In a recent published report, Kenneth Research has updated the market report for Voice Recognition Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Voice Recognition Market products.
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Kenneth Research, in its repository of market research reports, have recently added a report on Voice Recognition Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2021 2030. The Voice Recognition Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide.
According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.
Moreover, backed by the increasing demand for high-speed internet amongst the individuals, organizations operating in the field of telecom are increasingly working on deploying 5G network technology, as this technology provides internet access at very high speeds. By 2025, it is estimated that as many as 1.2 billion of total internet connections will account to 5G. Further, one-third of the world is projected to be covered with 5G connectivity by the end of 2030.
The Voice Recognition market is anticipated to reach over $150 billion by 2026 according to a new research published by Polaris Market Research. In 2017, the non-AI-Based voice recognition segment dominated the global market, in terms of revenue. North America is expected to be the leading contributor to the global market revenue during the forecast period.The increasing demand for intelligent virtual assistants at homes and enterprises primarily supports the growth of voice recognition market. Moreover, the growing need for automation in customer service, and integration of virtual assistants with smart home appliances drive the growth of the market. Furthermore, the increasing need to streamline enterprise communication to improve productivity further influence voice recognition market growth during the forecast period.
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Other driving factors include increased use in automobiles, mobile banking applications, and electronic health record applications. Also, increasing applications in biometric systems for user authentication would boost the market growth during the forecast period. Growing demand from emerging economies, and technological advancements are factors expected to provide numerous growth opportunities in the coming years.
North America generated the highest revenue in the market in 2017, and is expected to lead the global voice recognition market throughout the forecast period. Use of intelligent virtual assistants to replace traditional interactive voice response systems has supported market growth in the North America. Use of intelligent virtual assistants is proving effective by enhancing customer and brand experience, and providing a consumer-friendly environment. Similarly, the presence of established telecom and cloud infrastructure in this region, and growing trend of BYOD drive the voice recognition market growth in the region.
The growing demand of mobile devices, and technological advancements further support market growth in the region. The demand for voice recognition systems has increased significantly in BFSI, and healthcare sectors in the region. Increasing adoption of smart homes, and smart buildings would provide growth opportunities for voice recognition market during the forecast period.
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The major players operating in the voice recognition market include Google, Inc., Baidu, Inc., Facebook, Inc., Amazon.com, Inc., Advanced Voice Recognition Systems, Inc., Apple, Inc., CastleOS Software, LLC, International Business Machines Corporation, Microsoft Corporation, and Nuance Communications, Inc. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
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