Speech & Voice Recognition Systems Market - Growth, Trends and Forecast (2022 - 2027) By Types, By Application, By Regions and By Key Players - Dictation, AbilityNet, Microsoft, Alphabet, Sensory, Iflytek

Acknowledging the kind of traction gained by this market, recently published a study report asserts the global Speech & Voice Recognition Systems Market size is projected to accrue voluminously by 2027 registering a phenomenal CAGR of around 19.8% during the review period (2022 to 2027).

Speech & Voice Recognition Systems Market Overview

The increasing requirement of authentication in the BFSI industry is expected to improvement the voice recognition market; the application comprises voice gratitude as a form of biometrics to tackle fraudulent transactions. Giving to Tsinghua University, in China, the demand for biometric recognition technologies in China is predictable to reach CNY 34 billion by 2021.

Various consumer demographics have highly adopted Voice-based searches. ComScore, an American Analytics Company, predicted that 50% of the searches are projected to be voice searches in upcoming years. The acceptance of voice recognition technologies adds to the efficiency of various procedures as an average person can speak about 150 words per minute though only 60 words can be typed in a minute on average.

Who are the Major Players in Speech & Voice Recognition Systems Market?

The Speech & Voice Recognition Systems Market is growing at a very fast pace and has seen the focus of many local and regional vendors offering precise application products for multiple end users. The three dependencies for the status of major companies in the market are: company profile, profitable gross margin, the prices they charge. These are the main players in this market includes Dictation, AbilityNet, Microsoft, Alphabet, Sensory, Iflytek, Raytheon BBN Technologies, Nuance

Industry News:

 March 16, 2022 — On Wednesday, Microsoft Corp. released its second annual Work Trend Index report, “Great Expectations: Making Hybrid Work .” The company also announced new features across Microsoft Teams, Microsoft 365, Surface Hub and Microsoft Viva to empower hybrid work and address employees’ new expectations for the workplace.

What are the major Applications, Types and Regions for Speech & Voice Recognition Systems Market?

By Type, it is segmented into

• Hardware


• Software


• Others

By Applications it is segmented into

•  Consumer Entertainment


•  Telematics


•  Home Applications


•  Enterprise Applications


• Other

Speech & Voice Recognition Systems Market Regional Analysis

Geographically, the highest speech and voice recognition market revenue was registered in North America. The North America market was valued at US$ 2934.5 Mn in 2018. This is owing to the large-scale deployment of smart devices and surge in adoption of technologically advanced devices such as IoT and AI that is compelling people in the U.S.  and Canada to opt for voice recognition devices. An estimate of one-third people in developed nations such as the U.S. is anticipated to use voice recognition devices in near future. Another factor helping North America market to continue its dominance in the coming years is the presence of major company bases such as Raytheon BBN, AT & T, and others in its developed nations.

All these factors greatly affect the Speech & Voice Recognition Systems market growth. It further aims at providing complete overview on detailed assessment of significant features of different industries including sales volume, market revenue, and demand size, sales growth, pricing analysis and changing market growth factors in regions such as Follows,

• North America
  
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East & Africa
  
  
  • Latin America
  
  
  
  

The Speech & Voice Recognition Systems Market describes the factors driving the global growth opportunities in upcoming years and highlights market channels. In addition, the report analyzes market size and share, trends, by geographic region, end-use type and segment. It focuses extensively on revealing a detailed regional analysis. The Global Speech & Voice Recognition Systems Market report also conducted a PESTEL analysis of the industry to study the main influencing factors and entry barriers of the industry.

What is our Speech & Voice Recognition Systems Market report scope?

Key Takeaways from this Speech & Voice Recognition Systems Report

• Evaluate Speech & Voice Recognition Systems market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, end use applications and by different industry verticals.


• Understand the different dynamics influencing the market - growth driving factors, specific challenges and hidden opportunities.


• Get in-depth insights on your competitor performance – revenue, shares, business strategies, financial benchmarking, product benchmarking, SWOT analysis and more.


• Analyze the sales and distribution channels across geographies to enhance top-line revenues.


• Understand the demanding supply chain with a deep dive on the value augmentation at each, in order to optimize value and bring efficiencies in your processes.


• Get a quick outlook on the Speech & Voice Recognition Systems market entropy - M&A's, deals, partnerships, product launches of all key players for the past 4 years.


• Evaluate the import-export statistics, supply-demand and competitive landscape for more than top 20 countries globally for the market.

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Who are the key players in Speech & Voice Recognition Systems Market?

Dictation, AbilityNet, Microsoft, Alphabet, Sensory, Iflytek, Raytheon BBN Technologies, Nuance

What regions does this Speech & Voice Recognition Systems Market report cover?

North America (the United States, Canada, and Mexico)

Europe (Germany, France, UK, Russia, and Italy)

Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)

South America (Brazil, Argentina, Colombia, etc.)

The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)

What are the significant types of Speech & Voice Recognition Systems Market?

Hardware, Software, Others

What are the major end-use applications of the Speech & Voice Recognition Systems Market?

Consumer Entertainment,  Telematics,  Home Applications,  Enterprise Applications, Other

All our reports are custom made to your company needs to a certain extent, we do provide 5 free consulting hours along with purchase of each report, and this will allow you to request any additional data to customize the report as your needs.