Speech recognition technology detects and identifies audio signals as language and converts these signals into machine-readable form Increasing the penetration of artificial intelligence as well as the development of home automation products Generation of New Generation Devices Expected to Drive Speech Recognition Market Demand Several giants of computer technology such as Google and Amazon have developed a voice-based virtual assistant based on this technology AI-based speech recognition was one of the trending technologies at CES, 2018, a globally recognized trade fair by Consumer Technology Association It has increased the traction of speech recognition technology around the world Speech recognition technology is completely changing the style of interaction of people and their devices, phones, homes and cars AI-based speech recognition uses self-learning matic to answer the user’s question or command
According to a recent report released by Allied Market Research, titled « Speech Recognition Market by Deployment and End User: Analysis of Global Opportunities and Industry Forecast, 2018-2026 », the global recognition market size voice was valued at $ 639 billion in 2018 and is expected to reach $ 2928 billion by 2026, registering a CAGR of 199% from 2019 to 2026
Leading companies operating in the voice recognition market size ecosystem include Google Inc, Naunce Communication, IBM, Baidu, Amazon, Microsoft, Raytheon BBN Technologies, Sensory, Iflytek and Speak2web These key players have adopted several strategies such as the launch and development of new products, acquisition, partnership, & collaboration and business expansion to increase their voice recognition market share
Several search engine companies such as Google and Baidu are using this technology to provide voice-to-text search Use cases for speech recognition technology are increasing dramatically with upcoming humanoids using voice recognition to provide actionable output One of the best use cases of the humanoid is the reception robot, Pepper designed and programmed by Softbank Robotics used at the reception of banks and medical facilities Thus, the voice recognition market is currently experiencing a significant increase in the number of use cases, which should drive its demand over the next few years
The increase in voice recognition industry penetration in consumer electronics products is fueled by a highly competitive consumer electronics market, where players are focused on upgrading their products such as smartphones, laptops and digital recorders Large companies such as Nvidia, Samsung, TSMC and AMD, follow this trend by integrating advanced integrated circuits and related services in their products.This in turn increases the demand for voice recognition technologies and the market is expected to grow with high growth rate during the forecast period
The increasing demand for voice recognition in the automotive industry and the increasing demand for voice-based biometric systems for user authentication, as well as the dramatically high growth potential in voice recognition applications. Healthcare is expected to contribute to the growth of the global voice recognition market.In addition, the increasing adoption of voice recognition in the consumer electronics and consumer goods sectors is also expected to provide lucrative opportunities for the growth of the voice recognition market globally However, the lack of precision acts as a major constraint hampering the growth of the market
On-premises segment has been the biggest contributor to the global voice recognition market, with over 50% share However, the cloud deployment segment is expected to experience the highest CAGR during the period of forecasting, due to the ability of power-based devices to help the organization reduce CAPEX and OPEX and enable them to achieve significantly high levels of efficiency at minimal cost By end use, the healthcare segment is expected to dominate the market during the forecast period, owing to the emergence of improved technologies in medical devices such as wireless communication, sensors, ECG electrocardiogram, body network (BAN) used for heart rate monitoring and devices to monitor pulse, temperature, oxygen and blood pressure
Allied Market Research (AMR) is a full-service market research and business consulting arm of Allied Analytics LLP based in Portland, Oregon Allied Market Research provides global companies as well as medium and small businesses with unmatched quality of “market research reports” and “business intelligence solutions” “AMR has a focused vision to provide business insights and advice for help clients make strategic business decisions and achieve sustainable growth in their respective market area
We have professional professional relationships with various companies, which helps us extract market data which helps us generate accurate research data tables and confirm the highest accuracy of our market forecast All of the data presented in the reports we publish is pulled through primary interviews with senior officials from key companies in the relevant field Our methodology for sourcing secondary data includes extensive online and offline research and discussions with professionals and knowledgeable industry analysts
Speech recognition, forecast, system, analysis
World News – UK – Impact of COVID-19 on Speech Recognition Market: Share, Size, Trends and Opportunities 2019- 2026 – re: Jerusalem
