AI for Speech Recognition Market Scope
Speech recognition is a type of authentication technology that aids in receiving and comprehending human voice commands as well as carrying them out. This technique works by transforming commands into electronic signals, changing them into coding patterns, and transmitting them back to the device in digital format for final execution. Due to increases in processing capacity and improvements in internet connection, this technology has lately been adopted in mobile devices and other consumer goods, despite the fact that it was invented several decades ago. This tendency, combined with the growing popularity of artificial intelligence (AI) and virtual assistants like Apple Siri, Amazon Alexa, and Google Assistant, has fueled demand for this application in the electronics industry.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Nuance Communications (United States), Google LLC (United States), Amazon.com, Inc (United States), Apple, Inc. (United States), IBM Corporation (United States), Microsoft Corporation (United States), Baidu (China), iFLYTEK (China), Sensory, Inc. (United States) and LumenVox LLC (United States) |
CAGR | % |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global AI for Speech Recognition market throughout the predicted period.
Nuance Communications (United States), Google LLC (United States), Amazon.com, Inc (United States), Apple, Inc. (United States), IBM Corporation (United States), Microsoft Corporation (United States), Baidu (China), iFLYTEK (China), Sensory, Inc. (United States) and LumenVox LLC (United States) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global AI for Speech Recognition market by Type , by Application (Automotive, Marketing, Automotive and Healthcare) and Region with country level break-up.
On the basis of geography, the market of AI for Speech Recognition has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2022.
Influencing Trend:
Increasing Usage Of The AI-Based Voice Recognition Systems Develop Region
Market Growth Drivers:
Increasing Demand Of Smart Devices Among People
Challenges:
Growing The Concern Of Data Security And Privacy and High Cost Associated To Al For Speech Recognition
Restraints:
Technological Complexity Associated To Al For Speech Recognition
Opportunities:
Rising Adoption Of Speech Recognition In Various Sectors and Rising Digitization And Government Policies Favoring Incentives For Digitization
Key Target Audience
AI for Speech Recognition Provider, New Entrants and Investors, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others