Voice and Speech Recognition Market Comprehensive Analysis and Forecast 2023 to 2028

Markntel Advisors’ report, Voice and Speech Recognition Research Report: Trend, Business Growth, Size, Future Scope, Segmentation, Dynamics, and Forecast to 2028, offers a comprehensive guide for the growing industry. The expert team of analysts dedicated significant effort to gathering and evaluating the latest market data, resulting in a detailed and up-to-date report that offers valuable insights for individuals who rely on data-driven decisions, including business owners and analysts. The research report on the Voice and Speech Recognition presents well-researched facts and figures pertinent to the industry, whether the goal is to explore new markets, launch a new product, or maintain a competitive advantage.

Voice and Speech Recognition Market Research Report & Market Summary:

The Global Voice and Speech Recognition Market is projected to grow at a CAGR of more than 20% during the forecast period, i.e., 2023-28. With technological advancement in existing electronic devices accompanying flourishing options for new gadgets, the global market for speech & voice recognition is anticipated to thrive. Besides, the steady adoption of speech & voice recognition in navigation software, disability assistance, healthcare, hands-free communication, and documentation is opening up new avenues for the market players in the coming years. Moreover, with the growth of IoT, the need for security and privacy has arisen, resulting in better alternatives, such as voice-activated biometrics, for privacy and security purposes.

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Voice and Speech Recognition Market Dynamics:

Key Trend-

Augmenting Consumer Preferences for Smart Homes and Workplaces - There has been a global trend of turning houses into smart ones, filled with gadgets and digitalized versions of traditional essentials. Due to rapid technological advancements, the growing internet presence of individuals, and the growing urge for secure homes and workplaces, there is a demand to turn spaces automated in terms of their functionality. Besides, smart devices, including speech and voice-recognizing devices, have become indispensable to daily lives, especially after the Pandemic. Given this, tech giants are adding voice recognition features to every possible device, enabling consumers to control and command the appliances. As such, the demand for AI-based products, such as Google Home and Alexa, has increased over time. Likewise, home appliance manufacturers like Whirlpool and Philips, providing voice assistance with their products, further encourage market expansion.

Voice and Speech Recognition Market Segmentation Analysis:

According to MarkNtel study the market is segmented into the following categories:

By Function

Voice Recognition
- Speaker identification
- Speaker verification
Speech Recognition
- Automatic speech recognition
- Text to speech

Between the two, Speech Recognition is expected to witness prevailing growth in the forecasting period. It owes to the higher demand for modification and functions in automobiles, mobile phones, and smart home devices, which are the most suitable for the installation of speech recognition.

By Technology

Artificial Intelligence Based
Non-Artificial Intelligence Based

Between the two, the Artificial Intelligence-Based Voice and Speech Recognition segment is expected to attain faster growth during the forecast period.

By End-Users

Automotive
Banking Finance Services & Insurance (BFSI)
Education
Enterprise
Government
Healthcare
Legal
Military
Retail
Other

By Region

North America
South America
Europe
The Middle East & Africa
Asia-Pacific.

Here, Asia-Pacific is currently going through notable growth within several industries, including AI, consumer electronics, gadgets, healthcare, military, education, BFSI, automotive, entertainment, and retail.

As indicated in the latest market research report published by Markntel Advisors, “Voice and Speech Recognition Research Report: Forecast (2023-2028)”, this report offers a detailed analysis of the industry, featuring insights into the Voice and Speech Recognition industry. It encompasses competitor and geographical analyses, as well as recent advancements in the market.

Browse Full Report Along with TOC and Figures - https://www.marknteladvisors.com/research-library/voice-and-speech-recognition-market.html

Top Companies Operating in the Voice and Speech Recognition Market:

Advanced Voice Recognition Systems, Inc.
Agnitio S.L. (subsidiary of Nuance Communications Inc.)
com, Inc.
Anhui USTC iFlytek Co., Ltd.
Apple Inc.
Baidu, Inc
BioTrust ID B.V.
Google LLC
International Business Machines Corporation
M2Sys LLC.
LumenVox LLC
Microsoft Corporation
M*Modal, Inc.
Nuance Communication, Inc
Raytheon Company.

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Other Report:

Key Report Highlights:

Market Dimensions & Projections
Pricing Evaluation,
Recent Strategic Moves by Companies,
Primary Stakeholders,
Analysis of Import and Export Trends,
Competitive Landscape Assessment,
Emerging Opportunities,
Market Trends and Indicators

Note - If there are any particular details you need that are not currently included in the report, we will be happy to provide them as part of our customization services.

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