Voice and Speech Recognition Software Market Overview Analysis, Trends, Share, Size, Type & Future Forecast to 2028

Voice and Speech Recognition Software Market Latest Trends and Analysis, Future Growth Study by 2028

Voice and Speech Recognition Software Market Overview:

Rising use of Voice and Speech Recognition Software technology in the mobile banking, incorporation of speech and voice recognition methods in customer electronics, arrival of IoT are factors driving growth of the market. Increase in the acceptance of speech and voice recognition applications in various smart phones is further driving the development of the market.

Implementation of voice and speech recognition technologies in various other consumer electronic devices will generate growth opportunities for the speech and voice recognition market in prediction period of year 2021-2027. However, lack of accuracy in the speech and voice recognition systems in harsh and noisy environments will act as restraint, and will supplementarily challenge growth of speech and voice recognition market in prediction period.

Voice and Speech Recognition Software Market Competitor Overview:

Nuance Communications, a U.S. based company, focuses on partnerships, agreements, and collaborations to preserve its market existence globally. The corporation has huge client base with the long-term contracts. Company has devoted heavily in the research and development to improve its product range and to build world-class portfolio of intelligent property, applications, technologies, and solutions over acquisitions and internal development.

It is predictable to follow opportunities to enlarge its assets, distribution network, geographic presence, and customer base by these acquisitions of other technologies and businesses. In healthcare segment, the company emphases on providing the customers deeper incorporation with its scientific documentation solutions, capitalizing in cloud-based operations and products, entering adjacent and new markets such as the ambulatory care, and growing global capabilities.

Voice and Speech Recognition Software Market, Key Players

• Advanced Voice Recognition Systems Inc.,

• Agnitio S.L,

• Amazon, Inc.,

• Apple, Inc.,

• iFlytek Co., Ltd,

• Baidu, Inc.,

• BioTrust ID B.V,

• Castle Software, LLC.,

• Facebook, Inc.,

• Google, Inc.,

• IBM,

• LumenVox,

• M2SYS Technology,

• Microsoft Corporation,

• MModal Inc.,

• Nortex Holdings Inc.,

• Nuance Communications, Inc.,

• SemVox GmbH,

• Raytheon Technologies Corporation,

• Sensory Inc.,

• Voice Technologies Corporation,

• VoiceVault Inc.

Voice and Speech Recognition Software Market Segment Overview:

As linked to speech, voice recognition segment is anticipated to develop at comparatively higher rate from 2021 to 2027 owing to the mounting use of technology in various multifactor verification systems in different sectors including government, BFSI, and defense. In North America and the Western Europe, large number of the banking customers practice phone banking facilities. Numerous of these monetary institutions are accepting voice-based verification solutions to receive or reject mobile communications by user. Furthermore, market for voice recognition technology is anticipated to witness high in finance, government, and enterprise verticals throughout the prediction period. The data security fears due to data breaches by intruders, cyberattacks, and issues connected to illegal refugees are some of major factors contributory to high growth of voice recognition market.

Voice and Speech Recognition Software Market Regional Overview:

Global speech and voice recognition market is subjugated by the North America owed to large number of the voice biometric systems arranged to safeguard high level of safety along with propagation of speech technologies in customer electronics and enterprises. The region is at forefront in terms of instigating biometric systems for refining the security and safety measures. The robust economy of the U.S. is major driving factor for development of the market in North America.

Voice and Speech Recognition Software Market Segmentation

Voice and Speech Recognition Software Market, By Delivery Mode

• AI Based

• Non-AI Based

Voice and Speech Recognition Software Market, By Technology

• Voice Recognition

• Speech Recognition

Voice and Speech Recognition Software Market, By Delivery Mode

• On-Premise

• Cloud Based

Voice and Speech Recognition Software Market, By Vertical

• Automotive

• Healthcare

• Government

• BFSI

• Enterprise

• Consumer

• Others

Voice and Speech Recognition Software market, By Region

  • North America
    • US
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia-Pacific
    • Japan
    • China
    • India
    • Australia
    • South Korea
    • Rest of Asia-Pacific
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Middle East and Africa
    • GCC
    • South Africa
    • Rest of Middle East and Africa

Voice and Speech Recognition Software Market Table of Content

Voice and Speech Recognition Software Market Study Global Market Analysis, Insights and Forecast, 2020-2027

1. Introduction

2. Executive Summary

3. Market Dynamics

4. Key Insights

5. Global Voice and Speech Recognition Software Market Analysis (USD Billion), Insights and Forecast, 2016-2027

6. North America Voice and Speech Recognition Software Market Analysis (USD Billion), Insights and Forecast, 2016-2027

7. Latin America Voice and Speech Recognition Software Market Analysis (USD Billion), Insights and Forecast, 2016-2027

8. Europe Voice and Speech Recognition Software Market Analysis (USD Billion), Insights and Forecast, 2016-2027

9. Asia Pacific Voice and Speech Recognition Software Market Analysis (USD Billion), Insights and Forecast, 2016-2027

10. Middle East & Africa Voice and Speech Recognition Software Market Analysis (USD Billion), Insights and Forecast, 2016-2027

11. Competitive Analysis

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