What is Speech Technology Market?
Speech Technology is a type of computing technology that allows the electronic device to recognize, analyze and understand spoken words. It’s the same as machine learning designed to duplicate and respond to the human voice. It is widely used for voice-disabled, hearing-disabled, and blind people for communication purposes without a keyboard.
Highlights from Speech Technology Market Study
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | Acapela Group (Belgium), AIBrain (United States), Alphabet (United States), Amazon Web Services (United States), Anki (United States), Apple (United States), Baidu (China), Cantab Research (United Kingdom), Facebook (United States) and Iflytek (China) |
Global Speech Technology is a fragmented market due to the presence of various players. The players are focusing on investing more in Launching New Technologies. These will enhance their market presence. The companies are also planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge.
Acapela Group (Belgium), AIBrain (United States), Alphabet (United States), Amazon Web Services (United States), Anki (United States), Apple (United States), Baidu (China), Cantab Research (United Kingdom), Facebook (United States) and Iflytek (China) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Lumenvox (United States), M2sys (United States) and Microsoft (United States). Speech Technology Market Segmentation:
Scope | Sub-Segments |
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Application / End User | Aerospace & Defence Security, Government & Public Sector, Healthcare & Life Sciences, IT & Telecommunication, Personal Assistance, Retail and Automotive |
Function | Interactive Voice Response (IVR),Real-time Speech to Text Conversion,Speech Analytics,Speech Recognition,Speech Synthesis,Speech Verification |
Delivery Method | Artificial Intelligence Based,Non-Artificial Intelligence Based |
Deployment | On-Cloud,On-Premise |
On the basis of geography, the market of Speech Technology 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). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Surging Technological Development across the Globe and Rising Government Spending on the Education Sector for Disabled Students
Market Growth Drivers:
Growing Demand for Speech Technology for Multifactor Authentication and Increasing Applications of Speech Technology in Aerospace, Healthcare and IT and Telecommunication Sector
Challenges:
Stringent Guidelines for the Development of Speech Technology
Restraints:
Rising Number of Substitutes and High Cost Required for the Implementation of Speech Technology
Opportunities:
Increasing the Implementation of Speech Technology will create Opportunities for Market Growth.
Key Target Audience
Speech Technology, Regulatory Bodies, Potential Investors, Research and Development Institutes and Others
Market Leaders & Development Strategies
On 12th April 2021, Microsoft has acquired Nuance Communications. The transaction helps to increase the global presence of Microsoft with voice transcription and related artificial intelligence software.
On 2nd December 2019, Amazon Web Services has announced the launch of Amazon Transcribe Medical. It is an automatic speech recognition service that converts clinician and patient speech to text. Amazon Transcribe Medical also accurately transfers all medical terminologies like medicine names, procedures, and others.