Global Automatic Speech Recognition Software Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2029

“Global Automatic Speech Recognition Software Market” is the title of an upcoming market research report at MarketResearch.biz. Key factors have been considered, studied, and researched in detail and the results will be presented in the report. Information and data points are presented in the report as well as key trends, market growth driving factors, restraints, along with potential revenue opportunities in untapped economies. The report also contains details regarding threats and challenges. The company profile section contains detailed information regarding the key players operating in the target market. major and recent developments, strategies, and acquisitions and mergers etc., are also included. The global automatic speech recognition software market is segmented based on type, technology, deployment application, and region. In order to offer a more detailed and accurate outlook, data and revenues etc., is presented country-wise in the respective regions.

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Global Automatic Speech Recognition Software Market: Overview

Automatic Speech Recognition (ASR) is a technology that allows identification and processing of the human voice. It helps to identify speech/voice of a person and enables end-users to authenticate the identity of the person speaking into the system. It employs techniques that are programmed in the computer, and is software based. This software based technology also allows human interaction with an Artificial Intelligence (AI) or a computer interface, similar to a human conversation. Automatic speech recognition software come in two variants such as directed dialogue conversations and natural language conversations or Natural Language Processing (NLP).

Directed Dialogue conversations are the simplified versions of ASR that are mostly used at the workplace, and consist of machine interfaces that verbally prompts end-users to respond using characters, word or digits from a limited list of choices, and in turn provides responses based on the defined request. Automated telephone banking and other customer service interfaces are some examples that function on directed dialogue ASR software.

Natural Language Conversations/Natural Language Processing (NLP) are more sophisticated variants of ASR, and instead of heavily limited menus of words a user may use, NLP tries to simulate real conversations by allowing users to use an open-ended chat format with them. The Siri interface on the iPhone is a highly advanced example of these systems.

Global Automatic Speech Recognition Software Market: Dynamics

Growing dependency of end-users on AI-enabled devices that are programmed to offer assistance such as Siri has been leading to increasing production of more technologically advanced devices, including smarter smartphones. Programs such as Siri are used by consumers for assistance in their day to day tasks. In addition, increasing adoption of AI in the automobile sector and in corporate sectors, and rising adoption of biometrics systems for security purposes are expected to drive growth of the global automatic speech recognition market.

Moreover, research & development initiatives are being undertaken for improvement of accuracy of these systems are other key factors projected to further boost market growth.

Global Automatic Speech Recognition Software Segment Analysis

By Product Type: Among the product type segments, the naturally processed language system segment is expected to account for majority revenue share in the global market.

By Technology:  Among the technology segments, the speech segment is projected to account for majority revenue share.

By Deployment: Among the technology segments, the cloud segment is expected to register highest revenue share.

By Application:  Among the application segments, the health care segment is expected to account for majority revenue share among the other application segments such as IT and telecommunications, automotive, BFSI, government, legal, retail, travel and hospitality.

Global Automatic Speech Recognition Software Market: Regional Analysis

Market in North America is projected to register significant revenue share in the global market owing to increasing improvements in AI-based technologies, as well as increasing adoption of Internet of Things (IoT) and large scale adoption of smart devices in countries in the region.

The market in Europe is expected to account for a major revenue share in the global automatic speech recognition software market during the forecast period due to high adoption of voice and speech recognition systems in countries in the region. The Asia Pacific market is also projected to register a comparatively higher revenue CAGR over the forecast period due to increasing production and sales of smartphones in countries such as China and India.

Global Automatic Speech Recognition Market Segmentation:

By Product Type

• Naturally Processed Language
• Directed Dialogue Conversation

By Technology

• Speech Recognition
• Voice Recognition

By Deployment:

• On-cloud
• On-premise

By Application:

• Healthcare
• IT and Telecommunications
• Automotive
• BFSI
• Government
• Legal
• Retail
• Travel and Hospitality
• Others

By Region:

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa