Global Speech Recognition Market - Overview
Market Research Future (MRFR) asserts that the
global Speech Recognition Market is projected to garner
exponential traction by 2027, registering a colossal CAGR during the review
period (2020-2027). The speech recognition market is proliferating globally.
The rising demand for accurate and easy-to-use speech recognition API suitable
for multiple fields and languages fosters market growth. Besides, the growing
adoption of new voice-enabled learning tools that have the potential to address
equity and bias boosts the market size. Growing uses of speech recognition in
education is a key driving force behind the market rise.
Additionally, significant investments in building
high-performance speech recognition have accelerated the demand for more joyful
and frictionless voice experiences. Developing core offerings have enabled
educational applications that have piqued developers, educators, and
researchers' interest, democratizing educational resources' access and
mitigating the risks of implicit biases.
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Speech Recognition Market – Segments
The market is segmented into vehicle type,
technology, vertical, and regions. The type segment is sub-segmented into
speaker-dependent and speaker-independent. The technology segment is
sub-segmented into AI-based and non-AI-based. The vertical segment is
sub-segmented into military, automotive, healthcare, and others. The region
segment is sub-segmented into Asia Pacific, Americas, Europe, and
rest-of-the-world.
Speech Recognition Market – Regional
Analysis
North America leads the global speech recognition
market. Factors such as rapid developments in speech recognition solutions and
rising applications in cell phones drive the regional market growth. Besides,
increasing uses of speech recognition and voice recognition applications for
mobile banking, buyer gadgets, and IoT gadgets substantiate the market size.
The strong presence of major manufacturers and high spending on automotive
systems increase the adoption of speech recognition and, subsequently, market
sales.
Speech Recognition Market – Competitive
Landscape
Highly competitive, the speech recognition market
appears fragmented with the presence of several well-established players. To
gain a larger competitive share, these players incorporate strategic approaches
such as mergers & acquisitions, collaboration, expansion, and product/technology
launch.
They make substantial investments to drive R&D
activities and expansion plans. The market is projected to witness constant
innovations and new products, eventually intensifying competition among
manufacturers.
Major Players:
Players leading the global speech recognition market
include Nuance Communications, Inc. (US), Microsoft Corporation (US), Agnitio
SL (Spain), VoiceVault (US), VoiceBox Technologies Corp. (US), Google Inc.
(US), LumenVox LLC. (US), Raytheon BBN Technologies (US), Advanced Voice
Recognition Systems (US), Sensory, Inc. (US), ReadSpeaker Holding BV
(Netherlands), Iflytek Co., Ltd. (China), Acapela Group SA (Belgium), AT&T
Inc. (US), and Fluent.ai Inc. (Canada), among others.
Industry/ Innovation/ Related News:
Sept. 02, 2021-- Presto, a provider of restaurant
technologies, launched Presto Voice to automate speech recognition for
restaurants, with kiosks that can be deployed in drive-thrus, pay-at-table
systems & servers, handhelds line busters to streamline the guest
experience while boosting the guest-to-staff ratio.
Voice-based ordering by guests or staff enables
faster order taking, increases the speed of service, and improves labor
productivity. Conversational AI can take automated orders, recognizing and adapting
to different accents, environmental conditions, and noise levels.
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