Global Voice Recognition Market Trends, Applications, Analysis, Growth, and Forecast: 2018 to 2027

MarketResearch.biz delivers in-depth insights on the global voice recognition market in its upcoming report titled, “Global Voice Recognition Market Trends, Applications, Analysis, Growth, and Forecast: 2018 to 2027”. The global voice recognition market is estimated to register a CAGR of X.X% in terms of value during forecast period 2018–2027. The report offers in-depth insights, revenue details, and other vital information regarding the target market, and the various trends, drivers, restraints, opportunities, and threats till 2027. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global voice recognition market report has been segmented on the basis of component, application, end-use industry, and region.

Voice recognition systems are used mainly to convert and decrypt human voice into speech which can easily be understood by any computerized system. A voice recognition device can receive, interpret, and dictate spoken commands. In addition, voice recognition system is also employed in biometric security systems to determine voice of a particular person to either grant or deny access. Voice recognition technology has become quite popular in mobile banking applications, where it requires credentials of authenticated users with their spoken commands to make any transactions.

The target audience include, smart home and automation products producers, government agencies, voice and speech recognition application developers, autonomous vehicle designers and manufacturers, banking, financial services and insurance providers, research organizations and institutes, consumer electronics manufacturers, virtual assistant products manufacturers, healthcare service providers, and voice and speech recognition patent assignees.

Major factors driving growth of the global voice recognition market is increased demand for voice-based biometric systems and increasing demand for voice authentication system in mobile applications. Application of artificial intelligence (AI) for improving accuracy of voice recognition system is another factor expected to drive the demand for the global voice recognition market in next ten years. In addition, increasing use of smartphone in vehicles, rising trend of connected cars and automatic cars, and increasing use of voice recognition system for electronic health record (EHR) are some additional factors expected to drive growth of the market in near future.

Major factor expected to hamper growth of the voice recognition market is lack of accuracy in voice recognition systems in loud working environments. This effect increases as distance between speaker and microphone increases.

Voice recognition market in North America region is expected to account for major share in terms of revenue in 2016. The market in Asia Pacific is projected to grow at highest CAGR during the forecast period. This can be attributed to increasing awareness among population and lowered costs of voice recognition and biometric devices.

Global Voice Recognition Market Segmentation:

Segmentation by component:

• Hardware
• Software
• Enhanced devices

Segmentation by application:

• Artificial Intelligence
• Non-Artificial Intelligence

Segmentation by end-use industry:

• Banking Financial Services and Insurance(BFSI)
• Automotive
• Consumer electronics
• Government
• Home security and home automation
• Healthcare
• IT & Telecom
• Others (Retail and defense)

 Segmentation by region:

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