Global Speech & Voice Recognition Solutions Market: Introduction
Speech & voice recognition solutions are software programs that work by analyzing sounds and converting them to text. These solutions apply the probability and knowledge of how English is usually spoken to decide what the speaker said. The recognition rate of speech & voice recognition solutions is nearly 95% if an individual speaks with clarity.
Speech & voice recognition solutions are generally a substitute for typing on a keyboard. The solution was developed to provide a fast method of writing on a computer and can help people with disabilities.
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Global Speech & Voice Recognition Solutions Market – Dynamics
Increasing Adoption of Smart Technologies driving the Growth of the Speech & Voice Recognition Solutions Market
Rising Adoption of Smartphones and Smart Devices across the Globe
Demand for speech & voice recognition solutions is also spiked by the demand of smartphones and smart devices has increased rapidly across the globe in the past few years. Demand for smartphones is increasing rapidly within developing countries such as India, China, Indonesia, and Malaysia. Within North America, adoption of smartphones is already very high whereas usage of smart devices such as smart watches and smart wearable are increasing annually at a healthy CAGR. Demand for these devices is eventually driving the demand for speech & voice recognition solutions.
Rising Demand for Speech-Based Biometric Systems for Multifactor Authentication
Demand for multiple authentication systems across the globe is increasing. Industries such as banking and healthcare have adopted speech-based biometric systems to access information. The identification system industry is highly volatile in nature where new and updated technology is preferred by end-users for authentication. Demand for speech & voice recognition solutions is thus increasing with the increasing demand for speech-based biometric systems..
Pricing Issue of Devices which Deploy Speech & Voice Recognition Solution Restricting the Growth of the Market
Lack of 100% Accuracy
Although speech & voice recognition solutions provide voice to text service, the level of accuracy depends upon the clarity of the speech. Pronunciation of a word or sentence may not be very clear in areas with low literacy rate making it difficult to be processed by the solution. On an average, the accuracy rate of a speech & voice recognition system is 90%-95% with clarity. Lack of 100% accuracy is expected to restrain the growth of the speech & voice recognition solutions market.
North America Expected to Dominate the Global Speech & Voice Recognition Solutions Market
In terms of region, the global speech & voice recognition solutions market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is expected to dominate the global speech & voice recognition solutions market during the forecast period, as the adoption of smart devices and level of literacy is high within this region as compared to other regions.
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Global Speech & Voice Recognition Solutions Market – Competition Landscape
- In July 2018, an improved speech-to-text service was launched by Google for developers. A major reduction in word errors of around 54% across all of Google’s tests was observed before launching of this speech-to-text service.
- In January 2018, RECAIUS voice trigger speech recognition middleware for embedded devices was launched byToshiba Digital Solutions Corporation. It can be integrated in multiple applications such as smart speakers, robots, home appliances, and in-car devices.
Established in 1975, Microsoft Corporation is headquartered in Washington, the U.S. Microsoft is a technology firm offering customers with solutions and services, broadly categorized under the following business segments – Productivity and Business Processes, Intelligent Cloud, and Personal Computing. The Speech to Text API of Microsoft Corporation is part of Azure Cognitive Speech Services.
Nuance Communications, Inc.
Founded in 1992, Nuance Communications, Inc. is headquartered in Burlington, Massachusetts. The U.S. The company provides embedded speech recognition, telephone call steering, medical transcription systems, and automated telephone directory services. The company is highly focused on providing its speech & voice recognition solution to the healthcare industry where it can be used by turning clinician dictations into formatted documents automatically.
Global Speech & Voice Recognition Solutions Market: Segmentation
The global speech & voice recognition solutions market can be segmented based on:
- Delivery Mode
Global Speech & Voice Recognition Solutions Market, by Delivery Mode
Based on delivery mode, the global speech & voice recognition solutions market can be divided into:
- Artificial Intelligence Based
- Non-artificial Intelligence Based
Global Speech & Voice Recognition Solutions Market, by Deployment
Based on deployment, the global speech & voice recognition solutions market can be segregated into:
Global Speech & Voice Recognition Solutions Market, by End-user
In terms of end-user, the global speech & voice recognition solutions market can be segregated into:
Regional analysis of the global speech & voice recognition solutions market includes:
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.