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Speech & Voice recognition market size worth $31.49 billion by 2026

The global speech and voice recognition market size is expected to grow to USD 31.49 billion by 2026 according to a new report published by Polaris Market Research. The report “Voice and Speech Recognition Market Share, Size, Trends, Industry Analysis Report By Component (Hardware, Software, Services); By Interface (AI-Based, Non-AI Based); By End-User (Automotive, Healthcare, BFSI, Consumer, Retail, Government, Home security & Automation, Others); By Regions, Segments & Forecast, 2019 – 2026”, provides step-by-step analysis into current market insights and detailed analysis of future market trends.

In 2018, the non AI-based voice and speech recognition segment dominated the global market in terms of revenue. North America is expected to be the leading contributor to global market revenue during forecast period. A currently moving demand for virtual assistants at homes and enterprises supports the growth of this market. A growing need for automation in customer service and integration of virtual assistants with smart home appliances (digital homes) drive the growth of market. A need to streamline enterprise communication to improve productivity further supports market growth. Other driving factors include increased use in automobiles, mobile banking applications and Electronic health record applications (EHR). The increasing use in biometric applications for user voice authentication would boost market growth during forecast period. A surging demand from emerging economies and technological advancements are factors expected to provide several growth opportunities in coming years.

An upward interest shone through in cars sector and expanding modernization of vehicles drove showcase development. The thought process being voice acknowledgements diminish mistakes enhancing market effectiveness. IT has been foreseen that half of ventures will be voice essays by 2020. An increasing number of data lapses such as security attacks give reasonable credence to voice recognition systems that are more reliable authentication methods. Growing number of security concerns drive market.

North America came up with highest revenue in the market in 2017 and is anticipated to lead market gains through the forecast period. Use of intelligent virtual assistants to replace traditional interactive response systems has boosted market growth in the region. Use of intelligent virtual assistants is proving effective by enhancing customer and brand experience providing a consumer-friendly environment. The presence of established telecom and cloud infrastructure in the region and growing trend of BYOD drive the market growth in the region. The demand for voice recognition systems has grown significantly in BFSI and healthcare sectors in the regions. Increased adoption of smart homes and smart buildings would provide opportunities for market during forecast period.

China is the world’s largest populace and is expected to have high adoption rates for these technologies. The number of mobile transactions has reportedly increased which makes it ideal for implementation of this software.

Market players are introducing new products in the market to cater to a growing customer base and players are venturing into new markets to expand customer portal and make market presence strong.

The companies in the speech and voice recognition market include Google, Inc., Baidu, Inc., Facebook, Inc.,, Inc., Advanced Voice Recognition Systems, Inc., Apple, Inc., IBM Corporation, Microsoft Corporation, Briana soft, VoiceBox Technologies, Fulcrum Biometrics, Neurotechnology, M2SYS Biometrics, Sensory Inc., Voice Base, INc., Agnitio Corp., Auraya Systems, VoiceTrust and Nuance Communications.

-CT Bureau

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