Global Voice And Speech Recognition Software Market Overview:
Voice and speech recognition form a smaller part of biometric systems. Speech recognition refers to the process of converting spoken words into digitally modified and stored phrases using telephones and microphones. The speed at which it measures how well the software matches a human speaker and the accuracy with which it measures the number of mistakes made in converting spoken words into digitized data are the two parameters that determine the Assess the quality of a speech recognition system. The speech recognition system analyses the identity of the speaker behind a particular voice. It analyses the voice between different speakers by examining the behaviour patterns of different people, such as: Examines the subject's pitch, speaking style, accent, and others, and also examines the subject's mouth and throat shape and size.
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Growing Impact of AI on the Accuracy of Speech and Voice Recognition and Large Scale Implementation of Biometric Systems Owing To Increasing Security Concerns
Market Growth Drivers:
High Growth Potential in Healthcare Application, Growing Demand for Voice Authentication in Mobile Banking Application and Rapid Increase of Multifunctional Devices or Smart Speakers
Challenges:
Lack of Efficient Training to Recognize Different Voices
Restraints:
Impaired Speech and Lack of Accuracy and Leading To Error in Data Processing
Opportunities:
Adoption of Voice and Speech Recognition Techniques in Other Consumer Electronics Devices and Investment in Research and Development for Automated Speech Recognition Software
Competitive Landscape:
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products, and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies.
Some of the key players profiled in the report are Microsoft Corporation (United States), Alphabet Inc. (United States), Nuance Communications (United States), Sensory Inc. (United States), Cantab Research (United Kingdom), Readspeaker Holding (Netherlands), Pareteum Corporation (United States), iFlytek (China), Voicevault (United States) and Voicebox Technologies (United States). Additionally, following companies can also be profiled that are part of our coverage like Lumenvox (United States) and Acapela Group (Belgium). Analyst at AMA Research see United States Players to retain maximum share of Global Voice And Speech Recognition Software market by 2028. Considering Market by Deployment Mode, the sub-segment i.e. On Cloud will boost the Voice And Speech Recognition Software market. Considering Market by Technology, the sub-segment i.e. Artificial Intelligence Based will boost the Voice And Speech Recognition Software market.
Latest Market Insights:
In April 2021, Microsoft accelerates its healthcare industry cloud strategy with the acquisition of Nuance. Acquisitions will bring together solutions and expertise to deliver new cloud and AI capabilities across healthcare and other industries.
In July 2021, Sensory Inc., a recognized leader in Edge AI, announced the integration of TrulyNatural embedded speech recognition software within the latest public beta release of Zoom Rooms for Android, iOS, MacOS and Windows. Voice commands powered by Sensory are now supported on all Zoom Rooms platforms. With this update, Zoom native voice commands support expanded functionality and all voice commands are processed locally rather than in the cloud. Zoom Rooms participants can now verbally 'wake up' the room system by saying 'Hello Zoom', as well as use commands such as 'Start Meeting', 'Leave Meeting', and 'Check In'. Create hands-free meetings that are secure, private and effective.
What Can be Explored with the Voice And Speech Recognition Software Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Voice And Speech Recognition Software Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Voice And Speech Recognition Software
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Voice And Speech Recognition Software market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Voice And Speech Recognition Software market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Providers of Speech & Voice Recognition Software, Potential Technology Investors, Regulatory & Government Bodies, End Users, Downstream Vendors and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.