Voice And Speech Recognition Software Market (2019 - 2025)

Voice And Speech Recognition Software Market Summary

Voice-activated biometrics used for security purposes help provide access to authenticated users for performing a transaction. Growing use of voice biometrics is amongst the major factors driving the growth. Increasing demand for voice-driven navigation systems and workstations is impelling growth in the hardware and software segments. Integration of voice-enabled in-car infotainment systems is gaining popularity across the globe as several countries initiate “hands-free” regulations that govern the use of mobile phones while driving.

Voice and speech product developers are focusing on innovation, which is expected to accelerate the market growth over the forecast period. The use of voice recognition technology in smartphones enables doctors and clinicians to translate their voice into rich, detailed clinical description, which is recorded in the Electronic Health Record (EHR) systems.

Increasing penetration of voice-enabled Internet of Things (IoT) devices in smart home automation is expected to drive the demand in near future. IoT-enabled devices would benefit a number of traditionally offline devices with innovative means of user interactions in addition to traditional means such as touch screens and buttons.

Function Insights

On the basis of function, the voice and speech recognition market has been bifurcated into voice and speech recognition. The voice recognition segment has further been segmented into speaker identification and speaker verification. While, speech recognition has been sub-segmented into automatic and text to speech. Further this technology has been assisting doctors and radiologists in maintaining records of patients. Moreover, in 2018, healthcare captured the largest market share owing to benefits such as reducing the report turnaround time and assisting doctors in record keeping.

Integration of speech recognition with Virtual Reality (VR) is expected to drive the demand in the forthcoming years. For instance, in February 2017, Facebook enhanced its VR platform, Oculus rift, by adding speech recognition to the VR gear of the oculus rift.

Technology Insights

Artificial Intelligence (AI)-based technology segment is expected to rise as the system recognizes the patterns of speech accurately. Artificial intelligence exceptionally converts speech into well-structured algorithms by undergoing certain stages, including the representation of speech units, formulation, and development of recognition algorithms along with the demonstration of correct inputs.

Rising developments in machine learning and natural language processing are expected to drive growth during the forecast period. Rising number of AI-based digital assistants such as Alexa and Cortana are expected to drive the demand for voice and speech recognition software in the forthcoming years.

Vertical Insights

The automotive vertical holds a significant market share owing to rising application of voice-enabled technologies used in car infotainment systems. With the enhancement of automotive technologies such as connected devices would update the driver with traffic conditions on the route and would also update the driver with alternative routes.

Voice and speech recognition technologies are expected to increasingly find application in consumer and retail verticals over the forecast period owing to the rising adoption of connected devices and growing penetration of personal assistants such as Google Home and Amazon Alexa in Europe and Asia Pacific.

Regional Insights

North America held majority of the overall market share, in terms of revenue, in 2018 and is expected to gain a relatively higher market share over the forecast period. Growing adoption of voice-enabled application in smartphones and increasing use in mobile banking, consumer electronics, and IoT devices are expected to drive the regional demand in the forthcoming years.

Europe is expected to witness increased application in consumer electronics and retail sectors owing to the rising trends of connected devices in automotive and home automation. On the other hand, rising demand from China, Japan, and Singapore is expected to fuel growth of Asia Pacific market. Rising penetration of voice-enabled devices in automobile and healthcare segments is also expected to boost the growth.

Key Companies & Market Share Insights

Key industry participants include Advanced Voice Recognition Systems, Inc.; Agnitio S.L.; Amazon.com, Inc.; Api.ai; Apple, Inc.; Anhui USTC iFlytek o., Ltd.; Baidu, Inc.; BioTrust ID B.V.; CastleOS Software, LLC; Facebook, Inc.; Google, Inc.; International Business Machines Corporation; JStar; LumenVox LLC; M2SYSLLC; Microsoft Corporation; MModal, Inc.; Nortek Holdings, Inc.; Nuance Communications, Inc.; Raytheon Company; SemVox GmbH; Sensory, Inc.; ValidSoft U.K. Limited; VoiceBox Technologies Corporation; and VoiceVault, Inc.

Major companies focus on increasing the recognition accuracy to gain a competitive edge in the market. Several companies have entered into strategic partnerships and mergers and acquisitions to strengthen their geographic presence and product portfolio. For instance, in July 2017, Baidu Inc. collaborated with Conexant Systems, Inc. to launch voice recognition kits for consumers. The collaboration aims at assisting device makers and developers in integrating DeurOS into their products.

Voice And Speech Recognition Software Market