Voice and speech recognition form a smaller part of the biometric systems. Speech recognition refers to the process of converting spoken words into digitally modified and stored set of words with the help of telephones and microphones.The speed which measures how well the software matches with a human speaker and accuracy which measures the number of errors made during the conversion of spoken words into digitalized data, are the two parameters which assess the quality of a speech recognition system. The voice recognition system analyses the identity of the speaker behind a particular voice. It analyses the voice between different speakers by studying the behavioral patterns of different people, such as the concerned person’s voice pitch, speaking style, accent and others, and also studies the shape and size of the mouth and throat of the concerned person.
Rise in adoption of voice and speech enabled applications in smart phones, growing use of speech and voice recognition technology in mobile banking services, integration of speech and voice recognition techniques in consumer electronics, and advent of internet of things, are some of the factors which are expected to play a crucial role in driving the growth trajectories of the global speech and voice recognition market.
However, impaired speech, lack of accuracy, and improper encoding, leading to error in data processing, and lack of efficient training to recognize different voices are some of the factors which are expected to diminish the growth of the global voice and speech recognition market.
Adoption of voice and speech recognition techniques in other consumer electronics devices apart from smart phones, such as refrigerators, thermostats, mixer and grinders, and others are expected to create further growth opportunities in the global voice and speech recognition market.
The global voice and speech recognition market has been segmented based on type, technology, and geography. Based on technology, the market has been further sub-divided into voice recognition technology and speech recognition technology. Based on type, the market has been segmented into artificial intelligence and software technologies. Artificial intelligence is used in voice and speech recognition techniques to study the thought process of human beings with the help of computers and robots. Software technologies are used to analyze recording documents at work. Software technologies work in sync with emails and Microsoft Office. Further, the market has been segmented based on end-use industry and geography. Based on end-use industry, the market has been segmented into consumer electronics industry, automotive industry, healthcare, military and defense, and others. Voice and speech recognition technique finds maximum usage in the consumer electronics industry owing to growing number of voice and speech enabled applications in smart phones. However, the healthcare sector is anticipated to be the fastest growing end-use industry segment owing to widespread use of voice and speech recognition techniques for health checkups and for connecting a doctor and patient in the absence of physical presence of both.
In terms of region, the market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific is projected to lead the market due to rise in production of smart phones and other consumer electronics. Investment in research and development for automated speech recognition systems in the healthcare sector is also expected to play a crucial role in driving the growth trajectories of the voice and speech recognition market in this region. Further, large scale implementation of biometric systems owing to increasing security concerns is also expected to push the market further, thereby making Asia Pacific the fastest growing market.
Key players operating in the voice and speech recognition market are Microsoft Inc. (U.S), Nuance Communications (U.S.), M2SyS LLC (U.S.), Advanced Voice Recognition Systems (U.S.), Sensory Inc. (U.S.), MMODAL Inc. (U.S.)., LumenVox LLC. (U.S.), VoiceBox Technologies Corp. (U.S.), Agnitio S.L (Spain), Biotrust (Netherland), and ValidSoft UK Limited (U.K.) among others.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold 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.
This intelligence report by TMR is the outcome of intense study and rigorous assessment of various dynamics shaping the growth of the market. TMR nurtures a close-knit team of analysts, strategists, and industry experts who offer clients tools, methodologies, and frameworks to make smarter decisions. Our objective, insights, and actionable analytics provide CXOs and executives to advance their mission-critical priorities with confidence.
The scrutiny of the various forces impacting the dynamics of the market, and key and associated industries, guides enterprises in understanding various consumer propositions. Our clients leverage these insights and perspectives to enhance customer experience in the fast-paced business environment.
All our insights and perspectives are broadly based on 4 Pillars or Stages: ASBC-S, which offer an elaborate and customizable framework for the success of an organization. The essence and the roles of these in organizational successes are highlighted below:
- Agenda for CXOs: TMR, through the study, sets the tone for agendas that are pertinent to CEOs, CFOs, CIOs, and other CXO executives of businesses operating in the market. The perspectives help our clients to bridge the gap between agenda and action plan. TMR strives to offer guidance to CXOs to undertake mission-critical activities empowered by various business analysis tools, and boost the performance of the organizations. The perspectives guide you to decide on your own marketing mix that align well with the policies, visions, and mission.
- Strategic Frameworks: The study offers how organizations are setting both short-term and long-term strategic plans. Our team of experts collaborate and communicate with you to understand these to make your organizations sustainable and resilient during tough times. The insights help them decide sustainable competitive advantage for each business units.
- Benchmarking for Deciding Target Markets and Brand Positioning: The assessments in the study provides a scrutiny of marketing channels and marketing mix. Our various teams work synergistically with you to help identify your actual and potential direct, indirect, and budget competition areas. Additionally, the study helps you decide most effective budgets for various processes and promotional activities. Furthermore, the study guides you to set benchmarks for integrating people and processes with the 4Ps of marketing. Eventually, this will empower you to find out unique propositioning strategies and niches.
- Business Composability for Sustainability (C-S): Constant strategy planning for sustainability characterizing our C-S framework in the report has become more relevant than before in the face of disruptions caused by pandemics, recessions, boom and bust cycles, and changing geopolitical scenario. The TMR study offers a high level of customization to help you achieve business composability. Composable enterprises are increasingly gaining the attention of CXOs in order to help them combat market volatility. Our analysts and industry experts help you wade through such uncertainties and guide you to become a smart sustainable business in entirety.
The study presents scrutiny of region-specific consumer and technology trends, including the most recent industry dynamics. These broadly cover but not limited to
- North America, South America, and the Americas
- Asia Pacific and Japan
- Latin America
- Middle East and Africa
The study offers data-driven insights and guidance of several aspects. Some of the more notable questions are:
- What are the major recent trends that can influence the product life cycle and the RoI?
- Which regulatory trends shape corporate-level, business-level, and functional-level strategies?
- Which micromarketing initiatives of leading players will bring in investments?
- What can be the best framework and tools for PESTLE analysis?
- Which regions will witness rise in new opportunities?
- Which are the game-changing technologies being used to capture new revenue streams in the near future?
- Which operational and tactical frameworks are being adopted by various players in gaining customer loyalty?
- What is the current and expected intensity of competition the market in the near future?
Disclaimer: This market research study is an ongoing effort and extreme care has been taken to maintain the highest levels of accuracy at all stages. However, in the light of the rapidly evolving business dynamics, some region-specific or other segment-specific changes may take time to be part of the study.