Dublin, June 14, 2021 (GLOBE NEWSWIRE) -- The "Voice and Speech Recognition Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.
The global voice and speech recognition market exhibited strong growth during 2015-2020. Voice and speech recognition refers to an authentication technology which assists in receiving and interpreting the human voice and carrying out the spoken commands. This technology primarily works on the principle of translating commands into electrical signals, converting them into coding patterns and sending them back to the device in digital format for the final execution. While it was developed several decades earlier, this technology has recently been introduced in mobile devices and other consumer electronics owing to the advancements in processing capabilities and improvements in network connectivity. This trend, coupled with the rising use of artificial intelligence (AI) and virtual assistants, such as Apple Siri, Amazon Alexa, Google Assistant, etc. has proliferated the demand for this software in the electronics industry. Looking forward, the publisher expects the global voice and speech recognition market to grow at a CAGR of 19.5% during 2021-2026.
Global Voice and Speech Recognition Market Drivers:
On account of changing lifestyles, rising internet penetration, and increasing consumers' spending on media, entertainment and mobile communication, there has been a rise in the sales of electronic devices, such as tablets, laptops and smartphones, which have voice and speech recognition software pre-installed in them. Moreover, in order to retain their position in the market, various developers are upgrading speech and voice recognition software and introducing innovative products. For instance, Google has recently announced to launch Google Duplex which can conduct natural conversation with users and help them in booking their reservations. Apart from this, due to increasing road accidents, governments across the globe have implemented stringent road safety regulations for averting the utilization of mobiles while driving. As a result, users are now preferring to utilize voice commands for carrying out different tasks on their mobile devices while driving. Further, with the growing concern for safety and need for a strong verification process in mobile banking, a large number of banks are now adopting voice-based authentication solutions for accepting transactions which, in turn, is creating a positive outlook for the market.
This report provides a deep insight into the global voice and speech recognition market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter's five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the global voice and speech recognition market in any manner.
Historical, Current and Future Market Trends
Market Breakup by Technology:
Market Breakup by Deployment Mode:
Market Breakup by Delivery Methods:
Artificial Intelligence (AI) Based
Non-Artificial Intelligence Based
Market Breakup by End-Use:
Banking, Financial Services, and Insurance (BFSI)
Market Breakup Region:
Middle East and Africa
The report has also analysed the competitive landscape of the market with some of the key players being Nuance Communication, Microsoft, Google, Inc., IBM, Baidu, Inc., Facebook, Inc., Apple, Inc., Amazon, Inc., Advanced Voice Recognition Systems, M2SYSLLC, Sensory, BioTrust ID B.V., Voicebox Technologies, etc.
Key Questions Answered in This Report:
How has the global voice and speech recognition market performed so far and how will it perform in the coming years?
What are the key regional markets in the global voice and speech recognition industry?
What has been the impact of COVID-19 on the global voice and speech recognition market?
What is the breakup of the market based on the technology?
What is the breakup of the market based on the deployment mode?
What is the breakup of the market based on the delivery methods?
What is the breakup of the market based on the end-use?
What are the various stages in the value chain of the global voice and speech recognition industry?
What are the key driving factors and challenges in the global voice and speech recognition industry?
What is the structure of the global voice and speech recognition industry and who are the key players?
What is the degree of competition in the global voice and speech recognition industry?
What are the profit margins in the global voice and speech recognition industry?
Key Topics Covered:
2 Scope and Methodology
3 Executive Summary
4.2 Key Industry Trends
5 Global Voice and Speech Recognition Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Breakup by Technology
5.5 Market Breakup by Deployment Mode
5.6 Market Breakup by Delivery Methods
5.7 Market Breakup by End-Use
5.8 Market Breakup by Region
5.9 Market Forecast
6 Market Breakup by Technology
6.1 Voice Recognition
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Speech Recognition
6.2.1 Market Trends
6.2.2 Market Forecast
7 Market Breakup by Deployment Mode
7.1 On Cloud
7.1.1 Market Trends
7.1.2 Market Forecast
7.2.1 Market Trends
7.2.2 Market Forecast
8 Market Breakup by Delivery Methods
8.1 Artificial Intelligence (AI) Based
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Non-Artificial Intelligence Based
8.2.1 Market Trends
8.2.2 Market Forecast
9 Market Breakup by End-Use
9.1.1 Market Trends
9.1.2 Market Forecast
9.2.1 Market Trends
9.2.2 Market Forecast
9.3.1 Market Trends
9.3.2 Market Forecast
9.4 Banking, Financial Services, and Insurance (BFSI)
9.4.1 Market Trends
9.4.2 Market Forecast
9.5.1 Market Trends
9.5.2 Market Forecast
9.6.1 Market Trends
9.6.2 Market Forecast
9.7.1 Market Trends
9.7.2 Market Forecast
9.8.1 Market Trends
9.8.2 Market Forecast
10 Market Breakup by Region
10.1 North America
10.1.1 Market Trends
10.1.2 Market Forecast
10.2.1 Market Trends
10.2.2 Market Forecast
10.3 Asia Pacific
10.3.1 Market Trends
10.3.2 Market Forecast
10.4 Middle East and Africa
10.4.1 Market Trends
10.4.2 Market Forecast
10.5 Latin America
10.5.1 Market Trends
10.5.2 Market Forecast
11 SWOT Analysis
12 Value Chain Analysis
13 Porters Five Forces Analysis
13.2 Bargaining Power of Buyers
13.3 Bargaining Power of Suppliers
13.4 Degree of Competition
13.5 Threat of New Entrants
13.6 Threat of Substitutes
14 Price Analysis
15 Competitive Landscape
15.1 Market Structure
15.2 Key Players
15.3 Profiles of Key Players
15.3.1 Nuance Communication
15.3.3 Google, Inc.
15.3.5 Baidu, Inc.
15.3.6 Facebook, Inc.
15.3.7 Apple, Inc.
15.3.8 Amazon, Inc.
15.3.9 Advanced Voice Recognition Systems
15.3.12 BioTrust ID B.V.
15.3.13 Voicebox Technologies
For more information about this report visit https://www.researchandmarkets.com/r/8fxen9
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