DUBLIN, May 17, 2019 /PRNewswire/ -- The "Voice and Speech Recognition Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024" report has been added to ResearchAndMarkets.com's offering.
The global voice and speech recognition market is expected to grow at a CAGR of 17% during 2019-2024
Voice and speech recognition refers to an authentication technology which assists in receiving and interpreting the human voice and carrying out the spoken commands. This technology primarily works on the principle of translating commands into electrical signals, converting them into coding patterns and sending them back to the device in digital format for the final execution.
While it was developed several decades earlier, this technology has recently been introduced in mobile devices and other consumer electronics owing to the advancements in processing capabilities and improvements in network connectivity.
This trend, coupled with the rising use of artificial intelligence (AI) and virtual assistants, such as Apple Siri, Amazon Alexa, Google Assistant, etc. has proliferated the demand for this software in the electronics industry.
Global Voice and Speech Recognition Market Drivers:
On account of changing lifestyles, rising internet penetration, and increasing consumers' spending on media, entertainment and mobile communication, there has been a rise in the sales of electronic devices, such as tablets, laptops and smartphones, which have voice and speech recognition software pre-installed in them. Moreover, in order to retain their position in the market, various developers are upgrading speech and voice recognition software and introducing innovative products.
For instance, Google has recently announced to launch Google Duplex which can conduct natural conversation with users and help them in booking their reservations. Apart from this, due to increasing road accidents, governments across the globe have implemented stringent road safety regulations for averting the utilization of mobiles while driving. As a result, users are now preferring to utilize voice commands for carrying out different tasks on their mobile devices while driving.
Further, with the growing concern for safety and need for a strong verification process in mobile banking, a large number of banks are now adopting voice-based authentication solutions for accepting transactions which, in turn, is creating a positive outlook for the market.
Key Questions Answered in This Report:
Key Topics Covered:
2 Scope and Methodology
2.1 Objectives of the Study
2.3 Data Sources
2.4 Market Estimation
2.5 Forecasting Methodology
3 Executive Summary
4.2 Key Industry Trends
5 Global Voice and Speech Recognition Market
5.1 Market Overview
5.2 Market Performance
5.3 Market Breakup by Technology
5.4 Market Breakup by Deployment Mode
5.5 Market Breakup by Delivery Methods
5.6 Market Breakup by End-Use
5.7 Market Breakup by Region
5.8 Market Forecast
6 Market Breakup by Technology
6.1 Voice Recognition
6.2 Speech Recognition
7 Market Breakup by Deployment Mode
7.1 On Cloud
8 Market Breakup by Delivery Methods
8.1 Artificial Intelligence (AI) Based
8.2 Non-Artificial Intelligence Based
9 Market Breakup by End-Use
9.4 Banking, Financial Services, and Insurance (BFSI)
10 Market Breakup by Region
10.1 North America
10.3 Asia Pacific
10.4 Middle East and Africa
10.5 Latin America
11 SWOT Analysis
12 Value Chain Analysis
13 Porters Five Forces Analysis
13.2 Bargaining Power of Buyers
13.3 Bargaining Power of Suppliers
13.4 Degree of Competition
13.5 Threat of New Entrants
13.6 Threat of Substitutes
14 Price Analysis
15 Competitive Landscape
15.1 Market Structure
15.2 Key Players
15.3 Profiles of Key Players
15.3.1 Nuance Communication
15.3.3 Google Inc.
15.3.5 Baidu Inc.
15.3.6 Facebook Inc.
15.3.7 Apple Inc.
15.3.8 Amazon Inc.
15.3.9 Advanced Voice Recognition Systems
15.3.12 BioTrust ID B.V.
15.3.13 Voicebox Technologies
For more information about this report visit https://www.researchandmarkets.com/r/sngso2
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