Speech and Voice Recognition Market Size, Share & Industry Analysis, By Component (Solution, Services), By Technology (Voice Recognition, Speech Recognition), By Deployment (On-Premises, Cloud), By End-User and Regional Forecast, 2019-2026
Fortune Business Insightspublished the latest research report on the Speech and Voice Recognition Market. In order to comprehend a market holistically, a variety of factors must be evaluated, including demographics, business cycles, and microeconomic requirements that pertain precisely to the market under study. In addition, theSpeech and Voice Recognition Marketstudy demonstrates a detailed examination of the business state, which represents creative ways for company growth, financial factors such as production value, key regions, and growth rate.
- The Global Speech and Voice Recognition Market was estimated to be valued at USD 6.9 Billion in 2018.
- The growth rate of the Global Speech and Voice Recognition Market is 19.8 %, with an estimated value of USD 28.3 Billion by 2026.
- The Global Speech and Voice Recognition Market is estimated to be worth USD 28.3 Billion by 2026.
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Report Details:
| ATTRIBUTE | DETAILS |
| Market Size Value in 2018 | USD 6.9 Billion |
| Growth Rate | CAGR of19.8 % from2019-2026 |
| Revenue forecast in 2026 | USD 28.3 Billion |
Driving Factor:
Voice Controlled Devices to find Application in Various Sectors
Various factors are responsible for the growth of the global speech and voice recognition market. Speech and voice recognition helps to recognize phrases or words and converts them to a machine-readable format. Users can control devices with the help of speech and voice as the audio and text received by such devices automatically gets converted into a machine-friendly format, making it easier for humans to operate devices without having to indulge time and effort by operating other devices such as a mouse, keyboard, and others. This is a major factor promoting the growth of the global speech and voice recognition market and anticipated to continue doing the same during the forecast period.
Voice-controlled systems are increasingly used in smart cars, smart speakers, and other applications. Voice-controlled and speech-recognition systems are applicable in several industries such as the smartphone industry, assistance applications, embedded devices, dictation appliances, and others. As per the Adobe Analytics Survey, voice recognition used on smart speakers and smartphones today, are mostly used for searching music, fun questions followed by online search, maps and directions, weather forecast, news, and others. This indicates a remarkable speech and voice recognition market growth in the forecast duration.
However, the market may face rough waters in terms of lack of speech or voice accuracy and impaired speech. Such problems may not help the devices recognize command over voice or speech, and this may cause hindrance to the speech and voice recognition market revenue in the forecast duration.
Nevertheless, voice and speech recognition can be installed in other electronic devices such as mixers, and grinders, thermostats, refrigerators, and others in future and this is anticipated to create lucrative growth opportunities for the global market in the long run.
This Report Answers the Following Questions:
- What are the Speech and Voice Recognition Market growth drivers, hindrances, and dynamics?
- Which Speech and Voice Recognition Market companies would lead the market by generating the largest revenue?
- How will the companies surge the processes adoption amid the COVID-19 pandemic?
- Which region and segment would dominate theSpeech and Voice Recognition Market in the coming years?
Major companies in Speech and Voice Recognition Market Report are:
- Baidu
- Amazon
- Advanced Voice Recognition Systems
- Apple Inc
- IBM
- Microsoft
- Brianasoft
- Voicebox Technologies Corporation
- Fulcrum Biometrics
- Neurotechnology
- M2SYS Technology
- Sensory Inc.
- VoiceBase
- Auraya
- VoiceTrust
- Nuance Communications
- Raytheon Company
Pre-Post COVID-19 Impact on Global Speech and Voice Recognition Market
COVID-19 is an infectious disease caused by the most recently discovered novel corona virus. Largely unknown before the outbreak began in Wuhan (China) in December 2019, COVID-19 has moved from a regional crisis to a global pandemic in just a matter of a few weeks.
In addition, production and supply chain delays were also witnessed during the second quarter which poised a challenge to the Speech and Voice Recognition Market, since end-user industries were still not operating at their full capacity.
Secondary Research:
This research study made extensive use of secondary sources, directories, and databases such as Hoover’s, Bloomberg BusinessWeek, Factiva, and OneSource to identify and collect information useful for a technical, market-oriented, and commercial study of the global Speech and Voice Recognition Market. Other secondary sources included company annual reports, press releases, and investor presentations, white papers, certified publications, articles by recognized authors, manufacturer associations, trade directories, and databases.
Primary Research:
Various sources from both the supply and demand sides were interviewed during the primary research process to obtain qualitative and quantitative information for this report. Primary sources included industry experts from the core and related industries, as well as preferred suppliers, manufacturers, distributors, technology developers, researchers, and organizations from all segments of the value chain of this industry. To obtain and verify critical qualitative and quantitative information, in-depth interviews were conducted with a variety of primary respondents, including key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants.
Estimation of Market Size
The total size of the Speech and Voice Recognition Market was estimated and validated using both top-down and bottom-up approaches. These methods were also widely used to estimate the size of various market sub segments. The following research methodologies were used to estimate market size:
Extensive secondary research was used to identify the industry’s key players.
The revenues generated by the market’s leading players in molecular diagnostics have been determined through primary and secondary research.
All percentage shares, splits, and breakdowns were calculated using secondary sources and confirmed using primary sources.
KEY QUESTIONS ANSWERED:
- What is the Speech and Voice Recognition Marketsize and growth rate of the global and regional market by various segments?
- What is the Speech and Voice Recognition Market size and growth rate of the market for selective countries?
- Which region or sub-segment is expected to drive the market in the forecast period?
- What Factors are estimated to drive and restrain the Speech and Voice Recognition Market growth?
- What are the key technological and market trends shaping the market?
- What are the key opportunities in the market?
- What are the key companies operating in the market?
- Which company accounted for the highest Speech and Voice Recognition Market share?
Key Questions Answered in this Report
1) What were the pre and post-business impacts of COVID-19 on the Speech and Voice Recognition Market?
2) What is the market size, share?
3) Who are the top key players in the market?
4) What will be the future market of the Speech and Voice Recognition Market?
Key Offerings:
- Speech and Voice Recognition Market Size and Forecast by Revenue | 2022−2029
- Speech and Voice Recognition Market Dynamics Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation A detailed analysis by product, by types, end-user, applications, segments, and geography
- Competitive Landscape Top key vendors and other prominent vendors
Table of Contents with Major Points:
1.Executive Summary
1.1. Market Snapshot
1.2. Global and Segmental Market Estimates and Forecasts, 2018-2029 (USD Billion)
1.2.1. Speech and Voice Recognition Market, by Region, 2018-2029 (USD Billion)
1.2.2. Speech and Voice Recognition Market, by Type, 2018-2029 (USD Billion)
1.2.3. Speech and Voice Recognition Market, by Application, 2018-2029 (USD Billion)
1.2.4. Speech and Voice Recognition Market, by Verticles, 2018-2029 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
2.Global Speech and Voice Recognition Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition and Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
3.Global Speech and Voice Recognition Market Dynamics
3.1. Speech and Voice Recognition Market Impact Analysis (2018-2029)
3.1.1. Market Drivers
3.1.2. Market Challenges
3.1.3. Market Opportunities
4.Global Speech and Voice Recognition Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter’s 5 Force Model (2018-2029)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation and Conclusion
5.Global Speech and Voice Recognition Market, by Type
5.1. Market Snapshot
5.2. Global Speech and Voice Recognition Market by Type, Performance Potential Analysis
5.3. Global Speech and Voice Recognition Market Estimates and Forecasts by Type 2018-2029 (USD Billion)
5.4. Speech and Voice Recognition Market, Sub Segment Analysis
6.Global Speech and Voice Recognition Market, by Application
6.1. Market Snapshot
6.2. Global Speech and Voice Recognition Market by Application, Performance Potential Analysis
6.3. Global Speech and Voice Recognition Market Estimates and Forecasts by Application 2018-2029 (USD Billion)
6.4. Speech and Voice Recognition Market, Sub Segment Analysis
6.4.1. Others
7.Global Speech and Voice Recognition Market, by Verticles
7.1. Market Snapshot
7.2. Global Speech and Voice Recognition Market by Verticles, Performance Potential Analysis
7.3. Global Speech and Voice Recognition Market Estimates and Forecasts by Verticles 2018-2029 (USD Billion)
7.4. Speech and Voice Recognition Market, Sub Segment Analysis
8.Global Speech and Voice Recognition Market, Regional Analysis
8.1. Speech and Voice Recognition Market, Regional Market Snapshot
8.2. North America Speech and Voice Recognition Market
8.3. Europe Speech and Voice Recognition Market Snapshot
8.4. Asia-Pacific Speech and Voice Recognition Market Snapshot
8.5. Latin America Speech and Voice Recognition Market Snapshot
8.6. Rest of The World Speech and Voice Recognition Market
9.Competitive Intelligence
9.1. Top Market Strategies
9.2. Company Profiles
9.2.1. Keyplayer1
9.2.1.1. Key InDurationation
9.2.1.2. Overview
9.2.1.3. Financial (Subject to Data Availability)
9.2.1.4. Product Summary
9.2.1.5. Recent Developments
10. Research Process
10.1. Research Process
10.1.1. Data Mining
10.1.2. Analysis
10.1.3. Market Estimation
10.1.4. Validation
10.1.5. Publishing
10.2. Research Attributes
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