Speech Recognition Market, by Type (Speaker Dependent and Speaker Independent), by Technology (AI based and Non- AI based), By Verticals (Military, Automotive, Healthcare, Consumer, Finance, Media & Entertainment, Government) – Forecast 2016-2022
Market Synopsis of Speech Recognition Market:
Speech Recognition is the capability of an embedded system to recognize or identify words and phrases in spoken language and perform some task associated with them. Speech Recognition applications includes voice dialing, simple data entry, voice security and speech to text processing. The speech recognition systems are the emerging trends and acts as an alternative to typing on a small screen such as mobile phones. The increase in adoption of biometric security in banking and finance sector is driving the demand of speech recognition technology.
Globally Speech Recognition market is growing with CAGR of ~20% and expected to reach market size of ~$13 billion by the end of forecasted period.
The prominent players in the market of Speech Recognition 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) among others.
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Study Objectives of Speech Recognition Market:
- To provide detailed analysis of the market structure along with forecast of the various segments and sub-segments of the Global Speech Recognition Market
- To provide insights about factors affecting the market growth
- To analyze the Speech Recognition market based on various factors- supply chain analysis, porter’s five force analysis etc.
- To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia, and Rest of the World (ROW)
- To provide country level analysis of the market with respect to the current market size and future prospective
- To provide country level analysis of the market for segment by Type, Technology, Verticals and sub-segments.
- To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market
- To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the Global Speech Recognition Market
- Speech Recognitionsystem Industries
- Technology investors
- Scientists, Researchers
- Government as well as Independent Regulatory Authorities
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Global Speech Recognition market has been segmented on the basis of Types, Technology and Verticals. The Speech Recognition Types has been identified as- Speaker Dependent and Speaker Independent. Technology segment consists of AI based and Non-AI based whereas the Verticals have been identified as Military, Automotive, Healthcare, Consumer, Finance, Media & Entertainment, and Government among others.
North America is dominating the market of Speech Recognition due to the presence of the global players in this region as well as growing security application in digital and internet-connected devices. North America is expected to dominate the market throughout the forecast period whereas Asia-Pacific has emerged as fastest growing market and expected to be the second biggest market by the end of forecast period. Currently Europe holds second position in the market but expected to be dominated market.
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