Speech and voice recognition is a hardware or software that decode human voice into digital form. Voice recognition is used to operate a device and perform commands as instructed. Increasing usage of voice and speech recognition solutions across the retail sector is driving the market demand. The Global Speech & Voice Recognition Market size was estimated to be US$ 7.8 billion in 2019. The voice ordering technology in-store is offering a personalized experience to their customers. The market players have introduced answer engine optimization (AEO) and search engine optimization (SEO) for voice or speech order. The speech and voice recognition allows users to save payment details across Google platforms to fast track the shopping experience. Retailers such as Walmart, Home Depot, Target, and PetSmart amongst others have collaborated with Google to allow consumers to shop using Google Assistant. Rising adoption of speech and voice-enabled transcribing clinical notes and voice-enabled EMRs is propelling the speech and voice recognition market. The voice recognition technology will aid doctors to enter data verbally rather than writing that will increase the productivity of the doctors. The speech and voice recognition technology will reduce medical errors improving the reliability and accuracy of electronic health records. The market players are partnering with hospitals, ambulatory care units, and pharmacies to enhance the treatment experience. This has intensified the competition in the market and is expected to contribute towards the growth of the global speech and voice recognition market during the forecast period.
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North America contributed a dominating share to the global Speech and Voice Recognition market in terms of revenue and volume in 2019 and is expected to be dominating geography throughout the forecast period. Rising number of technically advanced offices equipped with biometric and voice-assisted systems to ensure a high level of security across the region is fueling the growth of the speech and voice recognition market. The BFSI organizations are using speech and voice recognition to advance their security level to minimize fraudulent cases. Asia Pacific region is accelerating the adoption of speech and voice recognition systems across various sectors that includes BFSI, healthcare, automotive, e-commerce, education, and hospitality amongst others. The public authorities are investing in the development of AI integrated speech and voice-assisted technologies. The government authorities along with the private players are investing in the transformation of connected cars and the manufacturing of smart consumer electronics. Furthermore, increasing demand for smart appliances equipped with speech and voice-controlled technology will create new market opportunities in the forecast timeline.
The global speech and voice recognition market is segmented on the basis of function, technology, end-user and geography. Based on function, the global speech and voice recognition market is segmented into Speech Recognition and Voice Recognition. Based on technology, the global speech and voice recognition market is segmented into artificial intelligence and non-artificial intelligence. Based on end-user, the global speech and voice recognition market is segmented into automotive, healthcare, BFSI, education, government services, retail, military and defense and others. Based on geography, the global Speech and Voice Recognition market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is sub-segmented into the United States, Canada and Rest of North America. Europe is sub-segmented into Germany, United Kingdom, Belgium, Spain, and Rest of Europe. Asia Pacific is sub-segmented into China, Japan, India, Indonesia, Australia, South Korea, Taiwan, and Rest of Asia Pacific. Middle East & Africa is sub-segmented into Saudi Arabia, the UAE, and Rest of Middle East & Africa. South America is sub-segmented into Brazil and Rest of South America.
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The research provides in-depth analysis of prominent players holding majority share of the global market with a focus on all operating business segment and would identify the segment of the company focusing on speech and voice recognition. Further, market share of prominent companies in the global Speech and Voice Recognition market would also be estimated.
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North America contributed a dominating share to the global Speech and Voice Recognition market in terms of revenue and volume in 2019 and is expected to be dominating geography throughout the forecast period. Rising number of technically advanced offices equipped with biometric and voice-assisted systems to ensure a high level of security across the region is fueling the growth of the speech and voice recognition market. The BFSI organizations are using speech and voice recognition to advance their security level to minimize fraudulent cases. Asia Pacific region is accelerating the adoption of speech and voice recognition systems across various sectors that includes BFSI, healthcare, automotive, e-commerce, education, and hospitality amongst others. The public authorities are investing in the development of AI integrated speech and voice-assisted technologies. The government authorities along with the private players are investing in the transformation of connected cars and the manufacturing of smart consumer electronics. Furthermore, increasing demand for smart appliances equipped with speech and voice-controlled technology will create new market opportunities in the forecast timeline.
The global speech and voice recognition market is segmented on the basis of function, technology, end-user and geography. Based on function, the global speech and voice recognition market is segmented into Speech Recognition and Voice Recognition. Based on technology, the global speech and voice recognition market is segmented into artificial intelligence and non-artificial intelligence. Based on end-user, the global speech and voice recognition market is segmented into automotive, healthcare, BFSI, education, government services, retail, military and defense and others. Based on geography, the global Speech and Voice Recognition market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is sub-segmented into the United States, Canada and Rest of North America. Europe is sub-segmented into Germany, United Kingdom, Belgium, Spain, and Rest of Europe. Asia Pacific is sub-segmented into China, Japan, India, Indonesia, Australia, South Korea, Taiwan, and Rest of Asia Pacific. Middle East & Africa is sub-segmented into Saudi Arabia, the UAE, and Rest of Middle East & Africa. South America is sub-segmented into Brazil and Rest of South America.
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The research provides in-depth analysis of prominent players holding majority share of the global market with a focus on all operating business segment and would identify the segment of the company focusing on speech and voice recognition. Further, market share of prominent companies in the global Speech and Voice Recognition market would also be estimated.
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