Voice and Speech Recognition market research report employs a number of steps for collecting, recording, analysing and interpreting market data to make this report all-inclusive. The data and information concerning the semiconductors & electronics industry are derived from consistent sources such as websites, annual reports of the companies, journals, and others and were checked and validated by the market experts. This market report makes available statistics on the current state of the industry as a valuable source of guidance and direction for companies and investors interested in this market. Voice and Speech Recognition market research report also endows with the list of the leading competitors and their moves such as joint ventures, acquisitions, and mergers etc.
Voice and Speech Recognition market size was estimated at USD 11.67 billion in 2023 and is projected to reach USD 52.88 billion in 2030 at a CAGR of 24.10% during the forecast period 2023-2030.
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Voice recognition and speech recognition are two closely related technologies that allow computers to understand and respond to spoken language. Voice recognition is the ability of a computer to identify a person’s voice. This is often used for security purposes, such as to authenticate users or to control access to devices.
Both voice and speech recognition are based on the same underlying technology, but they have different goals. Voice recognition is focused on identifying the speaker, while speech recognition is focused on understanding the words that are spoken. Voice recognition is a more mature technology as compared to speech recognition, and it is more widely used. However, speech recognition is becoming increasingly popular, as the technology continues to improve.
Key Findings
· Based on technology, the market is segmented into voice recognition and speech recognition. In terms of revenue, speech recognition dominated the segment. Automobiles and mobile phones are suitable for speech recognition implementations.
· Based on delivery methods, the market can be segmented into artificial intelligence based and non-artificial intelligence based. The non-Artificial intelligence-based technology dominated the market in this segment and is expected to retain the leading position during the forecast period.
· On the basis of verticals, the global market has been further divided into the automotive, enterprise, consumer, BFSI, government, retail, healthcare, military, legal, education, and others. The healthcare segment dominated the market in this segment. Speech recognition boosts the process of data capturing in EHR systems.
· The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America is estimated to account for the largest market share during the forecast period.
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Competitive Landscape
· 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.
· Fluent.ai Inc
Recent Developments
· In 2022, Verint introduced the Verint Virtual Assistant, a low-code conversational AI offering, which can rapidly turn the existing conversation data into automated self service experiences. It allows business professionals to quickly deploy a production ready chatbot to deflect calls and support customers. Verint IVA allows businesses to expand capabilities across the enterprise with boundless intelligence for both voice and digital.
· In 2021, Microsoft and Nuance Communications introduced the Nuance Dragon Ambient eXperience (DAX), an ambient clinical intelligence solution, to integrate it into Microsoft Teams to broadly scale virtual consults aimed at increasing physician wellness and providing better patient health outcomes.
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Reasons to Acquire
· Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
· Gain authentic and granular data access for the Global Voice and Speech Recognition Market to understand the trends and the factors involved in changing market situations.
· Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
· In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
Competitive Analysis:
• Global Players Revenue Ranking
• Revenue by Company
• Global Players Sales Volume Ranking
• Sales Volume by Company Players
• Average Price by Company
• Manufacturing Base Distribution and Headquarters
• Product Offered
• Mergers & Acquisitions, Expansion
Major highlights from Table of Contents:
• It includes major manufacturers, emerging player's growth story, and major business segments of keyword Market Opportunities & Growth Trend to 2030 market, years considered, and research objectives. Additionally, segmentation on the basis of the type of product, application, and technology.
• Opportunities & Growth Trend to 2030 Market Executive Summary: It gives a summary of overall studies, growth rate, available market, competitive landscape, market drivers, trends, and issues, and macroscopic indicators.
• Production by Regional Market Profiles of Manufacturers-players are studied on the basis of SWOT, their products, production, value, financials, and other vital factors.
Market Report Answers the Following Questions:
• At what growth rate will the market be projected to grow during the forecast period to 2030?
• What will be the market value in the future?
• What are the key opportunities of the market?
• Who are the major players operating in the market?
• How feasible is Market for long-term investment?
• What are the market's opportunities, risks, and general structure?
• What does a business area's assessment of agreements, income, and value implicate?
In addition to the market data for the Global Voice and Speech Recognition Market, Delvens offers client-centric reports customized according to the company’s specific demand and requirements.
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