According to the findings of a research report published by Grand View Research, Inc.; the global voice recognition market was valued at USD 55.17 billion in 2016. The market is estimated to reach a valuation of USD 127.58 billion by 2024. It is predicted to expand at a healthy CAGR of 11.0% during the forecast period i.e., from 2016 to 2024. Rapid development due to rising popularity of voice-activated appliances and devices such as thermostats, lights, and many other devices are anticipated to impel the market. Various benefits offered by this technology such as flexibility, better productivity, and easy accessibility are projected to boost the demand for advanced speech recognition systems during the next few years.
Popular trend of integrating voice recognition technology in automobiles due to various initiatives, such as ban on using mobile phones while driving, by different governments across the globe is also expected to have a huge impact on the product demand. In addition, focus of many prominent manufacturers on introducing innovative products is also expected to boost the market growth in near future. On the other hand, high costs associated with the artificial intelligence based (AI-based) voice recognition systems and solutions may have a negative impact on the global demand thereby restraining the market to a certain extent. Moreover, inability of this technology to perfectly identify speeches in regional accents is also likely to hamper the market development.
Full Research Report On Voice Recognition Market Analysis:
https://www.grandviewresearch.com/industry-analysis/voice-recognition-industry
However, voice recognition technology allows sending customized voice commands that further enable hands-free dictation thereby eliminating the need to open, edit, or send files. This factor may boost the global product demands augmenting the market over the coming years. Factors such as technological developments and wide usage of these solutions in almost all types of advanced electronic devices are also projected to drive growth in near future. Furthermore, rising demand for convenience and high comfort level is also predicted to fuel the market over the forecast period. Plus, continuous introduction of novel and enhanced devices is also expected to boost the global market during the next few years.
The global voice recognition market is categorized as per component, application, vertical, and region. On the basis of component, the market is trifurcated into software, hardware, and enhanced devices. The software segment is subcategorized into audio mining, speaker verification, and automatic speech recognition. On the basis of application, the market is segmented into Artificial Intelligence (AI) and non-AI. On the basis vertical, the market is segregated into Banking, Financial Services and Insurance (BSFI), retail, consumer, government, automobiles, home security and automation, healthcare, and others. On the basis of geographies, the global market is divided into Latin America, North America, Europe, Middle East and Africa (MEA), and Asia Pacific.
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In 2015, the North America regional market for voice recognition led the global market with the largest market share in terms of revenue. The region is expected grow further during the forecast years as a result of wide adoption and usage of this technology. The Asia Pacific region is also likely to have a rapid development in near future as a result of the strong presence of various international companies such as Baidu, Amazon.com, and Apple that are focusing on innovations in voice recognition technology. In addition, the presence of various prominent consumer electronics manufacturing companies such as Samsung Electronics Co. Ltd. having a strong distribution network in the region is also projected to spur the regional growth in near future.
Some of the top companies operating in the global voice recognition market include Amazon.com, Inc.; Alphabet, Inc.; Apple, Inc.; Nuance Communications, Inc.; and Baidu, Inc. Most of these companies focus on integrating the AI technology to introduce better, advanced products. The market players also focus on strategic partnerships and M&A activities as business development strategies and to strengthen their product portfolio and regional presence.
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