Speech/Voice Recognition Market Worth $18.3 Billion USD by 2023
Author: MarketsandMarkets(i) : Contact: marketsandmarkets.com
Published: 2017-08-04 : (Rev. 2020-03-24)
Synopsis and Key Points:
Increased demand for speech-based biometric systems for multifactor authentication and growing impact of artificial intelligence (AI) on the accuracy of speech and voice recognition drive the growth of the market.
The market for voice recognition is expected to grow at a higher CAGR during the forecast period.
Speech and Voice Recognition Market expected to be valued at USD 6.19B and likely to reach USD 18.30B by 2023 at a CAGR of 19.80% between 2017 and 2023.
Main Digest
The report "Speech and Voice Recognition Market by Technology (Speech Recognition, Voice Recognition), Vertical (Automotive, Consumer, Banking, Financial Services and Insurance (BFSI), Retail, Education, Healthcare & Government) and Geography - Global Forecast to 2023", published by MarketsandMarkets™, the Speech and Voice Recognition Market is expected to be valued at USD 6.19 Billion in 2017 and is likely to reach USD 18.30 Billion by 2023, at a CAGR of 19.80% between 2017 and 2023.
Browse 72 Market Data Tables and 49 Figures spread through 165 Pages and in-depth TOC on "Speech and Voice Recognition Market - Global Forecast to 2023.
www.marketsandmarkets.com/Market-Reports/speech-voice-recognition-market-202401714.html
Early buyers will receive 10% customization on reports.
Increased demand for speech-based biometric systems for multifactor authentication and growing impact of artificial intelligence (AI) on the accuracy of speech and voice recognition drive the growth of the market.
Voice recognition technology expected to grow at higher CAGR during forecast period.
The market for voice recognition is expected to grow at a higher CAGR during the forecast period.
The need for biometrics authentication leads to the growing integration of voice authentication in mobile banking and creates a growing demand for multifactor authentication in enterprises and industries, leading to the growth of the market for voice recognition.
In October 2016, VoiceVault Inc. (US) partnered with BioConnect (US) to develop and integrate biometric authentication technologies into digital banking and finance platforms. This partnership enabled the integration of the existing voice recognition software of VoiceVault Inc. into the BioConnect Identity Platform a mobile platform offering biometric authentication solutions with voice and eye-scanning technology or password technology.
Download PDF Brochure: www.marketsandmarkets.com/pdfdownload.asp?id=202401714
Consumer vertical expected to hold largest share of speech and voice recognition market during forecast period.
The key factor contributing to the growth of the speech and voice recognition market in the consumer vertical is increasing efforts of original equipment manufacturers (OEMs) to bring speech and voice recognition technology in their devices.
Americas expected to hold largest share of speech and voice recognition market during forecast period.
The key factor contributing to the growth of the speech and voice recognition market in the Americas is the increase in the deployment of biometric systems to ensure high level of security in countries such as the US, Canada, and Mexico. For instance, in June 2017, VIQ Solutions Inc. (Canada) partnered with Pivot Technology Solutions, Inc. (Canada) to access Pivot Technology Solutions' innovative products, next-generation ultra-secure platform, CyberCrypt, video capture devices, and high-definition (HD) telepresence systems, along with end-to-end services for the customer base of public organizations and private enterprises.
Inquiry Before Buy: www.marketsandmarkets.com/Enquiry_Before_Buying.asp?id=202401714
Major players operating in the speech and voice recognition market include Nuance Communications, Inc. (US), Microsoft Corporation (US), Alphabet Inc. (US), Cantab Research Limited (UK), Sensory, Inc. (US), ReadSpeaker Holding B.V. (Netherlands), Pareteum Corporation (US), Iflytek Co., Ltd. (China), VoiceVault Inc. (US), VoiceBox Technologies Corp. (US), LumenVox, LLC (US), and Acapela Group SA (Belgium).
Related Reports
Text-to-Speech Market by Vertical (Healthcare, Enterprise, Consumer Electronics, Automotive & Transportation, Finance, Education, Retail), and Geography(Americas, Europe, Asia Pacific) - Global Forecast to 2022 http://www.marketsandmarkets.com/Market-Reports/text-to-speech-market-2434298.html
Subscribe Reports from Semiconductor Domain: www.marketsandmarkets.com/Knowledgestore.asp
(i)Source/Reference: MarketsandMarkets. Disabled World makes no warranties or representations in connection therewith. Content may have been edited for style, clarity or length.
Related Documents
- 1: Hearing Aids Market Worth $7 Billion by 2025 - CAGR: 3.9% : Polaris Market Research (2020/10/22)
- 2: Virtual Reality Entertainment Market To Reach $3.3 Billion by 2020 : IHS (2016/10/06)
- 3: Speech/Voice Recognition Market Worth $18.3 Billion USD by 2023 : MarketsandMarkets (2017/08/04)
- 4: Molecular Profiling of Cancer Tumors : Implications for Precision Medicine : Adroit Market Research (2020/02/18)
- 5: Analgesics Market Anticipated to Reach $US 79 Billion by End 2028 : Future Market Insights (2018/08/16)
- 6: Adaptive Clothing Market: Future Trends and Forecasts : QYResearch (2019/06/18)
- 7: North American Wheelchair Accessible and Mobility Vehicle Statistics : Research and Markets (2019/05/04)
Important:
• Disabled World is strictly a news and information website provided for general informational purpose only and does not constitute medical advice. Materials presented are in no way meant to be a substitute for professional medical care by a qualified practitioner, nor should they be construed as such. Any 3rd party offering or advertising on disabled-world.com does not constitute endorsement by Disabled World. Please report outdated or inaccurate information to us.