"Speech and voice recognition market projected to grow at a CAGR of 19.80% between 2017 and 2023"
The speech and voice recognition market is expected to be valued at USD 6.19 billion in 2017 and is likely to reach USD 18.30 billion by 2023, at a CAGR of 19.80% between 2017 and 2023. The growing impact of artificial intelligence (AI) on the accuracy of speech and voice recognition and the increased demand for multifactor authentication are driving the market growth. However, oligopoly in the development of speech and voice recognition technology using neural networks is a restraint for this market.
"Speech recognition technology expected to hold largest share of market during forecast period"
The speech recognition technology is expected to hold the largest share of the market during the forecast period due to its growing use in multiple applications owing to the continuously decreasing word error rate (WER) of speech recognition algorithm with the developments in natural language processing and neural network technology. The speech recognition technology finds applications mainly across healthcare and consumer electronics sectors to produce health data records and develop intelligent virtual assistant devices, respectively.
"Speech and voice recognition market for consumer vertical expected to grow at highest CAGR during forecast period"
The market for the consumer vertical is expected to grow at the highest CAGR during the forecast period. The key factor contributing to this growth is the ability to integrate speech and voice recognition technologies into other consumer devices, such as refrigerators, ovens, mixers, and thermostats, with the growth of Internet of Things.
"Speech and voice recognition market in APAC expected to grow at highest CAGR during forecast period"
The speech and voice recognition market in APAC is expected to grow at the highest CAGR during the forecast period. The key factor contributing to the growth of the speech and voice recognition market in APAC is the increasing awareness among masses and lowered costs of biometric devices. The Americas is expected to hold the largest share of the market in 2017. This can be attributed to the increase in the deployment of biometric systems to ensure high level of security in countries such as the US, Canada, and Mexico.
Following is the breakdown of primary participants' profiles by different parameters:
- By Company Type: Tier 1 - 43%, Tier 2 - 19%, and Tier 3 - 38%
- By Designation: C-Level Executives - 39%, Directors - 27%, and Others - 34%
- By Region: Americas - 24%, Europe - 20%, APAC - 37%, and RoW - 19%
The key players operating in the market include Nuance Communications, Inc. (US), Microsoft Corporation (US), Alphabet Inc. (US), Cantab Research Limited (UK), Sensory, Inc. (US), ReadSpeaker Holding B.V. (Netherlands), Pareteum Corporation (US), Iflytek Co., Ltd. (China), VoiceVault Inc. (US), VoiceBox Technologies Corp. (US), LumenVox, LLC (US), and Acapela Group SA (Belgium).