Global Voice and Speech Recognition Market 2018-2025 by Technology (AI, Non-AI) & Vertical (Healthcare, BFSI, Automotive) - ResearchAndMarkets.com

The "Voice
and Speech Recognition Market Size, Share & Trends Analysis Report, By
Function, By Technology (AI, Non-AI), By Vertical (Healthcare, BFSI,
Automotive), And Segment Forecasts, 2018 - 2025" report has
been added to ResearchAndMarkets.com's offering.

The global speech and voice recognition market size is estimated to
reach USD 31.82 billion by 2025, exhibiting a CAGR of 17.2% during the
forecast period.

Demand for voice activated systems, voice-enabled devices, and
voice-enabled virtual assistant systems is slated to increase over the
coming years owing to rising applications in the banking and automobile
sectors. Soaring need to counter fraudulent activities and enhance
security in the banking sector is accelerating the adoption of voice
biometrics for the authentication of users.

The automobile sector is expected to gain momentum in the near future
owing to advancements in technology and emergence of innovative concepts
such as autonomous and connected cars. Increasing integration of
voice-activated software in next generation cars is likely to stoke the
growth of the market during the forecast period.

Voice recognition is also a core technology widely used in the
healthcare sector to enhance the electronic health record systems by
providing an ease to doctors to speak and keep records instead of manual
typing or writing. In 2017, the healthcare sector held the largest share
in the for voice and speech recognition software market. It is poised to
register healthy growth over the forecast period.

AI-based voice and speech recognition software is projected to witness a
high CAGR during the forecast period owing to continual development of
machine learning techniques and integration of connected devices with
personal assistants. For instance, Dragon Drive is a personal assistant
developed by Nuance Communication Inc., which integrates various
household appliances, cars, and smartphones that can be connected to a
hub through the internet. Thus, an individual can get alerts about daily
chores, work schedules, traffic updates, and many more alerts through
Dragon Drive.

However, lack of accuracy of these technologies in recognizing regional
accents and dialects is anticipated to limit the growth of the market.
Additionally, sentiment analysis using changes in the pitch of voice can
provide growth opportunities to the voice and speech recognition
software market.

Further key findings from the report suggest:

• Rising focus on development of artificial intelligence-based system is
  estimated to trigger the growth of the market during the forecast
  period.
• Deployment of speech recognition solutions in the consumer and retail
  verticals is likely to augment the overall market. Changing lifestyles
  in several countries including the U.S., Germany, and the U.K. are
  promoting the deployment of voice and speech recognition software
• Growing adoption of smart electronics in India, China, Japan, and
  Brazil is also poised to fuel the demand for voice and speech
  recognition software in the consumer vertical. Leveraging deep
  learning algorithm in voice and speech solutions for better search
  results is expected to work in favor of the market
• North America dominated the market in 2017, representing more than
  35.0% of the overall revenue.
• Domicile of key players such as Apple, Inc.; Facebook, Inc.; Baidu,
  Inc.; Amazon, Inc.; and Alphabet, Inc. is escalating the growth of the
  market in the U.S. and China
• Key industry participants operating in the voice and speech
  recognition software market include Advanced Voice Recognition
  Systems, Inc.; Amazon, Inc.; Api.ai; Apple, Inc.; Baidu, Inc.;
  BioTrust ID B.V.; Facebook, Inc.; Google, Inc.; International Business
  Machines Corporation; M2SYSLLC; and Microsoft Corporation
• These players focus on integrating artificial intelligence with voice
  and speech recognition software to build superior products that will
  increase their user customer base.

For more information about this report visit https://www.researchandmarkets.com/r/rkrq26

View source version on businesswire.com: https://www.businesswire.com/news/home/20190417005479/en/