Voice and Speech Recognition Market: Technological Advancements, Evolving Industry Trends and Insights
The voice recognition system analyses the identity of the speaker behind a particular voice. It analyses the voice between different speakers by studying the behavioral patterns of different people, such as the concerned person’s voice pitch, speaking style, accent and others, and also studies the shape and size of the mouth and throat of the concerned person.
Rise in adoption of voice and speech enabled applications in smart phones, growing use of speech and voice recognition technology in mobile banking services, integration of speech and voice recognition techniques in consumer electronics, and advent of internet of things, are some of the factors which are expected to play a crucial role in driving the growth trajectories of the global speech and voice recognition market.
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Adoption of voice and speech recognition techniques in other consumer electronics devices apart from smart phones, such as refrigerators, thermostats, mixer and grinders, and others are expected to create further growth opportunities in the global voice and speech recognition market.
The global voice and speech recognition market has been segmented based on type, technology, and geography. Based on technology, the market has been further sub-divided into voice recognition technology and speech recognition technology. Based on type, the market has been segmented into artificial intelligence and software technologies.
Artificial intelligence is used in voice and speech recognition techniques to study the thought process of human beings with the help of computers and robots. Software technologies are used to analyze recording documents at work. Software technologies work in sync with emails and Microsoft Office.
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Further, the market has been segmented based on end-use industry and geography. Based on end-use industry, the market has been segmented into consumer electronics industry, automotive industry, healthcare, military and defense, and others. Voice and speech recognition technique finds maximum usage in the consumer electronics industry owing to growing number of voice and speech enabled applications in smart phones.
In terms of region, the market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific is projected to lead the market due to rise in production of smart phones and other consumer electronics. Investment in research and development for automated speech recognition systems in the healthcare sector is also expected to play a crucial role in driving the growth trajectories of the voice and speech recognition market in this region.
Further, large scale implementation of biometric systems owing to increasing security concerns is also expected to push the market further, thereby making Asia Pacific the fastest growing market.
Key players operating in the voice and speech recognition market are Microsoft Inc. (U.S), Nuance Communications (U.S.), M2SyS LLC (U.S.), Advanced Voice Recognition Systems (U.S.), Sensory Inc. (U.S.), MMODAL Inc. (U.S.)., LumenVox LLC. (U.S.), VoiceBox Technologies Corp. (U.S.), Agnitio S.L (Spain), Biotrust (Netherland), and ValidSoft UK Limited (U.K.) among others.
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