic products is fueled by a highly competitive consumer electronics market, where players focus on upgrading their products such as smartphones, laptops, and digital recorders. The major companies such as Nvidia, Samsung, TSMC, and AMD, follow this trend by incorporating advanced integrated circuits and related services in their products. This consecutively increases the demand for speech recognition technologies, and the market is anticipated to grow with high growth rate during the forecast period.

The increase in demand for speech recognition in automotive industry, and the rise in demand for voice-based biometric systems for user authentication along with considerably high growth potential in healthcare application are expected to contribute to the growth of the global speech recognition market. Furthermore, increase in adoption of speech recognition in the consumer electronics and consumer goods verticals are also expected to offer lucrative opportunities for the speech recognition market growth globally. However, lack of accuracy, act as a major restraint hampering the market growth.

The on-premise segment was the highest contributor to the global speech recognition market, with more than 50% share. However, the on-cloud deployment segment is anticipated to witness highest CAGR during forecast period, owing to ability of could-based devices to help organization reduce CAPEX and OPEX and allow them to gain a considerably high level of efficiency at minimal cost. By end use, the healthcare segment is anticipated to dominate the market during forecast period, owing to emergence of enhanced technologies in medical devices such as wireless communication, sensors, ECG electrocardiogram, body area network (BAN) used for heart rate monitoring, and devices to monitor pulse rate, temperature, oxygen, and blood pressure.

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The key companies operating in speech recognition market size ecosystem include Google Inc., Naunce Communication, IBM, Baidu, Amazon, Microsoft, Raytheon BBN Technologies, Sensory, Iflytek, and Speak2web. These key players adopted several strategies such as new product launch and development, acquisition, partnership & collaboration, and business expansion to increase their speech recognition market share.

Key Benefits for Stakeholders:
➡️ This study comprises analytical depiction of the speech recognition market size along with the current trends and future estimations to depict the imminent investment pockets.
➡️ The overall speech recognition market analysis is determined to understand the profitable trends to gain a stronger foothold.
➡️ The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
➡️ The current market forecast is quantitatively analyzed from 2023 to 2032 to benchmark the financial competency
➡️ Porter's five forces analysis illustrates the potency of the buyers and suppliers in the market.
➡️ The report includes the market share of key vendors and speech recognition market trends.

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