Voice and Speech Recognition Market: Technological Advancements, Evolving Industry Trends and Insights

Voice and speech recognition form a smaller part of the biometric systems. Speech recognition refers to the process of converting spoken words into digitally modified and stored set of words with the help of telephones and microphones.The speed which measures how well the software matches with a human speaker and accuracy which measures the number of errors made during the conversion of spoken words into digitalized data, are the two parameters which assess the quality of a speech recognition system.

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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However, impaired speech, lack of accuracy, and improper encoding, leading to error in data processing, and lack of efficient training to recognize different voices are some of the factors which are expected to diminish the growth of the global voice and speech recognition market.

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.

However, the healthcare sector is anticipated to be the fastest growing end-use industry segment owing to widespread use of voice and speech recognition techniques for health checkups and for connecting a doctor and patient in the absence of physical presence of both.

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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