What is Speech Recognition Software?
The speech recognition software is a computer program that allows users to converts human speech input, transcript it into text form, and interprets the voice. The software can be operated in the windows, android, iOS, and another device, it breaks down the audio of speech, analyzing each voice or sound by the use of algorithms to fit into the particular language. The software can be used in various industries with the growing technological advancement for better performance in the business operation providing efficiency, effectiveness, and reduced time.
The market study is broken down by Type (Isolated Word Recognition, Keyword Spotting and Continuous Speech Recognition) and major geographies with country level break-up.
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.
IBM (United States), Microsoft Corporation (United States), Apple Inc. (United States), Nuance Communications (United States), AT&T Inc. (United States), Raytheon BBN Technologie (United States), Sensory, Inc. (United States), Dolbey (United States), LumenVox (United States) and Voxeo Corporation (United States) are some of the key players that are part of study coverage.
Segmentation Overview
AdvanceMarketAnalytics has segmented the market of Global Speech Recognition Software market by Type, Application and Region.
On the basis of geography, the market of Speech Recognition Software 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). If we see Market by Pricing Option, the sub-segment i.e. Monthly Subscription will boost the Speech Recognition Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Industry Verticals, the sub-segment i.e. Healthcare will boost the Speech Recognition Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Device, the sub-segment i.e. Windows will boost the Speech Recognition Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Deployment, the sub-segment i.e. Cloud-based will boost the Speech Recognition Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Features, the sub-segment i.e. Audio Capture will boost the Speech Recognition Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
On 5th April 2020, Apple acquires AI speech recognition startup Voysis. Voysis works specifically in the speech recognition domain and develops tech that makes it easier for digital voice assistants to understand a user’s natural language.
Market Trend
- Integration of Artificial Intelligence in the Speech Recognition Software
- Rising Technological Advanacemsnt in the Speech Recognition Software
Market Drivers
- Demand for the Speech Recognition Technology in Mobile Phones and Other Digital Devices
- Ease of Conversion of Text into the Speech Form While Driving Preventing the Hustle of Picking Up Phone for Task
Opportunities
- Rising Spendings of People on the Technically Advanced Devices
Restraints
- Privacy Related Issues with the Speech Recognition Software
Challenges
- Troubleshooting Problem with the Speech Recognition Software
Key Target Audience
Speech Recognition Software Developers, Speech Recognition Software Industry Association, 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 the 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 purpose to understand companys positioning regarding 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 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, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.