Speech and Voice Recognition Market Worth $18.3 Billion by 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.

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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".

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.

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.

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).

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This quality-reviewed announcement / notification article relating to our Market Research Reports section was selected for publishing by the editors of Disabled World due to its likely interest to our disability community readers. Though the content may have been edited for style, clarity, or length, the article "Speech and Voice Recognition Market Worth $18.3 Billion by 2023" was originally written by MarketsandMarkets, and published by Disabled-World.com on 2017-08-04 (Updated: 2023-09-20). Should you require further information or clarification, MarketsandMarkets can be contacted at marketsandmarkets.com. Disabled World makes no warranties or representations in connection therewith.

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