Voice and Speech Recognition Market Outlook, Development Factors and Forecast 2023-2028

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As per the latest report by IMARC Group, titled “Voice and Speech Recognition Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on voice and speech recognition market size. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global voice and speech recognition market reached a value of US$ 8.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 22.2 Billion by 2027, exhibiting at a CAGR of 18.25% during 2022-2027.

Voice and speech recognition refer to the technologies that enable computers and other digital devices to recognize and interpret human speech. These technologies use machine learning algorithms and statistical models to analyze and understand the audio signals produced by a person’s voice. Voice recognition systems are designed to identify and verify the identity of a speaker. In contrast, speech recognition systems are designed to transcribe spoken words into text or to interpret voice commands to control devices or perform actions. These technologies are used in various applications, from virtual assistants like Siri and Alexa to medical transcription and language translation services. They rely on advanced algorithms that use machine-learning techniques to identify patterns and patterns in human speech and continuously learn and improve over time.

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Market Trends:

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The global market is majorly driven by the increasing adoption of advanced electronic devices. In line with this, the rising use of voice biometrics and the growing demand for voice-driven navigation systems and workstations are significantly contributing to the market growth. Furthermore, the escalating popularity of the integration of voice-enabled in-car infotainment systems is positively influencing the market. Apart from this, the rising penetration of voice-enabled IoT devices in smart home automation is catalyzing the market. Moreover, the rapid usage of voice recognition technology in smartphones enables doctors and clinicians to translate their voices into detailed clinical description, which is recorded in the Electronic Health Record (EHR) system. This, in turn, is expected to bolster the market. Additionally, the rapid developments in machine learning and natural language processing is offering numerous opportunities for market expansion.

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Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

  • Nuance Communication
  • Microsoft
  • Google, Inc
  • IBM
  • Baidu, Inc
  • Facebook, Inc.
  • Apple, Inc.
  • Amazon, Inc.
  • Advanced Voice Recognition Systems
  • M2SYSLLC
  • Sensory
  • BioTrust ID B.V.
  • Voicebox Technologies

Voice and Speech Recognition Market Segmentation:

Our report has categorized the market based on region, technology, deployment mode, delivery methods and end-use.

Breakup by Technology:

  • Voice Recognition
  • Speech Recognition

Breakup by Deployment Mode:

  • On Cloud
  • On-Premises/Embedded

Breakup by Delivery Methods:

  • Artificial Intelligence (AI) Based
  • Non-Artificial Intelligence Based

Breakup by End-Use:

  • Automotive
  • Enterprise
  • Consumer
  • Banking, Financial Services, and Insurance (BFSI)
  • Government
  • Retail
  • Healthcare
  • Others

Breakup by Region:

  • North America (United States, Canada)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Others)
  • Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the report:

  • Market Performance (2016-2021)
  • Market Outlook (2022-2027)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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