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September 11, 2019 | Information & Technology
Speech and voice recognition technology is installed in various advanced devices to ensure seamless communication with humans. The technology makes devices smart enabling them to follow the commands received. The rise in demand for such smart devices is promoting the growth of the global Speech and Voice Recognition Market, says Fortune Business Insights in their new report. The report is titled, “Speech and Voice Recognition Market Size, Share and Global Trend By Component (Solution, Services), By Technology (Voice Recognition, Speech Recognition), By Deployment (On-Premises, Cloud), By End-User (Healthcare, IT and Telecommunications, Automotive, BFSI, Government, Legal, Retail, Travel and Hospitality and Others) and Geography Forecast till 2026”
According to the reports, The global speech and voice recognition market is anticipated to reach US$ 28,335.3 Mn from US$ 6,892.9 Mn. The forecast period is set from 2019 to 2026 and the market is likely to grow at a CAGR of 19.8%.
On the basis of end user, the global speech and voice recognition market is dominated by the healthcare industry because of the rising patient pool and rise in adoption of new age technology such as artificial intelligence for providing necessary medical assistance to patients.
Government Organizations to Increasingly Adopt Voice Recognition Technology for Authentication Purpose, Promoting Market Growth
Speech and voice recognition still at a nascent stage, however, it is increasingly deployed in number of industries such as travel and hospitality, retail, healthcare, IT and telecommunications, automotive, and many others. This acts as a major speech and voice recognition market growth driver for future.
Besides this, since speech and voice recognition technology meets HIPAA (Health Insurance Portability and Accountability Act) standards, adopting this technology helps to protect personal privacy, face reduced fraud issues. This will also help the market grow remarkably in the forecast period.
Voice assistance technology provides enhanced efficiency to the healthcare industry and this will positively impact all stake holders towards better outcomes in the market, benefitting all patients, medical practitioners, service providers, pharmaceutical department, and payers.
Furthermore, changing lifestyle and surging interest in technology application is creating lucrative opportunities for speech and voice recognition market growth during the forecast period.
Voice and Speech Recognition Services for Visually Impaired People by Google Setting New Market Standards
Various market players are focusing on product innovation in order to gain a competitive edge over the market. Many electronic device manufacturers such as Sony, LG, Samsung, and others are also adopting voice recognition technology in their electronic products such as mobile phones, refrigerators, and others., This is also intensifying the market.
Several government agencies are adopting speech and voice recognition technology for authentication and security purposes and this is creating high grounds for various companies to develop top quality products with the most unique features.
Other strategies to multiply market revenue includes mergers and acquisitions, company collaborations, product launches, and others. For instance, Google recently partnered with ALS Therapy Development Institute, a non-profit organization for serving advanced speech and voice recognition services for visually impaired students.
Some of the companies operating in the global speech and voice recognition market are Google, Facebook, Amazon.com, Inc., APPLE, Inc., Brianasoft, IBM, Auraya, Fulcrum Biometrics, LLC., Raytheon Company, Microsoft, Voicebox Technologies Corporation, and others.
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/speech-and-voice-recognition-market-101382