In a recent published report, Kenneth Research has updated the market report for Speech and 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 Speech and Voice Recognition Market products.
Kenneth Research, in its repository of market research reports, have recently added a report on Speech and 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 Speech and 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.
Kenneth Research has published a detailed report on Speech and Voice Recognition Market, which has been categorized by market size as well as growth indicators, and further encompasses detailed market analysis on macro trends and region-wise growth in North America, Latin America, Europe, Asia-Pacific and Middle East & Africa region. The report also includes the challenges that are affecting the growth of the industry and offers strategic evaluation that is required to boost the growth of the market over the period of 2021-2025.
The Global Speech and Voice Recognition Market was valued at USD 5.21 billion in 2016 and is projected to reach USD 26.15 billion by 2025, growing at a CAGR of 19.63% from 2017 to 2025.
Voice and Speech Recognition is the ability of a machine or program that can identify, distinguish and authenticate the voice of an individual speaker, understand and carry out spoken commands. Benefits of voice and speech recognition includes – encourages natural, human-like conversations, enables organizations save agents for more important tasks, delivers a great customer experience, and has the ability to convert speech to text and vice-versa.
Final Report will add the analysis of the impact of COVID-19 on this industry.
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1. Market Drivers
1.1 Development of speech and voice recognition software for micro-linguistics and local languages
1.2 Increasing usage of speech and voice recognition in service robotics and autonomous cars
1.3 Adoption of speech and voice recognition system in the education of temporarily and permanently disabled students
1.4 Increasing demand for voice authentication in mobile banking application
1.5 Growing demand for speech-based biometric systems for multifactor authentication
1.6 Integration of AI and cloud in speech and voice recognition system
2. Market Restraints
2.1 Poor accuracy of speech and voice recognition system in noisy and harsh working environments
2.2 Slower network speed in some regions
2.3 Lack of standardized platform for the development of customized speech and voice recognition software products
The Global Speech and Voice Recognition Market is segmented on the technology, vertical, and region.
1.1 Speech Recognition
1.2 Voice Recognition
2. By Vertical:
2.8 Banking, financial services, and insurance
3. By Region:
3.1 North America (U.S., Canada, Mexico)
3.2 Europe (Germany, UK, France, Rest of Europe)
3.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
3.4 Latin America (Brazil, Argentina, Rest of Latin America)
3.5 Middle East & Africa
The major players in the market are as follows:
1. Microsoft Corporation
2. Sensory, Inc.
3. Readspeaker Holding B.V.
4. Iflytek Co., Ltd.
5. Voicebox Technologies Corp.
6. Acapela Group Sa
7. Nuance Communications, Inc.
8. Alphabet Inc.
9. Cantab Research Limited
10. Pareteum Corporation
11. Voicevault Inc.
12. Lumenvox, LLC
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:
Research study on the Global Speech and Voice Recognition Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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