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.
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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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