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Mobile Speech Recognition Software Market Analysis, Size, Share, Growth, Trends And Forecast 2024-2033 | Key Players: Amazon Inc., Apple Inc., Alphabet Inc., Microsoft Corporation, AT&T Inc
Mobile Speech Recognition Software Market
The mobile speech recognition software market size is expected to see exponential growth in the next few years. It will grow to $12.35 billion in 2028 at a compound annual growth rate (CAGR) of 23.6%. The growth in the forecast period can be attributed to integration with augmented reality (AR) and virtual reality (VR), focus on multimodal interaction, rise of edge computing in mobile devices, enhanced security and privacy measures, expanding applications in healthcare and industry. Major trends in the forecast period include integration with 5g technology, multilingual speech recognition, voice biometrics for authentication, healthcare and accessibility applications, context-aware speech recognition.
Market Overview -
Mobile speech recognition software is a technology that converts spoken language into text on mobile devices, enabling hands-free communication, voice commands, and text input through speech.
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Smartphone Advancements Fuels The Mobile Speech Recognition Software Market
The proliferation of smartphones with advanced features is expected to propel the growth of the mobile speech recognition software market going forward. A smartphone is a mobile communication device that combines the functionality of a cellular phone with features typically found in computing devices. Mobile speech recognition software revolutionizes smartphones by enabling hands-free interaction and seamless voice input, significantly improving user convenience and accessibility. According to a report published by Cybercrew, a UK-based company developing and providing cybersecurity solutions for businesses of all sizes, the percentage of UK households using smartphones reached 91.43% in 2021, and this percentage is projected to increase to 98% in 2023. Therefore, the proliferation of smartphones with advanced features is driving the growth of the mobile speech recognition software market.
Competitive Landscape -
Major companies operating in the mobile speech recognition software market report are Amazon Inc., Apple Inc., Alphabet Inc., Microsoft Corporation, AT&T Inc., IBM Corp., Cisco Systems Inc., Baidu Inc., Raytheon BBN Technologies, OpenText Corporation, iFLYTEK Co. Ltd., Dragon Systems, ABBYY, VoiceVault Inc, Pareteum Corporation, Speechmatics, Acapela Group, VoiceBox Technologies Corporation, ReadSpeaker Holding B.V., CereProc Ltd., Uniphore, Sensory Inc., LumenVox LLC, Advanced Voice Recognition Systems Inc., LumenVox LLC, Voci Technologies, RAYVN AS, Yobe Inc
Revolutionizing Communication For Speech-Impaired Users With Next-Gen Mobile Speech Recognition Technology
Major companies operating in the mobile speech recognition software market are increasing their focus on introducing AI-enabled speech recognition software to increase their profitability in the market. AI-enabled speech recognition software refers to software applications or systems that utilize artificial intelligence (AI) techniques to interpret and understand spoken language. For instance, in August 2023, Voiceitt, an Israel-based speech recognition technology provider, launched Voiceitt 2. This web application transforms the communication experience for individuals who have speech disabilities. The app has a seamless onboarding process that empowers users to speak spontaneously, ensuring that their non-standard speech gets translated into standard speech for clear understanding by educators and peers. Moreover, Voiceitt 2 facilitates transcription of conversations, note dictation, and seamless integration with popular AI assistants like ChatGPT. The app's features get enhanced through Webex integration, which offers inclusive transcription and captioning for video meetings, thus creating a comprehensive solution that significantly improves communication across a variety of scenarios.
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Key Segments -
The mobile speech recognition software market covered in this report is segmented -
1) By Type: Isolated Word Recognition, Keyword Spotting, Continuous Speech Recognition
2) By Technology: Artificial Intelligence Based, Non-Artificial Intelligence Based
3) By Vertical: Healthcare, Military, Automotive, Retail, Government, Education, Banking, Financial Services, And Insurance (BFSI), Other Verticals
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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