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Mobile Speech Recognition Software Market Analysis, Trends, Growth, Research And Forecast 2033
Mobile Speech Recognition Software Market Analysis
According to The Business Research Company's, The mobile speech recognition software market size has grown exponentially in recent years. It will grow from $4.26 billion in 2023 to $5.29 billion in 2024 at a compound annual growth rate (CAGR) of 24.1%. The growth in the historic period can be attributed to advancements in natural language processing (nlp), proliferation of mobile devices, integration with virtual assistants, rising demand for hands-free operation, improved connectivity and network speeds.
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.
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Market Drivers and Trends:
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.
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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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
Mobile Speech Recognition Software Market 2024 Key Insights:
• The mobile speech recognition software market is expected to grow to $12.35 billion in 2028 at a compound annual growth rate (CAGR) of 23.6%.
• Smartphone Advancements Fuels The Mobile Speech Recognition Software Market
• Revolutionizing Communication For Speech-Impaired Users With Next-Gen Mobile Speech Recognition Technology
• North America was the largest region in the mobile speech recognition software market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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