About Speech And Voice Recognition Technologies
Speech and voice recognition technologies provide the capabilities to any device and vehicle to understand spoken words. It consists of systems and software that helps in speech and voice recognition. The technologies include machine learning and AI technology, it focuses on the translation of speech from a verbal format to text, it intelligently identifies an individual's speech or voice.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Competition among existing players is due to the Speech And Voice Recognition Technologies market share occupied by leading players. The industry leader is engaged in offering innovative and superior quality products to cater to the ever-growing demand for Speech And Voice Recognition Technologies Market. The companies are implementing strategic activities such as acquisitions and mergers along with collaboration with companies in other industries to aid them in improving sustenance and maintaining their competitive advantage. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Speech And Voice Recognition Technologies market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Verizon (United States), Apple (United States), IBM (United States), Alphabet (Google LLC) (United States), Microsoft Corporation (United States), Amazon Web Services (United States), LumenVox (United States), Sensory, Inc. (United States), Audio Analytic (United Kingdom) and Baidu (China) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Speech And Voice Recognition Technologies market by Type (Embedded and Cloud-based), Application (Voice Commands, Speech to Text, Marketing/Customer Service and Voice Biometrics) and Region.
On the basis of geography, the market of Speech And Voice Recognition Technologies 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). North America region held largest market share in the year 2023. If we see Market by Components, the sub-segment i.e. Hardware will boost the Speech And Voice Recognition Technologies market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Industry Vertical, the sub-segment i.e. Automotive will boost the Speech And Voice Recognition Technologies market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Recognition System, the sub-segment i.e. Speaker Dependent Systems will boost the Speech And Voice Recognition Technologies market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Application of Speech And Voice Recognition Technologies in Automotive
Market Growth Drivers:
Growing Advancement in the Voice Recognition Technology Used in Various Applications and Increasing Demand for Voice-Enabled Payments and Shopping Systems
Challenges:
Accuracy and Misinterpraration Related Risk Associated with Speech And Voice Recognition Technologies Market
Restraints:
Stringent Regulatory Compliances with the Speech And Voice Recognition Technologies Market
Opportunities:
Surging Business Opportunities for Voice Search in Local Businesses and The rising Gaming Industry will Boost the Speech And Voice Recognition Technologies Market
Market Leaders and their expansionary development strategies
In July 2021, Sensory Inc., announced the integration of its TrulyNatural embedded speech recognition software within the latest public beta release of Zoom Rooms for Android, iOS, MacOS, and Windows. Powered by Sensory, voice commands are now supported on all Zoom Rooms platforms. and In February 2021, Sensory released Voicehub, a free tool that improves voice recognition. Audio is buzzing throughout the venture capital world right now. The investor interest in audio has coincided with breakthroughs in NLP technology: Automated speech recognition technology can now reach 95% accuracy.
"The volume of voice data within contact centers is vast. Transcribing voice data into text is the first step in understanding the content and context of a conversation. Contact centers can transform voice data into the text to gain new and valuable insights to reduce the risk of regulation and compliance breaches. Businesses can improve process efficiency, streamline workflows, reduce customer churn, deliver better customer experiences and ultimately reduce costs and protect their brand."
Key Target Audience
Speech And Voice Recognition Technologies Providers, Speech And Voice Recognition Technologies Industry Associations, Research and Development Institutes, Potential Investors, Regulatory Bodies and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.