Speech and Voice Recognition Market to Rise Exponentially at a CAGR of 19.8%, Cloud-based Segment to Emerge Dominant, Says Fortune Business Insights

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Voice Controlled Devices to find Application in Various Sectors

Various factors are responsible for the growth of the global speech and voice recognition market. Speech and voice recognition helps to recognize phrases or words and converts them to a machine-readable format. Users can control devices with the help of speech and voice as the audio and text received by such devices automatically gets converted into a machine-friendly format, making it easier for humans to operate devices without having to indulge time and effort by operating other devices such as a mouse, keyboard, and others. This is a major factor promoting the growth of the global speech and voice recognition market and anticipated to continue doing the same during the forecast period.

Voice-controlled systems are increasingly used in smart cars, smart speakers, and other applications. Voice-controlled and speech-recognition systems are applicable in several industries such as the smartphone industry, assistance applications, embedded devices, dictation appliances, and others. As per the Adobe Analytics Survey, voice recognition used on smart speakers and smartphones today, are mostly used for searching music, fun questions followed by online search, maps and directions, weather forecast, news, and others. This indicates a remarkable speech and voice recognition market growth in the forecast duration.

However, the market may face rough waters in terms of lack of speech or voice accuracy and impaired speech. Such problems may not help the devices recognize command over voice or speech, and this may cause hindrance to the speech and voice recognition market revenue in the forecast duration.

Nevertheless, voice and speech recognition can be installed in other electronic devices such as mixers, and grinders, thermostats, refrigerators, and others in future and this is anticipated to create lucrative growth opportunities for the global market in the long run.

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Leading Players Are Launching Personal Assistant Devices with Voice Recognition Technology to Gain Competitive Advantage

Several companies in the global speech and voice recognition market are focusing on different strategies to remain competitive in the market. These strategies include company collaborations, mergers and acquisitions, and most importantly, new product launches.  For Instance, Nuance Communication Inc., company launched their assistance system namely Dragon Drive, that can integrate multiple devices such as cars, different household appliances, and others. This will provide real-time alerts and reminders to people about traffic updates, working schedules, daily chores, and others through Dragon Drive. Such innovations are likely to bode well for the global speech and voice recognition market in the foreseeable future.

Some of the players operating in the global speech and voice recognition market include Raytheon Company, VoiceTrust, VoiceBase, Inc., M2SYS Technology - KernellÓ Inc., Fulcrum Biometrics, LLC., Brianasoft, IBM, Advanced Voice Recognition Systems, Inc., Facebook, Google, Nuance Communication, Inc., Auraya, Sensory Inc., Neurotechnology, Voicebox Technologies Corporation, Microsoft, Apple Inc., Amazon.com, Inc., Baidu. Inc., and others.

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