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Voice And Speech Recognition Market Size Report, 2030GVR Report cover
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Voice And Speech Recognition Market Size, Share & Trends Analysis Report By Function (Speech Recognition, Voice Recognition), By Technology, By Vertical, By Region, And Segment Forecasts, 2024 - 2030
- Report ID: GVR-1-68038-094-1
- Number of Report Pages: 100
- Format: PDF, Horizon Databook
- Historical Range: 2017 - 2023
- Forecast Period: 2024 - 2030
- Industry: Technology
Market Size & Trends
The global voice and speech recognition market size was estimated at USD 20.25 billion in 2023 and is anticipated to grow at a CAGR of 14.6% from 2024 to 2030. The market is anticipated to be driven by technological advancements and rising adoption of advanced electronic devices. Voice-activated biometrics used for security purposes help in providing access to authenticated users for performing a transaction. The growing use of voice biometrics is among the major factors driving the market growth. The increasing demand for voice-driven navigation systems and workstations is impelling growth in the hardware and software segments. The integration of voice-enabled in-car infotainment systems is gaining popularity across the globe as several countries initiate “hands-free” regulations that govern the use of mobile phones while driving.
The developers of voice and speech products are focusing on innovations, which are expected to accelerate market growth. The use of voice recognition technology in smartphones enables doctors and clinicians to translate their voice into a rich, detailed clinical description, which is recorded in the Electronic Health Record (EHR) system. The increasing penetration of voice-enabled IoT devices in smart home automation is expected to drive market growth. IoT-enabled devices would benefit several traditionally offline devices with innovative means of user interactions in addition to traditional means, such as touch screens and buttons.
Market Concentration & Characteristics
The voice and speech recognition industry is considered to have a high degree of innovation with the increasing adoption of technological advancements driven by factors, such as Artificial Intelligence (AI), Machine Learning (ML), Internet of Things (IoT), and increasing use of voice-based authentication in smartphones. Subsequently, innovative technologies and applications are constantly emerging, disrupting existing ones and creating new ones.
Key competitors in the industry are actively engaged in merger and acquisition (M&A) transactions to strengthen their industry position. Major companies aim to enhance their portfolios by integrating complementary technologies, increasing the demand in healthcare for improving efficiency.
Regulations play a crucial role in shaping the industry. The integration of voice recognition with vehicles is gaining attraction worldwide as several countries initiate hands-free driving regulations that govern the use of mobile phones while driving cars. Key companies are reshaping the voice-activation used in cars. For instance, Google LLC’s Android Auto enables the pairing of users’ phone screens on their car’s dashboard and supports all the functions while driving.
The service substitutes are high owing to the presence of a larger number of vendors and the availability of open-source software. However, accuracy is the major concern, and open-source software providers do not provide high accuracy. It ultimately drives the demand for premium software from leading players among users demanding high accuracy in voice and speech recognition.
End-user concentration is a significant factor in the industry. Many end-user industries are fueling the demand for smart appliances and devices. The concentration of demand in a small number of end-user industries creates opportunities for companies that focus on developing smart appliances and devices for these industries.
Function Insights
The speech recognition segment accounted for a dominant share of 64.6% of the global market in 2023. Automobiles and mobile phones are suitable for speech recognition implementations. The increasing mobility of society requires accessibility to data and services anytime and anywhere. Cloud and client-based speech recognition employments can significantly augment the customer experience and provide optimization in cost-saving savings for companies.
Furthermore, this technology has been assisting doctors and radiologists in maintaining records of patients owing to benefits, such as reducing the report turnaround time and assisting doctors in record keeping. The integration of speech recognition with Virtual Reality (VR) is expected to lead to enhanced market demand. For instance, in February 2017, Facebook enhanced its VR platform, Oculus Rift, by adding speech recognition to the VR gear of the Oculus Rift. On the other hand, the voice recognition segment is projected to record the fastest CAGR during the forecast period.
Technology Insights
The non-AI-based technology segment accounted for a dominant share of the global revenue in 2023. The segment is estimated to retain the leading position growing at a steady CAGR from 2024 to 2030. However, the AI-based technology segment is expected to register the fastest growth rate during the forecast period. The demand for AI-based technology is on the rise as the system recognizes the patterns of speech accurately.
AI exceptionally converts speech into well-structured algorithms by undergoing certain stages, including the representation of speech units, formulation, and development of recognition algorithms along with the demonstration of correct inputs. The rising developments in ML and Natural Language Processing (NLP) are expected to boost the growth of the AI-based technology segment. A rising number of AI-based digital assistants, such as Alexa and Cortana, are expected to drive the demand for speech & voice recognition solutions in the future.
Vertical Insights
The healthcare segment accounted for the highest share in 2023. Speech recognition boosts the process of data capturing in EHR systems. This process empowers physicians to interact with the system by speaking a few words. Speech recognition is still in the developing stage and deployed in individual segments of healthcare, which include radiology, pathology, emergency medicine, and others.
The automotive vertical accounted for a significant revenue share. The enhancement of automotive technologies, such as connected devices, would update the driver with traffic conditions on the route and alternative routes. Voice & speech recognition technologies are expected to have a wide scope of application in consumer and retail verticals over the forecast period on account of the rising adoption of connected devices and growing penetration of personal assistants, such as Google Home and Amazon Alexa, in Europe and Asia Pacific.
Regional Insights
The North America voice and speech recognition market accounted for the largest share of the global revenue in 2023. The regional market is expected to grow further at a steady CAGR retaining its dominant position in the industry throughout the forecast period. The growing adoption of voice-enabled applications in smartphones and increasing use of voice & speech recognition in mobile banking, consumer electronics, and IoT devices are expected to drive regional market growth.
U.S. Voice And Speech Recognition Market Trends
The voice and speech recognition market in the U.S. accounted for the dominant revenue share of 67.4% in 2023. The market growth can be attributed to the advancements in AI and NLP technologies. Voice recognition technologies have applications in healthcare, education, and even the IoT, further propelling market growth.
Europe Voice And Speech Recognition Market Trends
The Europe voice and speech recognition market has witnessed substantial growth propelled by advancements in technology, increasing adoption of smart devices, and rising demand for efficient human-machine interaction. As businesses and consumers prioritize convenience and efficiency, the market in Europe is expected to continue its upward trajectory, with innovations in voice-enabled solutions for tasks ranging from navigation to customer service.
The voice and speech recognition market in the UK is projected to grow at a prominent CAGR from 2024 to 2030 owing to the proliferation of smart devices and growing preference for hands-free interaction. With ongoing R&D efforts focusing on improving accuracy, security, and multi-language support, the market is poised for continued expansion in the coming years.
Asia Pacific Voice And Speech Recognition Market Trends
The Asia Pacific voice and speech recognition market is leading the global industry. The regional market growth is driven by factors like increasing technological advancements and rising awareness of the benefits & cost-effective devices. This trend is fueled by diverse applications across various sectors, including smart home appliances and voice assistants in banking, healthcare, and the automotive industry.
The voice and speech recognition market in China accounted for a substantial share of the APAC regional market revenue in 2023. Prominent trends in the market include the development of multilingual and dialect recognition capabilities, expansion into verticals like healthcare and finance, and the increasing adoption of voice biometrics for enhanced security. Moreover, the Chinese government's initiatives to promote technological innovation and the rapid digitalization of industries are propelling market growth in the country.
Key Voice And Speech Recognition Company Insights
Market vendors focus on increasing the customer base to gain a competitive edge. Therefore, key players are undertaking several strategic initiatives, such as mergers & acquisitions and partnerships. For instance, in January 2021, Yellow Messenger made a strategic alliance with Microsoft to revolutionize its voice automation offering by leveraging Azure AI Speech Services and NLP tools. This collaboration focused on developing a sophisticated voice assistant platform with advanced capabilities, including sentiment analysis, dialect comprehension, and workflow-based responses, ultimately leading to improved voice bot solutions for enterprises across industries and elevated consumer experience automation.
Industry players are heavily investing in R&D for the development of voice & speech recognition-integrated AI technology. For instance, in September 2023, Alexa Al, an intelligent voice assistant developed by Amazon, introduced generative AI in Alexa to significantly engage with technology by utilizing the capabilities of AI and speech recognition. Its advanced technology enables it to voice commands, making it an ideal companion for activities, such as scheduling reminders, managing smart home devices, and playing music. This advanced Al assistant has been incorporated into various devices, such as the Echo Dot and Amazon Echo.
Key Voice And Speech Recognition Companies:
The following are the leading companies in the voice and speech recognition market. These companies collectively hold the largest market share and dictate industry trends.
- Advanced Voice Recognition Systems, Inc.
- Agnitio S.L.
- Amazon.com, Inc.
- Api.ai
- Apple, Inc.
- Anhui USTC iFlytek, Ltd.
- Baidu, Inc.
- BioTrust ID B.V.
- CastleOS Software, LLC
- Facebook, Inc.
- Google, Inc.
- International Business Machines Corp.
- Microsoft Corp.
- MModal, Inc.
- Nortek Holdings, Inc.
- Nuance Communications, Inc.
- Raytheon Company
- SemVox GmbH
- Sensory, Inc.
Recent Developments
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In March 2023, Google AI introduced a new update to its Universal Speech Model (USM) in support of the 1,000 Languages Initiative. A universal speech model is a machine learning algorithm designed to comprehend and interpret spoken language across diverse languages and accents. The USM, a family of advanced speech models with 2 billion parameters, has been trained on an extensive dataset of 12 million hours of speech and 28 billion sentences in over 300 languages. Google claims that the USM excels in automatic speech recognition (ASR) for languages with limited resources, such as Assamese, Cebuano, Amharic, and Azerbaijani, as well as widely spoken languages like Mandarin and English
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In May 2023, Apple unveiled a suite of cutting-edge cognitive accessibility features, including Live Speech, Personal Voice, and Point and Speak in Magnifier, designed to elevate usability and accessibility for individuals with disabilities. By collaborating closely with disability community groups, Apple reinforces its dedication to ensuring technology remains inclusive, making a tangible difference in the lives of its users
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In October 2022, iFLYTEK Corp. introduced the Speech Translation Technology Platform for Southeast Asian Languages at the ASEAN Summit in October 2022. To access online administrative and public services, Guangxi residents can use the mobile app "Zhiguitong," which features the iFLYTEK speech translation technology for ASEAN languages. Chinese Mandarin to Lao, English, Vietnamese, Indonesian, Thai, Tamil, Malay, and Burmese instant speech translation is available.
Voice And Speech Recognition Market Report Scope
Report Attribute
Details
Market size value in 2024
USD 23.70 billion
Revenue forecast in 2030
USD 53.67 billion
Growth rate
CAGR of 14.6% from 2024 to 2030
Actual data
2017 - 2023
Forecast period
2024 - 2030
Quantitative units
Revenue in USD million/billion and CAGR from 2024 to 2030
Report coverage
Revenue forecast, competitive landscape, growth factors, and trends
Segments Covered
Function, technology, vertical, region
Regional scope
North America; Europe; Asia Pacific; South America; MEA
Country scope
U.S.; Canada; Mexico; UK; Germany; France; Italy; Spain; Netherlands; Switzerland; Poland; China; India; Japan; South Korea; Singapore; Malaysia; Australia; Hong Kong; Vietnam; Pakistan; Brazil; Argentina; Chile; UAE; Saudi Arabia; Israel; South Africa; Nigeria
Key companies profiled
Advanced Voice Recognition Systems, Inc.; Agnitio S.L.; Amazon.com, Inc.; Api.ai; Apple, Inc.; Anhui USTC iFlytek, Ltd.; Baidu, Inc.; BioTrust ID B.V.; CastleOS Software, LLC; Facebook, Inc.; Google, Inc.; International Business Machines Corp.; Microsoft Corp.; MModal, Inc.; Nortek Holdings, Inc.; Nuance Communications, Inc.; Raytheon Company; SemVox GmbH; Sensory, Inc.
Customization scope
Free report customization (equivalent up to 8 analyst working days) with purchase. Addition or alteration to country, regional, and segment scope.
Pricing and purchase options
Avail customized purchase options to meet your exact research needs. Explore purchase options
Global Voice And Speech Recognition Market Report Segmentation
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the voice and speech recognition market report based on function, technology, vertical, and region:
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Function Outlook (Revenue, USD Million, 2017 - 2030)
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Voice Recognition
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Speaker Identification
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Speaker Verification
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Speech Recognition
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Automatic Speech Recognition
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Text-to-Speech
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Technology Outlook (Revenue, USD Million, 2017 - 2030)
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AI-based
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Non-AI-based
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Vertical Outlook (Revenue, USD Million, 2017 - 2030)
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Automotive
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Enterprise
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Consumer
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BFSI
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Government
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Retail
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Healthcare
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Military
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Legal
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Education
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Others
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Regional Outlook (Revenue, USD Million, 2017 - 2030)
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North America
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U.S.
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Canada
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Mexico
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Europe
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Germany
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UK
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France
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Italy
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Spain
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The Netherlands
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Switzerland
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Poland
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Asia Pacific
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China
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Japan
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India
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South Korea
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Singapore
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Pakistan
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Malaysia
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Australia
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Hong Kong
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Vietnam
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South America
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Brazil
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Argentina
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Chile
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Middle East & Africa
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UAE
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Saudi Arabia
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Israel
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South Africa
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Nigeria
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Frequently Asked Questions About This Report
b. North America dominated the voice and speech recognition market with a share of 31% in 2023. This is attributable to the growing adoption of voice-enabled applications in smartphones and the increasing use of voice and speech recognition in mobile banking, consumer electronics, and IoT devices are expected to drive the demand in the North American region.
b. Some key players operating in the voice and speech recognition include Advanced Voice Recognition Systems, Inc., Agnitio S.L., Amazon.com, Inc., Api.ai, Apple, Inc., Anhui USTC iFlytek, Ltd., Baidu, Inc., BioTrust ID B.V., CastleOS Software, LLC, Facebook, Inc, Google, Inc., International Business Machines Corporation, Microsoft Corporation, MModal, Inc., Nortek Holdings, Inc., Nuance Communications, Inc., Raytheon Company, SemVox GmbH, and Sensory, Inc
b. Key factors that are driving the voice and speech recognition market growth include increasing demand for voice biometric systems for user authentication, and growth of speech recognition in-car voice and speech recognition systems.
b. The global voice and speech recognition market size was estimated at USD 20.25 billion in 2023 and is expected to reach USD 23.70 billion in 2024.
b. The global voice and speech recognition market is expected to grow at a compound annual growth rate of 14.6% from 2024 to 2030 to reach USD 53.67 billion by 2030.
Table of Contents
Chapter 1 Methodology and Scope
1.1 Market Segmentation & Scope
1.2 Market Definitions
1.3 Information Procurement
1.3.1 Information analysis
1.3.2 Market formulation & data visualization
1.3.3 Data validation & publishing
1.4 Research Scope and Assumptions
1.4.1 List to Data Sources
Chapter 2 Executive Summary
2.1 Market Snapshot
2.2 Segment Snapshot
2.3 Segment Snapshot
2.4 Competitive Landscape Snapshot
Chapter 3 Voice and Speech Recognition Market Variables and Trends
3.1 Market Introduction Outlook
3.2 Industry Value Chain Analysis
3.3 Market Dynamics
3.3.1 Market Driver Impact Analysis
3.3.1.1 Increasing demand for voice biometric systems for user authentication
3.3.1.2 growth of in-car voice and speech recognition systems and Electronic Health Record
3.3.2 Market Restraint Impact Analysis
3.3.2.1 Lack of accuracy in voice and speech recognition systems
3.3.3 Industry Challenges
3.3.4 Industry Opportunities
3.3.4.1 Voice Control over Internet of Things (IoT) Devices
3.3.4.2 Enabling Human-Robot Communication
3.4 Impact of the COVID-19 Pandemic
3.5 Industry Analysis Tools
3.5.1 Porter’s Analysis
3.5.2 Macroeconomic Analysis
3.6 Technology Overview
3.6.1 Audio Mining (Speech analytics)
3.6.2 Automatic Speech Recognition
3.6.3 Cloud Computing
3.6.4 Far-Field Microphone
3.6.5 Interactive Voice Response
3.6.6 Noise Abatement
3.6.7 Speech Biometrics
3.6.8 Text-to-speech
3.6.9 Voice-Over-IP (VoIP)
3.6.10 Voice Activated Dialling
3.6.11 VoiceXML
3.6.12 Natural Language Processing
3.7 Voice and speech recognition technology - Home Security and Home Automation
3.7.1 Home Security and Home Automation - Hardware Solutions
3.7.2 Home Security and Home Automation - Software
3.7.3 Home Security and Home Automation - Complete Solution Providers
Chapter 4 Voice and Speech Recognition Market: Function Estimates & Trend Analysis
4.1 Function Movement Analysis & Market Share, 2023 & 2030
4.2 Voice and Speech Recognition Market Estimates & Forecast, By Function
4.2.1 Voice Recognition
4.2.1.1 Speaker Identification
4.2.1.2 Speaker Verification
4.2.2 Speech Recognition
4.2.2.1 Automatic Speech Recognition
4.2.2.2 Text to Speech
Chapter 5 Voice and Speech Recognition Market: Technology Estimates & Trend Analysis
5.1 Technology Movement Analysis & Market Share, 2023 & 2030
5.2 Voice and Speech Recognition Market Estimates & Forecast, By Technology
5.2.1 Artificial Intelligence
5.2.2 Non-Artificial Intelligence
Chapter 6 Voice and Speech Recognition Market: Vertical Estimates & Trend Analysis
6.1 Vertical Movement Analysis & Market Share, 2023 & 2030
6.2 Voice and Speech Recognition Market Estimates & Forecast, By Vertical
6.2.1 Automotive
6.2.2 Enterprise
6.2.3 Consumer
6.2.4 Banking, Financial Services, & Insurance
6.2.5 Government
6.2.6 Retail
6.2.7 Healthcare
6.2.8 Military
6.2.9 Legal
6.2.10 Education
6.2.11 Others
Chapter 7 Voice and Speech Recognition Market: Regional Estimates & Trend Analysis
7.1 Voice and Speech Recognition Market: Regional Outlook
7.2 North America
7.2.1 North america Voice and Speech Recognition Market Estimates & Forecasts, 2017 - 2030 (USD Million)
7.2.2 U.S
7.2.2.1 U.S. Voice and Speech Recognition Market Estimates & Forecasts, 2017 - 2030 (USD Million)
7.2.3 Canada
7.2.3.1 Canada Voice and Speech Recognition Market Estimates & Forecasts, 2017 - 2030 (USD Million)
7.2.4 Mexico
7.2.4.1 Mexico Voice and Speech Recognition Market Estimates & Forecasts, 2017 - 2030 (USD Million)
7.3 Europe
7.3.1 Europe Voice and Speech Recognition market estimates & Forecasts, 2017 - 2030 (USD Million)
7.3.2 UK
7.3.2.1 UK voice and speech recognition market estimates & Forecasts, 2017 - 2030 (USD Million)
7.3.3 Germany
7.3.3.1 Germany voice and speech recognition market Estimates & Forecasts, 2017 - 2030 (USD Million)
7.3.4 France
7.3.4.1 France voice and speech recognition market estimates & Forecasts, 2017 - 2030 (USD Million)
7.3.5 Italy
7.3.5.1 Italy voice and speech recognition market estimates & Forecasts, 2017 - 2030 (USD Million)
7.3.6 Spain
7.3.6.1 Spain voice and speech recognition market estimates & Forecasts, 2017 - 2030 (USD Million)
7.3.7 The Netherlands
7.3.7.1 The Netherlands voice and speech recognition market estimates & Forecasts, 2017 - 2030 (USD Million)
7.3.8 Switzerland
7.3.8.1 Switzerland voice and speech recognition market estimates & Forecasts, 2017 - 2030 (USD Million)
7.3.9 Poland
7.3.9.1 Poland voice and speech recognition market estimates & Forecasts, 2017 - 2030 (USD Million)
7.4 Asia Pacific
7.4.1 Asia Pacific Voice and Speech Recognition market estimates & Forecasts, 2017 - 2030 (USD Million)
7.4.2 China
7.4.2.1 China Voice and Speech Recognition Market estimates & Forecasts, 2017 - 2030 (USD Million)
7.4.3 Japan
7.4.3.1 Japan Voice and Speech Recognition Market estimates & Forecasts, 2017 - 2030 (USD Million)
7.4.4 India
7.4.4.1 India Voice and Speech Recognition Market estimates & Forecasts, 2017 - 2030 (USD Million)
7.4.5 South Korea
7.4.5.1 South korea Voice and Speech Recognition Market estimates & Forecasts, 2017 - 2030 (USD Million)
7.4.6 Singapore
7.4.6.1 Singapore Voice and Speech Recognition Market estimates & Forecasts, 2017 - 2030 (USD Million)
7.4.7 Pakistan
7.4.7.1 Pakistan Voice and Speech Recognition Market estimates & Forecasts, 2017 - 2030 (USD Million)
7.4.8 Malaysia
7.4.8.1 Malaysia Voice and Speech Recognition Market estimates & Forecasts, 2017 - 2030 (USD Million)
7.4.9 Australia
7.4.9.1 Australia Voice and Speech Recognition Market estimates & Forecasts, 2017 - 2030 (USD Million)
7.4.10 Hong Kong
7.4.10.1 Hong Kong Voice and Speech Recognition Market estimates & Forecasts, 2017 - 2030 (USD Million)
7.4.11 Vietnam
7.4.11.1 Vietnam Voice and Speech Recognition Market estimates & Forecasts, 2017 - 2030 (USD Million)
7.5 South America
7.5.1 South america Voice and Speech Recognition Market estimates & Forecasts, 2017 - 2030 (USD Million)
7.5.2 brazil
7.5.2.1 Brazil Voice and Speech Recognition Market estimates & Forecasts, 2017 - 2030 (USD Million)
7.5.3 Argentina
7.5.3.1 Argentina Voice and Speech Recognition Market Estimates & Forecasts, 2017 - 2030 (USD Million)
7.5.4 Chile
7.5.4.1 Chile Voice and Speech Recognition Market Estimates & Forecasts, 2017 - 2030 (USD Million)
7.6 MEA
7.6.1 MEA Voice and Speech Recognition market estimates & Forecasts, 2017 - 2030 (USD Million)
7.6.2 UAE
7.6.2.1 UAE Voice and Speech Recognition Market Estimates & Forecasts, 2017 - 2030 (USD Million)
7.6.3 Saudi Arabia
7.6.3.1 Saudi Arabia Voice and Speech Recognition Market Estimates & Forecasts, 2017 - 2030 (USD Million)
7.6.4 Israel
7.6.4.1 Israel Voice and Speech Recognition Market Estimates & Forecasts, 2017 - 2030 (USD Million)
7.6.5 South Africa
7.6.5.1 South Africa Voice and Speech Recognition Market Estimates & Forecasts, 2017 - 2030 (USD Million)
7.6.6 Nigeria
7.6.6.1 Nigeria Voice and Speech Recognition Market Estimates & Forecasts, 2017 - 2030 (USD Million)
Chapter 8 Voice and Speech Recognition Market - Competitive Landscape
8.1 Company Categorization
8.2 Participant’s Overview
8.3 Financial Performance
8.4 Product Benchmarking
8.5 Company Market Positioning
8.6 Company Heat Map Analysis
8.7 Strategy Mapping
8.7.1 Expansion
8.7.2 Mergers & acquisition
8.7.3 Partenerships & collaborations
8.7.4 New product launches
8.7.5 Research & Development
8.8 Company Profiles
8.7.1 Advanced Voice Recognition Systems, Inc.
8.7.1.1. Participant’s Overview
8.7.1.2. Financial Performance
8.7.1.3. Product Benchmarking
8.7.1.4. Recent Developments
8.7.2 Agnitio S.L.
8.7.2.1. Participant’s Overview
8.7.2.2. Financial Performance
8.7.2.3. Product Benchmarking
8.7.2.4. Recent Developments
8.7.3 Amazon.com, Inc.
8.7.3.1. Participant’s Overview
8.7.3.2. Financial Performance
8.7.3.3. Product Benchmarking
8.7.3.4. Recent Developments
8.7.4 Api.ai
8.7.4.1. Participant’s Overview
8.7.4.2. Financial Performance
8.7.4.3. Product Benchmarking
8.7.4.4. Recent Developments
8.7.5 Apple, Inc.
8.7.5.1. Participant’s Overview
8.7.5.2. Financial Performance
8.7.5.3. Product Benchmarking
8.7.5.4. Recent Developments
8.7.6 Anhui USTC iFlytek, Ltd.
8.7.6.1. Participant’s Overview
8.7.6.2. Financial Performance
8.7.6.3. Product Benchmarking
8.7.6.4. Recent Developments
8.7.7 Baidu, Inc.
8.7.7.1. Participant’s Overview
8.7.7.2. Financial Performance
8.7.7.3. Product Benchmarking
8.7.7.4. Recent Developments
8.7.8 BioTrust ID B.V.
8.7.8.1. Participant’s Overview
8.7.8.2. Financial Performance
8.7.8.3. Product Benchmarking
8.7.8.4. Recent Developments
8.7.9 CastleOS Software, LLC
8.7.9.1. Participant’s Overview
8.7.9.2. Financial Performance
8.7.9.3. Product Benchmarking
8.7.9.4. Recent Developments
8.7.10 Facebook, Inc.
8.7.10.1. Participant’s Overview
8.7.10.2. Financial Performance
8.7.10.3. Product Benchmarking
8.7.10.4. Recent Developments
8.7.11 Google, Inc.
8.7.11.1. Participant’s Overview
8.7.11.2. Financial Performance
8.7.11.3. Product Benchmarking
8.7.11.4. Recent Developments
8.7.12 International Business Machines Corp.
8.7.12.1. Participant’s Overview
8.7.12.2. Financial Performance
8.7.12.3. Product Benchmarking
8.7.12.4. Recent Developments
8.7.13 Microsoft Corp.
8.7.13.1. Participant’s Overview
8.7.13.2. Financial Performance
8.7.13.3. Product Benchmarking
8.7.13.4. Recent Developments
8.7.14 MModal, Inc.
8.7.14.1. Participant’s Overview
8.7.14.2. Financial Performance
8.7.14.3. Product Benchmarking
8.7.14.4. Recent Developments
8.7.15 Nortek Holdings, Inc.
8.7.15.1. Participant’s Overview
8.7.15.2. Financial Performance
8.7.15.3. Product Benchmarking
8.7.15.4. Recent Developments
8.7.16 Nuance Communications, Inc.
8.7.16.1. Participant’s Overview
8.7.16.2. Financial Performance
8.7.16.3. Product Benchmarking
8.7.16.4. Recent Developments
8.7.17 Raytheon Company
8.7.17.1. Participant’s Overview
8.7.17.2. Financial Performance
8.7.17.3. Product Benchmarking
8.7.17.4. Recent Developments
8.7.18 SemVox GmbH
8.7.18.1. Participant’s Overview
8.7.18.2. Financial Performance
8.7.18.3. Product Benchmarking
8.7.18.4. Recent Developments
8.7.19 Sensory, Inc.
8.7.19.1. Participant’s Overview
8.7.19.2. Financial Performance
8.7.19.3. Product Benchmarking
8.7.19.4. Recent Developments
List of Tables
Table 1 Voice and speech recognition software - Voice-over-IP
Table 2 Voice and speech recognition software - Voice Activated Dialing
Table 3 Voice and speech recognition software - Natural Language Processing
Table 4 Home Security and Home Automation - Hardware Solutions
Table 5 Home Security and Home Automation - Software Providers
Table 6 Home Security and Home Automation - Complete Solution Providers
Table 7 Global Voice and Speech Recognition Market Revenue Estimates and Forecast, By Function, 2017 - 2030 (USD Million)
Table 8 Global Voice and Speech Recognition Market Revenue Estimates and Forecast, By Technology, 2017 - 2030 (USD Million)
Table 9 Global Voice and Speech Recognition Market Revenue Estimates and Forecast, By Vertical, 2017 - 2030 (USD Million)
List of Figures
Fig. 1 Voice and Speech Recognition Market Segmentation
Fig. 2 Information Procurement
Fig. 3 Data Analysis Models
Fig. 4 Market Formulation And Validation
Fig. 5 Data Validation & Publishing
Fig. 6 Market Snapshot
Fig. 7 Segment Snapshot (1/2)
Fig. 8 Segment Snapshot (2/2)
Fig. 9 Competitive Landscape Snapshot
Fig. 10 Voice and Speech Recognition Market - Industry Value Chain Analysis
Fig. 11 Voice and Speech Recognition Market Dynamics
Fig. 12 Voice and Speech Recognition Market: PORTER’s Analysis
Fig. 13 Voice and Speech Recognition Market: PESTEL Analysis
Fig. 14 Voice and Speech Recognition Market, by Function: Key Takeaways
Fig. 15 Voice and Speech Recognition Market, by Function: Market Share, 2023 & 2030
Fig. 16 Voice Recognition market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 17 Speaker Identification market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 18 Speaker Verification market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 19 Speech Recognition market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 20 Automatic Speech Recognition market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 21 Text to Speech market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 22 Voice and Speech Recognition Market, by Technology: Key Takeaways
Fig. 23 Voice and Speech Recognition Market, by Technology: Market Share, 2023 & 2030
Fig. 24 Artificial Intelligence market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 25 Non-Artificial Intelligence market estimates & forecasts, 2017- 2030 (USD Million)
Fig. 26 Voice and Speech Recognition Market, by Vertical: Key Takeaways
Fig. 27 Voice and Speech Recognition Market, by Vertical: Market Share, 2023 & 2030
Fig. 28 Automotive market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 29 Enterprise market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 30 Consumer market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 31 BFSI market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 32 Government market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 33 Retail market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 34 Healthcare market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 35 Military market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 36 Legal market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 37 Education market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 38 Others market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 39 Voice and speech recognition market revenue by region, 2023 & 2030
Fig. 40 Regional marketplace: Key takeaways
Fig. 41 Regional marketplace: Key takeaways
Fig. 42 North America Voice and Speech Recognition Market estimates & forecast, 2017 - 2030 (USD Million)
Fig. 43 U.S. Voice and Speech Recognition market estimates & forecast, 2017 - 2030 (USD Million)
Fig. 44 Canada Voice and Speech Recognition market estimates & forecast, 2017 - 2030 (USD Million)
Fig. 45 Mexico Voice and Speech Recognition market estimates & forecast, 2017 - 2030 (USD Million)
Fig. 46 Europe voice and speech recognition market estimates & forecast, 2017 - 2030 (USD Million)
Fig. 47 UK voice and speech recognition market estimates & forecast, 2017 - 2030 (USD Million)
Fig. 48 Germany voice and speech recognition market estimates & forecast, 2017 - 2030 (USD Million)
Fig. 49 France voice and speech recognition market estimates & forecast, 2017 - 2030 (USD Million)
Fig. 50 Italy voice and speech recognition market estimates & forecast, 2017 - 2030 (USD Million)
Fig. 51 Spain voice and speech recognition market estimates & forecast 2017 - 2030 (USD Million)
Fig. 52 The Netherlands voice and speech recognition market estimates & forecast, 2017 - 2030 (USD Million)
Fig. 53 Switzerland voice and speech recognition market estimates & forecast, 2017 - 2030 (USD Million)
Fig. 54 Poland voice and speech recognition market estimates & forecast,2017 - 2030 (USD Million)
Fig. 55 Asia Pacific voice and speech recognition market estimates & forecast, 2017 - 2030 (USD Million)
Fig. 56 China voice and speech recognition market estimates & forecast, 2017 - 2030 (USD Million)
Fig. 57 Japan voice and speech recognition market estimates & forecast, 2017 - 2030 (USD Million)
Fig. 58 India voice and speech recognition market estimates & forecast, 2017 - 2030 (USD Million)
Fig. 59 South Korea voice and speech recognition market estimates & forecast, 2017 - 2030 (USD Million)
Fig. 60 Singapore voice and speech recognition market estimates & forecast, 2017 - 2030 (USD Million)
Fig. 61 Pakistan voice and speech recognition market estimates & forecast, 2017 - 2030 (USD Million)
Fig. 62 Malaysia voice and speech recognition market estimates & forecast, 2017 - 2030 (USD Million)
Fig. 63 Australia voice and speech recognition market estimates & forecast, 2017 - 2030 (USD Million)
Fig. 64 Hong Kong voice and speech recognition market estimates & forecast, 2017 - 2030 (USD Million)
Fig. 65 Vietnam voice and speech recognition market estimates & forecast, 2017 - 2030 (USD Million)
Fig. 66 South America Voice and Speech Recognition Market estimates & forecast, 2017 - 2030 (USD Million)
Fig. 67 Brazil Voice and Speech Recognition market estimates & forecast, 2017 - 2030 (USD Million)
Fig. 68 Argentina Voice and Speech Recognition market estimates & forecast, 2017 - 2030 (USD Million)
Fig. 69 Chile Voice and Speech Recognition market estimates & forecast, 2017 - 2030 (USD Million)
Fig. 70 MEA voice and speech recognition market estimates & forecast, 2017 - 2030 (USD Million)
Fig. 71 UAE Voice and Speech Recognition market estimates & forecast, 2017 - 2030 (USD Million)
Fig. 72 Saudi Arabia Voice and Speech Recognition market estimates & forecast, 2017 - 2030 (USD Million)
Fig. 73 Israel Voice and Speech Recognition market estimates & forecast, 2017 - 2030 (USD Million)
Fig. 74 South Africa Voice and Speech Recognition market estimates & forecast, 2017 - 2030 (USD Million)
Fig. 75 Nigeria Voice and Speech Recognition market estimates & forecast, 2017 - 2030 (USD Million)
Fig. 76 Key Company Categorization
Fig. 77 Company Market Positioning
Fig. 78 Strategic frameworkMarket Segmentation
- Voice And Speech Recognition Function Outlook (Revenue, USD Million, 2017 - 2030)
- Voice recognition
- Speaker identification
- Speaker verification
- Speech recognition
- Automatic speech recognition
- Text-to-speech
- Voice recognition
- Voice And Speech Recognition Technology Outlook (Revenue, USD Million, 2017 - 2030)
- AI-based
- Non-AI based
- Voice And Speech Recognition Vertical Outlook (Revenue, USD Million, 2017 - 2030)
- Automotive
- BFSI
- Consumer
- Education
- Enterprise
- Government
- Healthcare
- Legal
- Military
- Retail
- Others
- Voice And Speech Recognition Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- North America Voice and Speech Recognition Market, by function
- Voice recognition
- Speaker identification
- Speaker verification
- Speech recognition
- Automatic speech recognition
- Text to speech
- Voice recognition
- North America Voice and Speech Recognition Market, by technology
- AI-based
- Non-AI based
- North America Voice and Speech Recognition Market, by vertical
- Automotive
- BFSI
- Consumer
- Education
- Enterprise
- Government
- Healthcare
- Legal
- Military
- Retail
- Others
- U.S.
- U.S. Voice and Speech Recognition Market, by function
- Voice recognition
- Speaker identification
- Speaker verification
- Speech recognition
- Automatic speech recognition
- Text to speech
- Voice recognition
- U.S. Voice and Speech Recognition Market, by technology
- AI-based
- Non-AI based
- U.S. Voice and Speech Recognition Market, by vertical
- Automotive
- BFSI
- Consumer
- Education
- Enterprise
- Government
- Healthcare
- Legal
- Military
- Retail
- Others
- U.S. Voice and Speech Recognition Market, by function
- Canada
- Canada Voice and Speech Recognition Market, by function
- Voice recognition
- Speaker identification
- Speaker verification
- Speech recognition
- Automatic speech recognition
- Text to speech
- Voice recognition
- Canada Voice and Speech Recognition Market, by technology
- AI-based
- Non-AI based
- Canada Voice and Speech Recognition Market, by vertical
- Automotive
- BFSI
- Consumer
- Education
- Enterprise
- Government
- Healthcare
- Legal
- Military
- Retail
- Others
- Canada Voice and Speech Recognition Market, by function
- Mexico
- Mexico Voice and Speech Recognition Market, by function
- Voice recognition
- Speaker identification
- Speaker verification
- Speech recognition
- Automatic speech recognition
- Text to speech
- Voice recognition
- Mexico Voice and Speech Recognition Market, by technology
- AI-based
- Non-AI based
- Mexico Voice and Speech Recognition Market, by vertical
- Automotive
- BFSI
- Consumer
- Education
- Enterprise
- Government
- Healthcare
- Legal
- Military
- Retail
- Others
- Mexico Voice and Speech Recognition Market, by function
- North America Voice and Speech Recognition Market, by function
- Europe
- Europe Voice and Speech Recognition Market, by function
- Voice recognition
- Speaker identification
- Speaker verification
- Speech recognition
- Automatic speech recognition
- Text to speech
- Voice recognition
- Europe Voice and Speech Recognition Market, by technology
- AI-based
- Non-AI based
- Europe Voice and Speech Recognition Market, by vertical
- Automotive
- BFSI
- Consumer
- Education
- Enterprise
- Government
- Healthcare
- Legal
- Military
- Retail
- Others
- Germany
- Germany Voice and Speech Recognition Market, by function
- Voice recognition
- Speaker identification
- Speaker verification
- Speech recognition
- Automatic speech recognition
- Text to speech
- Voice recognition
- Germany Voice and Speech Recognition Market, by technology
- AI-based
- Non-AI based
- Germany Voice and Speech Recognition Market, by vertical
- Automotive
- BFSI
- Consumer
- Education
- Enterprise
- Government
- Healthcare
- Legal
- Military
- Retail
- Others
- Germany Voice and Speech Recognition Market, by function
- UK
- UK Voice and Speech Recognition Market, by function
- Voice recognition
- Speaker identification
- Speaker verification
- Speech recognition
- Automatic speech recognition
- Text to speech
- Voice recognition
- UK Voice and Speech Recognition Market, by technology
- AI-based
- Non-AI based
- UK Voice and Speech Recognition Market, by vertical
- Automotive
- BFSI
- Consumer
- Education
- Enterprise
- Government
- Healthcare
- Legal
- Military
- Retail
- Others
- UK Voice and Speech Recognition Market, by function
- France
- France Voice and Speech Recognition Market, by function
- Voice recognition
- Speaker identification
- Speaker verification
- Speech recognition
- Automatic speech recognition
- Text to speech
- Voice recognition
- France Voice and Speech Recognition Market, by technology
- AI-based
- Non-AI based
- France Voice and Speech Recognition Market, by vertical
- Automotive
- BFSI
- Consumer
- Education
- Enterprise
- Government
- Healthcare
- Legal
- Military
- Retail
- Others
- France Voice and Speech Recognition Market, by function
- Italy
- Italy Voice and Speech Recognition Market, by function
- Voice recognition
- Speaker identification
- Speaker verification
- Speech recognition
- Automatic speech recognition
- Text to speech
- Voice recognition
- Italy Voice and Speech Recognition Market, by technology
- AI-based
- Non-AI based
- Italy Voice and Speech Recognition Market, by vertical
- Automotive
- BFSI
- Consumer
- Education
- Enterprise
- Government
- Healthcare
- Legal
- Military
- Retail
- Others
- Italy Voice and Speech Recognition Market, by function
- Spain
- Spain Voice and Speech Recognition Market, by function
- Voice recognition
- Speaker identification
- Speaker verification
- Speech recognition
- Automatic speech recognition
- Text to speech
- Voice recognition
- Spain Voice and Speech Recognition Market, by technology
- AI-based
- Non-AI based
- Spain Voice and Speech Recognition Market, by vertical
- Automotive
- BFSI
- Consumer
- Education
- Enterprise
- Government
- Healthcare
- Legal
- Military
- Retail
- Others
- Spain Voice and Speech Recognition Market, by function
- The Netherlands
- The Netherlands Voice and Speech Recognition Market, by function
- Voice recognition
- Speaker identification
- Speaker verification
- Speech recognition
- Automatic speech recognition
- Text to speech
- Voice recognition
- The Netherlands Voice and Speech Recognition Market, by technology
- AI-based
- Non-AI based
- The Netherlands Voice and Speech Recognition Market, by vertical
- Automotive
- BFSI
- Consumer
- Education
- Enterprise
- Government
- Healthcare
- Legal
- Military
- Retail
- Others
- The Netherlands Voice and Speech Recognition Market, by function
- Switzerland
- Switzerland Voice and Speech Recognition Market, by function
- Voice recognition
- Speaker identification
- Speaker verification
- Speech recognition
- Automatic speech recognition
- Text to speech
- Voice recognition
- Switzerland Voice and Speech Recognition Market, by technology
- AI-based
- Non-AI based
- Switzerland Voice and Speech Recognition Market, by vertical
- Automotive
- BFSI
- Consumer
- Education
- Enterprise
- Government
- Healthcare
- Legal
- Military
- Retail
- Others
- Switzerland Voice and Speech Recognition Market, by function
- Poland
- Poland Voice and Speech Recognition Market, by function
- Voice recognition
- Speaker identification
- Speaker verification
- Speech recognition
- Automatic speech recognition
- Text to speech
- Voice recognition
- Poland Voice and Speech Recognition Market, by technology
- AI-based
- Non-AI based
- Poland Voice and Speech Recognition Market, by vertical
- Automotive
- BFSI
- Consumer
- Education
- Enterprise
- Government
- Healthcare
- Legal
- Military
- Retail
- Others
- Poland Voice and Speech Recognition Market, by function
- Europe Voice and Speech Recognition Market, by function
- Asia Pacific
- Asia Pacific Voice and Speech Recognition Market, by function
- Voice recognition
- Speaker identification
- Speaker verification
- Speech recognition
- Automatic speech recognition
- Text to speech
- Voice recognition
- Asia Pacific Voice and Speech Recognition Market, by technology
- AI-based
- Non-AI based
- Asia Pacific Voice and Speech Recognition Market, by vertical
- Automotive
- BFSI
- Consumer
- Education
- Enterprise
- Government
- Healthcare
- Legal
- Military
- Retail
- Others
- China
- China Voice and Speech Recognition Market, by function
- Voice recognition
- Speaker identification
- Speaker verification
- Speech recognition
- Automatic speech recognition
- Text to speech
- Voice recognition
- China Voice and Speech Recognition Market, by technology
- AI-based
- Non-AI based
- China Voice and Speech Recognition Market, by vertical
- Automotive
- BFSI
- Consumer
- Education
- Enterprise
- Government
- Healthcare
- Legal
- Military
- Retail
- Others
- China Voice and Speech Recognition Market, by function
- Japan
- Japan Voice and Speech Recognition Market, by function
- Voice recognition
- Speaker identification
- Speaker verification
- Speech recognition
- Automatic speech recognition
- Text to speech
- Voice recognition
- Japan Voice and Speech Recognition Market, by technology
- AI-based
- Non-AI based
- Japan Voice and Speech Recognition Market, by vertical
- Automotive
- BFSI
- Consumer
- Education
- Enterprise
- Government
- Healthcare
- Legal
- Military
- Retail
- Others
- Japan Voice and Speech Recognition Market, by function
- India
- India Voice and Speech Recognition Market, by function
- Voice recognition
- Speaker identification
- Speaker verification
- Speech recognition
- Automatic speech recognition
- Text to speech
- Voice recognition
- India Voice and Speech Recognition Market, by technology
- AI-based
- Non-AI based
- India Voice and Speech Recognition Market, by vertical
- Automotive
- BFSI
- Consumer
- Education
- Enterprise
- Government
- Healthcare
- Legal
- Military
- Retail
- Others
- India Voice and Speech Recognition Market, by function
- South Korea
- South Korea Voice and Speech Recognition Market, by function
- Voice recognition
- Speaker identification
- Speaker verification
- Speech recognition
- Automatic speech recognition
- Text to speech
- Voice recognition
- South Korea Voice and Speech Recognition Market, by technology
- AI-based
- Non-AI based
- South Korea Voice and Speech Recognition Market, by vertical
- Automotive
- BFSI
- Consumer
- Education
- Enterprise
- Government
- Healthcare
- Legal
- Military
- Retail
- Others
- South Korea Voice and Speech Recognition Market, by function
- Singapore
- Singapore Voice and Speech Recognition Market, by function
- Voice recognition
- Speaker identification
- Speaker verification
- Speech recognition
- Automatic speech recognition
- Text to speech
- Voice recognition
- Singapore Voice and Speech Recognition Market, by technology
- AI-based
- Non-AI based
- Singapore Voice and Speech Recognition Market, by vertical
- Automotive
- BFSI
- Consumer
- Education
- Enterprise
- Government
- Healthcare
- Legal
- Military
- Retail
- Others
- Singapore Voice and Speech Recognition Market, by function
- Pakistan
- Pakistan Voice and Speech Recognition Market, by function
- Voice recognition
- Speaker identification
- Speaker verification
- Speech recognition
- Automatic speech recognition
- Text to speech
- Voice recognition
- Pakistan Voice and Speech Recognition Market, by technology
- AI-based
- Non-AI based
- Pakistan Voice and Speech Recognition Market, by vertical
- Automotive
- BFSI
- Consumer
- Education
- Enterprise
- Government
- Healthcare
- Legal
- Military
- Retail
- Others
- Pakistan Voice and Speech Recognition Market, by function
- Malaysia
- Malaysia Voice and Speech Recognition Market, by function
- Voice recognition
- Speaker identification
- Speaker verification
- Speech recognition
- Automatic speech recognition
- Text to speech
- Voice recognition
- Malaysia Voice and Speech Recognition Market, by technology
- AI-based
- Non-AI based
- Malaysia Voice and Speech Recognition Market, by vertical
- Automotive
- BFSI
- Consumer
- Education
- Enterprise
- Government
- Healthcare
- Legal
- Military
- Retail
- Others
- Malaysia Voice and Speech Recognition Market, by function
- Australia
- Australia Voice and Speech Recognition Market, by function
- Voice recognition
- Speaker identification
- Speaker verification
- Speech recognition
- Automatic speech recognition
- Text to speech
- Voice recognition
- Australia Voice and Speech Recognition Market, by technology
- AI-based
- Non-AI based
- Australia Voice and Speech Recognition Market, by vertical
- Automotive
- BFSI
- Consumer
- Education
- Enterprise
- Government
- Healthcare
- Legal
- Military
- Retail
- Others
- Australia Voice and Speech Recognition Market, by function
- Hong Kong
- Hong Kong Voice and Speech Recognition Market, by function
- Voice recognition
- Speaker identification
- Speaker verification
- Speech recognition
- Automatic speech recognition
- Text to speech
- Voice recognition
- Hong Kong Voice and Speech Recognition Market, by technology
- AI-based
- Non-AI based
- Hong Kong Voice and Speech Recognition Market, by vertical
- Automotive
- BFSI
- Consumer
- Education
- Enterprise
- Government
- Healthcare
- Legal
- Military
- Retail
- Others
- Hong Kong Voice and Speech Recognition Market, by function
- Vietnam
- Vietnam Voice and Speech Recognition Market, by function
- Voice recognition
- Speaker identification
- Speaker verification
- Speech recognition
- Automatic speech recognition
- Text to speech
- Voice recognition
- Vietnam Voice and Speech Recognition Market, by technology
- AI-based
- Non-AI based
- Vietnam Voice and Speech Recognition Market, by vertical
- Automotive
- BFSI
- Consumer
- Education
- Enterprise
- Government
- Healthcare
- Legal
- Military
- Retail
- Others
- Vietnam Voice and Speech Recognition Market, by function
- Asia Pacific Voice and Speech Recognition Market, by function
- South America
- South America Voice and Speech Recognition Market, by function
- Voice recognition
- Speaker identification
- Speaker verification
- Speech recognition
- Automatic speech recognition
- Text to speech
- Voice recognition
- South America Voice and Speech Recognition Market, by technology
- AI-based
- Non-AI based
- South America Voice and Speech Recognition Market, by vertical
- Automotive
- BFSI
- Consumer
- Education
- Enterprise
- Government
- Healthcare
- Legal
- Military
- Retail
- Others
- Brazil
- Brazil Voice and Speech Recognition Market, by function
- Voice recognition
- Speaker identification
- Speaker verification
- Speech recognition
- Automatic speech recognition
- Text to speech
- Voice recognition
- Brazil Voice and Speech Recognition Market, by technology
- AI-based
- Non-AI based
- Brazil Voice and Speech Recognition Market, by vertical
- Automotive
- BFSI
- Consumer
- Education
- Enterprise
- Government
- Healthcare
- Legal
- Military
- Retail
- Others
- Brazil Voice and Speech Recognition Market, by function
- Argentina
- Argentina Voice and Speech Recognition Market, by function
- Voice recognition
- Speaker identification
- Speaker verification
- Speech recognition
- Automatic speech recognition
- Text to speech
- Voice recognition
- Argentina Voice and Speech Recognition Market, by technology
- AI-based
- Non-AI based
- Argentina Voice and Speech Recognition Market, by vertical
- Automotive
- BFSI
- Consumer
- Education
- Enterprise
- Government
- Healthcare
- Legal
- Military
- Retail
- Others
- Argentina Voice and Speech Recognition Market, by function
- Chile
- Chile Voice and Speech Recognition Market, by function
- Voice recognition
- Speaker identification
- Speaker verification
- Speech recognition
- Automatic speech recognition
- Text to speech
- Voice recognition
- Chile Voice and Speech Recognition Market, by technology
- AI-based
- Non-AI based
- Chile Voice and Speech Recognition Market, by vertical
- Automotive
- BFSI
- Consumer
- Education
- Enterprise
- Government
- Healthcare
- Legal
- Military
- Retail
- Others
- Chile Voice and Speech Recognition Market, by function
- South America Voice and Speech Recognition Market, by function
- Middle East & Africa
- Middle East & Africa Voice and Speech Recognition Market, by function
- Voice recognition
- Speaker identification
- Speaker verification
- Speech recognition
- Automatic speech recognition
- Text to speech
- Voice recognition
- Middle East & Africa Voice and Speech Recognition Market, by technology
- AI-based
- Non-AI based
- Middle East & Africa Voice and Speech Recognition Market, by vertical
- Automotive
- BFSI
- Consumer
- Education
- Enterprise
- Government
- Healthcare
- Legal
- Military
- Retail
- Others
- UAE
- UAE Voice and Speech Recognition Market, by function
- Voice recognition
- Speaker identification
- Speaker verification
- Speech recognition
- Automatic speech recognition
- Text to speech
- Voice recognition
- UAE Voice and Speech Recognition Market, by technology
- AI-based
- Non-AI based
- UAE Voice and Speech Recognition Market, by vertical
- Automotive
- BFSI
- Consumer
- Education
- Enterprise
- Government
- Healthcare
- Legal
- Military
- Retail
- Others
- UAE Voice and Speech Recognition Market, by function
- Saudi Arabia
- Saudi Arabia Voice and Speech Recognition Market, by function
- Voice recognition
- Speaker identification
- Speaker verification
- Speech recognition
- Automatic speech recognition
- Text to speech
- Voice recognition
- Saudi Arabia Voice and Speech Recognition Market, by technology
- AI-based
- Non-AI based
- Saudi Arabia Voice and Speech Recognition Market, by vertical
- Automotive
- BFSI
- Consumer
- Education
- Enterprise
- Government
- Healthcare
- Legal
- Military
- Retail
- Others
- Saudi Arabia Voice and Speech Recognition Market, by function
- Israel
- Israel Voice and Speech Recognition Market, by function
- Voice recognition
- Speaker identification
- Speaker verification
- Speech recognition
- Automatic speech recognition
- Text to speech
- Voice recognition
- Israel Voice and Speech Recognition Market, by technology
- AI-based
- Non-AI based
- Israel Voice and Speech Recognition Market, by vertical
- Automotive
- BFSI
- Consumer
- Education
- Enterprise
- Government
- Healthcare
- Legal
- Military
- Retail
- Others
- Israel Voice and Speech Recognition Market, by function
- South Africa
- South Africa Voice and Speech Recognition Market, by function
- Voice recognition
- Speaker identification
- Speaker verification
- Speech recognition
- Automatic speech recognition
- Text to speech
- Voice recognition
- South Africa Voice and Speech Recognition Market, by technology
- AI-based
- Non-AI based
- South Africa Voice and Speech Recognition Market, by vertical
- Automotive
- BFSI
- Consumer
- Education
- Enterprise
- Government
- Healthcare
- Legal
- Military
- Retail
- Others
- South Africa Voice and Speech Recognition Market, by function
- Nigeria
- Nigeria Voice and Speech Recognition Market, by function
- Voice recognition
- Speaker identification
- Speaker verification
- Speech recognition
- Automatic speech recognition
- Text to speech
- Voice recognition
- Nigeria Voice and Speech Recognition Market, by technology
- AI-based
- Non-AI based
- Nigeria Voice and Speech Recognition Market, by vertical
- Automotive
- BFSI
- Consumer
- Education
- Enterprise
- Government
- Healthcare
- Legal
- Military
- Retail
- Others
- Nigeria Voice and Speech Recognition Market, by function
- Middle East & Africa Voice and Speech Recognition Market, by function
- North America
Voice And Speech Recognition Market Dynamics
Driver: Increasing demand for Voice biometrics systems for user authentication
Voice biometrics has gained popularity as a reliable authentication method due to its unique characteristics, similar to fingerprints or iris. Unlike traditional passwords, voice is a distinctive trait of an individual, making it a secure and convenient way to authenticate online transactions. The ability of voice to work remotely through a phone makes it a preferred choice for banking institutions implementing voice biometric systems for customer login. For instance, Atom Bank PLC in the UK uses ConfidentID, a voice biometrics-based authentication service powered by Daon's IdentityX platform. This technology is already in use at airports and international border controls worldwide. The increasing preference for biometrics over traditional password methods will drive the adoption of speech and speech recognition technology during the forecast period, as customers find it more convenient and secure.
The growth of speech recognition in car voice and speech recognition systems
The integration of voice recognition technology in vehicles is gaining popularity worldwide due to the increasing number of countries implementing hands-free driving laws that prohibit the use of mobile phones while driving cars. Companies such as Apple, Google, and Nuance Communications are leading the way in this field. For instance, Google's Android Auto allows users to connect their phone screens to their car's dashboard and use all its functions while driving. Voice commands also help drivers keep their eyes on the road, as manual interfaces for entering data into navigation systems pose significant safety risks. Speech destination entry, on the other hand, enables drivers to follow the route accurately without taking their eyes off the road. Manufacturers focusing on innovations in voice recognition technology are expected to accelerate market growth.
Restraint: Lack of accuracy in voice and speech recognition system
Voice and speech recognition programs face several challenges that can lead to errors and inaccuracies. These challenges include difficulty understanding accents, differentiating between similar-sounding words, and struggling to interpret speech in noisy environments. Achieving a high level of accuracy can be challenging, and the error rate of speech-to-text solutions is not 100%. The lack of visual elements makes designing interactive voice user interfaces (VUIs) more complex, and training language models can be time-consuming. Additionally, speech recognition is difficult to implement in real-time environments, and noise poses a significant challenge, affecting the accuracy of speech recognition systems. These limitations can impact the overall accuracy and reliability of voice and speech recognition systems, potentially hampering their market growth. Despite these challenges, voice and speech recognition technology continues to advance, and researchers are exploring new approaches to improve accuracy and overcome these limitations.
What Does This Report Include?
This section will provide insights into the contents included in this voice and speech recognition market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.
Voice and speech recognition market qualitative analysis
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Industry overview
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Industry trends
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Market drivers and restraints
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Market size
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Growth prospects
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Porter’s analysis
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PESTEL analysis
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Key market opportunities prioritized
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Competitive landscape
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Company overview
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Financial performance
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Product benchmarking
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Latest strategic developments
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Voice and speech recognition market quantitative analysis
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Market size, estimates, and forecast from 2017 to 2030
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Market estimates and forecast for product segments up to 2030
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Regional market size and forecast for product segments up to 2030
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Market estimates and forecast for application segments up to 2030
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Regional market size and forecast for application segments up to 2030
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Company financial performance
Research Methodology
A three-pronged approach was followed for deducing the voice and speech recognition market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:
Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for voice and speech recognition market to gather the most reliable and current information possible.
- We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
- We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
- We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
- We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
- We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.
Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of voice and speech recognition market data depending on the type of information we’re trying to uncover in our research.
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Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.
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Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.
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Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.
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Qualitative Functional Deployment (QFD) Modelling for market share assessment.
Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.
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Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.
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Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.
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This step also entails the finalization of the report scope and data representation pattern.
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Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.
Voice And Speech Recognition Market Categorization:
The voice and speech recognition market was categorized into four segments, namely function (Voice recognition, Speech recognition), technology (AI-based, Non-AI-based), vertical (Automotive, Enterprise, Consumer, BFSI, Government, Retail, Healthcare, Military, Legal, Education), and region (North America, Europe, Asia Pacific, South America, and Middle East & Africa).
Segment Market Methodology:
The voice and speech recognition market was segmented into function, technology, vertical, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:
Market research approaches: Bottom-up
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Demand estimation of each product across countries/regions summed up to from the total market.
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Variable analysis for demand forecast.
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Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.
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Primary interviews for data revalidation and insight collection.
Market research approaches: Top-down
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Used extensively for new product forecasting or analyzing penetration levels.
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Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.
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Primary interviews and vendor-based primary research for variable impact analysis.
Market research approaches: Combined
- This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.
Regional Market Methodology:
The voice and speech recognition market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-nine countries, namely, the U.S.; Canada; Mexico; the UK; Germany; France; Italy; Spain; Netherlands; Switzerland; Poland; China; India; Japan; South Korea; Singapore; Malaysia; Australia; Hong Kong; Vietnam; Pakistan; Brazil; Argentina; Chile; UAE; Saudi Arabia; Israel; South Africa; Nigeria.
All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.
Voice and speech recognition market companies & financials:
The voice and speech recognition market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:
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Advanced Voice Recognition Systems, Inc. - Advanced Voice Recognition Systems, Inc. (AVRS) is a software development company that specializes in the research and development of application and interface solutions for speech recognition technology. The company's patented technologies, proprietary algorithms, software, and hardware are utilized to provide end-users with speech recognition or speech-to-text technological solutions. AVRS aims to serve corporations, hospitals, medical product manufacturers and service providers, governmental entities, legal professionals, sales and service organizations, and law enforcement agencies. In April 2008, AVRS underwent an inverse acquisition through a Stock Exchange Agreement with Samoyed Energy Corp., a Nevada Corporation.
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Agnitio S.L. - Agnitio S.L. is a private company that specializes in providing voice biometric solutions. The company offers a range of products, including voice verification systems, software for forensic voice sample analysis, and applications for law enforcement, defense, and intelligence purposes. Its customer base is primarily within the government and commercial sectors, encompassing areas such as BFSI, telecommunications, and enterprise security. Notable clients of Agnitio S.L. include the U.S. Department of Justice, the General Attorney Office PGR in Mexico, the U.S. Department of Defense, KLPD in the Netherlands, the Royal Mounted Canadian Police, and NBI in Finland. In the financial industry, the company serves institutions such as BBVA Bank, BNP Paribas, and Santander Bank. Operating in over 40 countries, Agnitio S.L. has established strategic partnerships with organizations like Verint Systems Inc.
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Amazon.com, Inc. - Amazon.com, a prominent American online retailer and cloud computing service provider, has expanded its business to include its own branded consumer electronics devices, such as the Amazon Kindle e-readers, Fire TV, and Fire tablets. The company is also a major player in the cloud infrastructure services (IaaS) market. In addition to these offerings, Amazon provides low-cost products under its AmazonBasics brand. The company owns several subsidiaries, including IMDB, Diapers.com, Zappos, Kiva Systems, Goodreads, and Teachstreet. Amazon has developed a high-end wireless voice-enabled speaker called Echo, which is equipped with advanced features like music playback, voice interaction, audiobook playback, and real-time information provision.
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Apple Inc. - Apple Inc. produces and designs digital devices such as communication gadgets, music players, software services, and accessories, as well as third-party applications and content. Their main products include iPhones, iPads, Mac computers, iOS software, iCloud storage, and iTunes media player. Apple distributes its products through direct sales, retailers, and third-party cellular network carriers, wholesalers, retailers, and value-added resellers. The company has developed a voice-activated intelligent assistant called Siri, which is integrated into various Apple products like iPhones, iPads, iPods, Apple Watches, and Apple TVs. Siri's speech technology was developed in collaboration with Nuance Communication Inc. Apple sells its products to consumers, enterprises, educational institutions, and government organizations worldwide.
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Baidu, Inc. - Baidu Inc., a prominent Chinese Internet search company, offers a platform for new businesses to connect with potential customers in addition to its search services. The company's operations are divided into three segments: search services, iQiyi, and transaction services. The transaction services segment encompasses Baidu takeout delivery, Baidu Nuomi, Baidu Connect, Baidu Maps, and Baidu Wallet. Baidu's iQiyi segment is an online video platform that features a vast content library. Baidu is currently developing a voice recognition application called "Deep Speech 2," which can also recognize Mandarin speech. The company also provides Wrap-CTC as a software development kit that can be integrated into various applications to incorporate this voice recognition technology.
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BioTrust ID B.V. - BioTrust ID B.V. is a company that offers biometric authentication software. Their technology combines personal information and physical attributes, such as voice patterns or facial features, for user authentication. BioTrust ID B.V. Provides solutions for account recovery, mobile authentication, caller authentication, proof-of-life, proof of presence, and E-signing. The company caters to various industries including financial services, travel, healthcare, and government. BioTrust ID B.V. Was formed through the merger of VoiceTrust and USoft B.V. In November 2015. The company has additional offices and R&D locations worldwide. BioTrust ID B.V.'s clients include Eno, Koninklijke Philips N.V., Lloyd's Register Group Services Limited, Inspectie van het Onderwijs, Strukton, Gemeente Utrecht, Menzis, Pluripharm, Sandd, Lloyds Banking Group, Achmea.nl, ABN AMRO Bank N.V., Frontica Business Solutions, AXA, ITV plc, Eurocontrol, Skyteam, Robobank, Schiphol, and KLM.
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Google LLC - Google LLC deals in providing solutions to various companies related to Internet and computer software. The international company focusses on Internet-related services and products. The business is a wholly-owned subsidiary of Alphabet, Inc. Google operates its business from 70 offices in over 40 countries (as of December 2015) across the globe. Google’s voice recognition product portfolio includes Google Now and application programming interfaces such as Google Cloud Search API. The company provides several products and services including Application Programming Interfaces (APIs), enterprise products, productivity tools, search engines, social networking applications, mobile devices, and advertisement services.
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International Business Machines Corporation - IBM Corporation, commonly referred to as IBM, is a prominent multinational technology and consulting corporation that operates in over 170 countries. IBM provides various solutions such as IT consulting and services, computer hardware, and software. The company is known for manufacturing and commercializing computer hardware, software, and middleware, as well as offering infrastructure, consulting, and hosting services in various fields such as nanotechnology and mainframe computers. IBM offers a range of services including business, IT, outsourcing, financing, lab services, and training. One of the voice recognition products offered by IBM is Watson Speech-to-Text.
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Microsoft - Microsoft Corporation is a well-known company that produces and distributes computer hardware, software, and consumer electronics devices. Its operations span over 210 countries worldwide. Microsoft manufactures products such as Xbox and devices and provides solutions for businesses, developers, IT professionals, students, and educators. The company has developed an intelligent virtual assistant called Cortana that utilizes speech recognition technology. In addition to Cortana, Microsoft offers APIs and SDKs such as the Microsoft Speech API, which integrates speech recognition technology and speech synthesis processes within Windows applications like Microsoft Office, Microsoft Agent, and Microsoft Speech Server.
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M*Modal, Inc. - M*Modal, Inc. Is a U.S.-based technology and healthcare solutions provider that caters to the healthcare industry worldwide. The company operates in various countries including India, the Philippines, Belgium, Canada, and the UK, in addition to the U.S. M*Modal offers speech understanding solutions to the healthcare industry that combine natural language understanding and native speech recognition techniques to create clinically encoded and structured documents. In February 2019, the company's technology business was acquired by 3M, a multinational conglomerate organization headquartered in the U.S. This acquisition helped M*Modal expand its global reach and client base. In July 2012, M*Modal was acquired by One Equity Partners, the private investment arm of JP Morgan Chase & Co., for nearly USD 1.1 billion. M*Modal's product portfolio includes speech recognition solutions, virtual assistant solutions, and transcription solutions, which are now offered under 3M's clinical solutions product division.
Value chain-based sizing & forecasting
Supply Side Estimates
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Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.
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Segment revenue determination via variable analysis and penetration modeling.
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Competitive benchmarking to identify market leaders and their collective revenue shares.
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Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.
Demand side estimates
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Identifying parent markets and ancillary markets
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Segment penetration analysis to obtain pertinent
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revenue/volume
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Heuristic forecasting with the help of subject matter experts
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Forecasting via variable analysis
Voice And Speech Recognition Market Report Objectives:
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Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.
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Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.
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Understanding market estimates and forecasts (with the base year as 2023, historic information from 2017 to 2023, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.
Voice And Speech Recognition Market Report Assumptions:
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The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.
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The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.
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We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.
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All market estimates and forecasts have been validated through primary interviews with the key industry participants.
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Inflation has not been accounted for to estimate and forecast the market.
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Numbers may not add up due to rounding off.
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Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).
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Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).
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Latin America includes Central American countries and the South American continent
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Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.
Primary Research
GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.
We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:
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Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.
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Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.
The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.
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