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Voice recognition market analyzed in new reports

Voice recognition market analyzed in new reports

Voice and speech recognition technology is used extensively in a wide range of different applications. Google, for instance, uses it to improve its Voice Search capabilities, delivering better results for users who perform voice-based searches on their smartphones and devices.

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Even if you are unfamiliar with the technology, you've probably encountered -- or even used -- a voice or speech recognition system before. Free 4-1-1 business directory services often use voice recognition software to record users, at which point this data is used internally for the company's projects, or it's sold elsewhere.

Voice and speech recognition technology are designed to analyze a user's voice, recording this data for use in other applications. Many companies offer automated phone messaging systems that rely on such technology. Instead of talking to a human operator, for instance, the user talks to an automated system, which picks up his or her voice thanks to the software.

According to the Speech & Voice Recognition Market by Technology (Speech Recognition, Voice Recognition), Application (AI Based, Non AI Based), Vertical (Automotive, Consumer, Finance, Retail, Military, Healthcare & Government) and Geography - Global Forecast to 2022 report by RNR Market Research, the speech and voice recognition market is expected to grow at a compound annual growth rate (CAGR) of 15.78% and 23.66% respectively. In 2015, the speech recognition market was valued at $3.73 billion and the voice recognition market was valued at $440.3 million. By 2022, however, the voice recognition market is expected to increase to $1.99 billion and the speech recognition market to $9.97 billion.

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The report cites several factors for driving the speech recognition market, one of which is the increased usage of the technology in healthcare, financial and insurance sectors. Speech recognition is often used by companies in these sectors to monitor time and attendance, for which it works well. The voice recognition market is being driven by a growing usage of biometric solutions for remote authentication. But there are also constraints facing the market, such as the technical barriers to entry.

The Global Automotive Voice and Speech Recognition System Market 2016-2020 report by RNR Market Research is a second report on the voice and speech recognition market, although this one focuses specifically on systems used in automobiles. According to this report, the automotive voice recognition system market is expected to grow at a CAGR of 4.31% through 2020. Fueling this growth is the increased usage of independent component analysis (ICA) to solve LNI.

This report cites the Honda VR system as being one of the first automotive voice and speech recognition systems for use in automobiles. Of course, there are more than a dozen other systems now available, offering more options for the consumer. You can learn more about the different voice and speech recognition systems for use in automobiles by purchasing RNR Market Research's report.

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Paul HoskingPaul Hosking
Category: Team WhaTechCompany about: Paul Hosking, founder of WhaTech writes from his experience with Market Research Reports. Sharing the latest and most interesting reports. Giving investors the "heads up" on what's next!
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