According to Market Research Future (MRFR), the global Speech Recognition Market size is expected
to reach USD 16 billion at a CAGR of 16% from 2017 to 2023 (forecast period). The report explores
the strengths, opportunities, threats, and future business risks and offers a rigorous analysis of the
global market situation with the results of COVID-19.
Speech recognition is a technology used in various devices like smartphones, cars, and computers,
enabling the system to recognize and convert the sound of spoken words into machine-readable
forms. It uses linguistic units for both speech and audio signals. Such signals are measured by the
word error rate (WER), which helps define the inaccuracies that occurred while processing. In
addition, there is a range of speech recognition technologies such as Amazon Alexa, Google's Google
Assistant, Apple Siri, and Microsoft Cortana that make it easy for people to communicate with their
devices. The goal of speech technology is to increase the speed, accuracy, and efficiency of the
system.
Market Dynamics
The adoption of artificial intelligence and the Internet of Things are driving the global market for
speech recognition. Artificial intelligence-based speech recognition is commonly used in the
automotive and healthcare industries. On 26 September 2017, Fluent.ai Inc. released its speech
recognition solution based on artificial intelligence, which enhances recognition of reliability and
accuracy. This solution is essentially a broad-based voice assistant, which involves mitigating privacy
issues for the Internet of Things. The growing adoption of biometric security in the banking and
finance sectors is boosting the market for speech recognition technology, which enhances customer
experience in the automated phone network. It helps users to interact with technologies more
securely.
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Market Segmentation
The global speech recognition industry has been segmented into type, technology, and verticals.
- Based on type, the global speech recognition market has been segmented into speaker dependent
and speaker independent. - Based on technology, the global speech recognition market has been segmented into non- artificial
intelligence based and artificial intelligence based. - Based on verticals, the global speech recognition market has been segmented into military,
automotive, healthcare, finance, media & entertainment, government, and others.
Regional Analysis
The global speech recognition market is spanned across regions including North America, Europe,
Asia Pacific, and the rest of the world.
North America is one of the world's leading regions in terms of market share. The market for speech
recognition is increasing due to security applications in digital and Internet-connected devices,
fueling market growth in the region. The market for speech recognition in Europe is expected to see
rapid growth over the forecast period. At the same time, Asia Pacific countries such as China, Japan,
and India are emerging markets for speech recognition, which are projected to rise at the highest
CAGR in the coming years.
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Key Players
Notable players in the global speech recognition market are Nuance Communications, Inc. (U.S.),
Microsoft Corporation (U.S.), Agnitio SL (Spain), VoiceVault (U.S.), VoiceBox Technologies Corp.
(U.S.), Google Inc. (U.S.), LumenVox LLC.(U.S), Raytheon BBN Technologies (U.S.), Advanced Voice
Recognition Systems (U.S.), Sensory, Inc. (U.S.), ReadSpeaker Holding B.V. (Netherlands), Iflytek Co.,
Ltd. (China), Acapela Group SA (Belgium), AT&T Inc. (U.S.), Fluent.ai Inc. (Canada) among others.
Competitive.
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