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The speech and voice recognition market is likely to reach $18.30 billion by 2023 at a CAGR of 19.80% according to new research report

The speech and voice recognition market is likely to reach $18.30 billion by 2023 at a CAGR of 19.80% according to new research report

The speech and voice recognition market is expected to be valued at $6.19 billion in 2017and is likely to reach $18.30 billion by 2023, at a CAGR of 19.80% between 2017 and 2023.

- Agency -.

“Speech and voice recognition market projected to grow at a CAGR of 19.80% between 2017 and 2023”

The speech and voice recognition market growth is driven by the growing impact of artificial intelligence (AI) on the accuracy of speech and voice recognition and the increased demand for multifactor authentication. However, oligopoly in the development of speech and voice recognition technology using neural networks is a restraint for this market.

Browse 72 Market Data Tables and 49 Figures spread through 165 Pages and in-depth TOC on "Speech and Voice Recognition Market - Global Forecast to 2023"

www.rnrmarketresearch.com/speech-v…arket-report.html .

The key players operating in the market include:

  1. Nuance Communications, Inc. (US)
  2. Microsoft Corporation (US)
  3. Alphabet Inc. (US)
  4. Cantab Research Limited (UK)
  5. Sensory, Inc. (US)
  6. ReadSpeaker Holding B.V. (Netherlands)
  7. Pareteum Corporation (US)
  8. Iflytek Co., Ltd. (China)
  9. VoiceVault Inc. (US)
  10. VoiceBox Technologies Corp. (US)
  11. LumenVox, LLC (US)
  12. Acapela Group SA (Belgium)

Report at www.rnrmarketresearch.com/contacts…mple?rname=608904 .

- Agency -.

This research study is obliging for following audience:

  1. Banking, financial services, and insurance providers
  2. Speech and voice recognition application developers/traders/suppliers
  3. Speech and voice recognition patent assignees
  4. Smart home and home automation product manufacturers
  5. Autonomous car developers and manufacturers
  6. Research institutes and organizations
  7. Virtual assistant product manufacturers
  8. Consumer electronics manufacturers
  9. Healthcare service providers
  10. Government agencies

Report at 

www.rnrmarketresearch.com/contacts/608904 .

“Speech recognition technology expected to hold largest share of market during forecast period”

The speech recognition technology is expected to hold the largest share of the market during the forecast period due to its growing use in multiple applications owing to the continuously decreasing word error rate (WER) of speech recognition algorithm with the developments in natural language processing and neural network technology. The speech recognition technology finds applications mainly across healthcare and consumer electronics sectors to produce health data records and develop intelligent virtual assistant devices, respectively.

Report at www.rnrmarketresearch.com/contacts/?rname=608904 .

“Speech and voice recognition market for consumer vertical expected to grow at highest CAGR during forecast period”

The market for the consumer vertical is expected to grow at the highest CAGR during the forecast period. The key factor contributing to this growth is the ability to integrate speech and voice recognition technologies into other consumer devices, such as refrigerators, ovens, mixers, and thermostats, with the growth of Internet of Things.

Report at www.rnrmarketresearch.com/contacts/?rname=608904 .

“Speech and voice recognition market in APAC expected to grow at highest CAGR during forecast period”

The speech and voice recognition market in APAC is expected to grow at the highest CAGR during the forecast period. The key factor contributing to the growth of the speech and voice recognition market in APAC is the increasing awareness among masses and lowered costs of biometric devices.

The Americas is expected to hold the largest share of the market in 2017. This can be attributed to the increase in the deployment of biometric systems to ensure high level of security in countries such as the US, Canada, and Mexico.

Following is the breakdown of primary participants’ profiles by different parameters:

  • By Company Type: Tier 1 –43%, Tier 2 – 19%, and Tier 3 – 38%
  • By Designation: C-Level Executives–39%, Directors– 27%, and Others –34%
  • By Region: Americas– 24%, Europe– 20%, APAC–37%, and RoW – 19%

Research Coverage: The report covers the following market segments: technology, vertical, and geography. The report offers a detailed view of the market across 4 main regions—Americas, Europe, APAC, and RoW (comprising the Middle East and Africa).

The strategic bench marking has also been included in the report.

Reasons to Access the Report:

  1. This report includes statistics pertaining to the speech and voice recognition market by technology, vertical, and geography.
  2. The report includes competitive leadership mapping of ~25 global companies.
  3. It provides major drivers, restraints, challenges, and opportunities for the speech and voice recognition market.
  4. The report includes illustrative segmentation, analysis, and forecast for the speech and voice recognition market based on its segments and subsegments.

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