Voice Recognition Market, [By Component (Hardware, Software, Services); By Interface (AI-Based, Non-AI Based); By End-User (Automotive, Healthcare, BFSI, Consumer, Retail, Commercial, Others); By Region]: Market Size & Forecast, 2018 – 2026
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Voice Recognition is specialized software developed for identification, authentication, and interpretation of voice commands from users. Consumers use voice recognition solutions in homes and businesses to speak to their computers or other devices, and have words converted into text via word processing and voice recognition.
Voice recognition solutions offer functions such as setting an alarm, opening files, and making a reservation among others. Some mobile apps are also customized for business requirements such as medical or legal transcriptions.
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Use of voice recognition solutions offer benefits such as easier and faster operations, error reduction, enhanced productivity, and improved safety among others.
North America generated the highest revenue in the Voice Recognition Market in 2017 owing to increasing demand of voice recognition solutions from industries such as healthcare, automotive, and BFSI. Introduction of technologically advanced and customized voice recognition solutions by market players in the region and growing adoption of smart homes boost the adoption of voice recognition solutions.
Voice Recognition Market generated $62.2 billion in 2017 and is anticipated to grow at a CAGR of 10.7% during the forecast period.
The demand for voice recognition solutions has increased in the automotive industry over the years owing to increasing modernization of vehicles, and rising development of autonomous vehicles. The increasing use of voice recognition solutions in mobile banking apps, and electronic health record applications has resulted in Voice Recognition Market growth during the forecast period.
The increasing popularity of voice assistive systems, and growing demand from the commercial sector owing to greater accuracy and precision, time efficiency, and reduced human errors is also expected to supplement the growth of market. Rising demand from emerging economies and technological advancements support the growth of the market.
The leading companies profiled in Voice Recognition Market report include: -
- Google Inc.
- Baidu Inc.
- Facebook Inc.
- Amazon.com Inc.
- Advanced Voice Recognition Systems Inc.
- Apple Inc.
- CastleOS Software
- International Business Machines Corporation
- Microsoft Corporation
- Nuance Communications Inc.
The report provides an extensive qualitative and quantitative analysis of the market trends and growth prospects of the Voice Recognition Market. This report comprises a detailed geographic distribution of the market across North America, Europe, APAC and South America, and MEA.
North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, UK, Italy, France, and Rest of Europe.
Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific.
Voice Recognition Market is characterized by the presence of well-diversified international and small and medium-sized vendors. These companies are consistently launching new products to enhance their offerings in the market.
With the advancement of technologies, companies are innovating and introducing new customized products to cater the growing needs of the customers. Leading companies are also acquiring other companies, and enhancing their product offerings to improve their market reach.
Acquisitions enable key players to increase their market potential in terms of geographic expansion and expansion of customer base.
TOC of Voice Recognition Market:
Chapter 1. Overview and Scope
Chapter 2. Market Summary
Chapter 3 Voice Recognition Market Size and Forecast
Chapter 4. Dynamics and Segmentation
Chapter 5. Detailed Insight on Key Company
Chapter 6. Research Methodology and Reference
Chapter 7. Competitive Landscape
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