In mobile devices, speech and voice recognition is the conversion of spoken words into text. It is known as automatic speech recognition (ASR), Computer speech recognition (CSR), Speech to text (STT).
SR (Speech recognition) application contains voice user interfaces like as voice dialing, call routing (hands-free communication), domotic appliance control, data entry (transcription), search (find a podcast where particular words are spoken), speech to text processing (word processors or emails), and aircraft (direct voice input).
The factors driving the speech and voice recognition market are the growing instances of fraud in several end-user firm segments such as enterprise, healthcare, adoption of mobile banking (by several national and international banks), and e-commerce retailers. The global market for voice and speech recognition software is driven by technology developments in computational linguistics that help in increasing accuracy in automatic speech recognition and functional use in consumer, industrial, and enterprise applications.
Research states that voice and speech recognition technology is the largest market across the globe. It is supported by the mainstream use of voice and speech recognition technology in enterprise call centers, telecommunication devices, and in-car systems. The large market size of the consumer vertical is attributed to the higher penetration rate of speech and voice recognition technologies in consumer products like smartphones, tablets, and laptops. Most of the companies such as Google, Apple, and Microsoft are leveraging their large customer base and neutral networks to process, understand and take decisive actions based on real-time voice inputs from the user.
North America dominates the global speech and voice recognition market owing to the large scale deployment of biometric systems compared to the other regions. The demand for a High level of security leads to high adoption of biometric systems.
In the coming years, user-facing applications such as mobile device authentication wearable device management are forecast to witness the maximum growth in voice and speech recognition implementations.
The speech and voice recognition market is segmented on the basis of vertical, application, and geography.
On the basis of vertical, the speech and voice recognition market is segmented into Automotive, Enterprise, Finance, Consumer, Government, Retail, Healthcare, and others.
On the basis of Application, the speech and voice recognition market is segmented into Artificial intelligence and Non-Artificial intelligence.
On the basis of geography, speech and voice recognition is segmented into North America, Europe, Asia Pacific, and RoW.
This report provides valuable insights into the ecosystem of this market including software provider companies where the manufacturing companies develop software that can recognize the voice signal and execute the instructions. Companies such as Nuance Communication, Agnitio SL, and Microsoft Inc. are the major providers of software solutions for speech & voice recognition. Hardware providers provide a prototype that can be further integrated along with the software. The integrated service providers are semiconductor chip manufacturers such as Intel (U.S.) and Samsung (South Korea). The major key target audience includes TV manufacturers, defense equipment manufacturers, smart car manufacturers, mobile handset manufacturers, healthcare industry players, researchers, industry experts.
The major key players in the speech & voice recognition market are Nuance Communications, Microsoft Inc., Agnitio SL, Biotrust, VoiceVault, VoiceBox Technologies Corp., LumenVox LLC, M2Sys LLC, Raytheon BBN Technologies, M2SyS LLC, ValidSoft UK Limited, Advanced Voice Recognition Systems, Sensory Inc., and MMODAL Inc.
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In order to ensure business continuity amidst the COVID-19 crisis, business organizations, especially in highly affected countries are allowing their employees to work from home. The increase in people working from home has led to a surge in demand for online video viewing, downloading, and communication through video conferencing, all of which are leading to increased network traffic and data usage. COVID-19 shall accelerate the demand for agile and flexible work styles and further push the adoption of communication services that tend to improve work-life balance. On the flip side, telecom regulators worldwide have postponed their plans of 5G spectrum auction amidst the global pandemic. This is expected to have an impact on the commercialization of commercial 5G standalone deployments and revenue generated through 5G services. The ongoing pandemic has forced telecom operators worldwide to test their network resiliency and revisit their planned investments, especially in 5G technology. The report will account for Covid19 as a key market contributor.