Speech and Voice Recognition Market Insights, Forecast, Growth, Trends 2024-2033

"The new report published by The Business Research Company, titled ""Speech and Voice Recognition Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033"", delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, the speech and voice recognition market size has grown rapidly in recent years. It will grow from $13.99 billion in 2023 to $16.7 billion in 2024 at a compound annual growth rate (CAGR) of 19.4%. The speech and voice recognition market size is expected to see exponential growth in the next few years. It will grow to $34.73 billion in 2028 at a compound annual growth rate (CAGR) of 20.1%.

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Surging Consumer Demand For Smart Devices Fuels Growth In Speech And Voice Recognition Market
Increasing consumer demand for smart devices is expected to propel the growth of the speech and voice recognition market going forward. Smart devices refer to technological devices that can connect, share, and communicate with both their users and other smart devices. Smart devices use speech and voice recognition technology to identify spoken words from their sounds, convert them into text, and respond to the speaker's questions. For instance, in April 2021, according to Security.org, a US-based organisation that provides insight on safety and security topics, a smart home gadget was more sought by 2 in 3 Americans. More than 40% Americans bought a smart device to make their home more energy efficient. Furthermore, 78% of buyers are prepared to pay more for a home with smart technology. Therefore, increasing consumer demand for smart devices is driving the growth of the speech and voice recognition market.

Technological Advancements Driving Innovation In Speech And Voice Recognition Market
Technological advancements have emerged as a key trend gaining popularity in the speech and voice recognition market. Major companies operating in the voice recognition market are focused on innovating new technologies to sustain their position in the market. For instance, in August 2021, LumenVox, a US-based speech recognition software company, launched its next-generation automatic speech recognition engine with transcription. The new automatic speech recognition engine, based on deep machine learning (ML) and artificial intelligence (AI), provides the most accurate speech-enabled consumer experiences. With its end-to-end Deep Neural Network (DNN) architecture and cutting-edge speech recognition processing capabilities, the new LumenVox ASR engine sets itself apart from the competition. The addition of new languages and dialects can be done more quickly with the new ASR engine, which also offers a contemporary toolkit for expanding the language model to accommodate a wider user base.

The speech and voice recognition market covered in this report is segmented -

1) By Function: Speech Recognition, Voice Recognition
2) By Deployment Mode: On Cloud, On-Premises or Embedded
3) By End-Use: Automotive, Enterprise, Consumer, Banking, Financial Services, and Insurance (BFSI), Government, Retail, Healthcare, Other End Uses

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Major companies operating in the speech and voice recognition market report are Apple Inc., Microsoft Corporation, International Business Machines Corporation, Amazoncom Inc., Baidu Inc., iFLYTEK Co Ltd., Sensory Inc., Advanced Voice Recognition Systems Inc., Raytheon Company, Sestek Speech & Audio Technologies, Voicebox Technologies Corporation, Dolbey Systems Inc., Agnitio SL, Acapela Group SA, iSpeech Inc., Speechmatics Ltd., Deepgram Inc., Voiceitt Ltd., Voicegain Inc., AssemblyAI Inc., 3M Company, Google LLC, Open Text Corporation, LumenVox LLC, Honeywell International Inc., Nuance Communications Inc., Aigoai Limited, Amberscript BV, Amenity Analytics Ltd., Applied Brain Research Inc.

Contents of the report:
1. Executive Summary
2. Speech and Voice Recognition Market Report Structure
3. Speech and Voice Recognition Market Trends And Strategies
4. Speech and Voice Recognition Market - Macro Economic Scenario
5. Speech and Voice Recognition Market Size And Growth
…..
27. Speech and Voice Recognition Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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