The global voice recognition market is expected to reach USD 127.58 billion by 2024, according to a new study conducted by Grand View Research, Inc. The increasing number of benefits offered by the voice recognition technology, including the easy accessibility, better productivity, and flexibility are anticipated to drive the demand for speech recognition solutions over the next eight years. The increased demand for high comfort and convenience is also expected to propel the demand. The voice recognition technology exhibits vast potential in various application areas, especially in the home automation system, due to advantages such as convenience and lower energy consumption.
Voice recognition is also a core technology leveraged in the semi-autonomous and autonomous vehicles. The autonomous car industry is expected to witness an explosive growth, which is anticipated to subsequently drive the market growth over the forecast period. However, the high price of AI-based voice control system is anticipated to pose a challenge to market expansion. Additionally, the inability to accurately recognize speech in the regional accent is a key challenge to the market.
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summary of this report @ http://www.grandviewresearch.com/industry-analysis/voice-recognition-industry
Further key findings from the study suggest:
·
Enhanced device dominated the market in 2015with
over 50% of the total market share. This is attributed to the increasing usage
of voice recognition solutions in home automation and consumer electronics
application areas. The software segment is anticipated to grow significantly
over the forecast period as several prominent players have open sourced their
software development kit code.
·
The growing trend toward the development of the
artificial intelligence-based system is expected to be the key factor driving
industry growth over the foreseeable future. Leveraging deep learning algorithm
in voice and speech solutions for better search results is expected to be the
key factor for the growth of AI-based application segment.
·
The deployment of speech recognition solutions
in consumer and home security & automation verticals is anticipated to take
the industry ahead at a substantial pace. This can be attributed to the
changing lifestyle in several countries including the U.S., Germany, and the
UK. The growing adoption of smart electronics in India, China, Japan, and
Brazil may also catalyze industry growth in the consumer vertical.
·
North America dominated the market (in terms of
revenue) representing more than 30% of the total share in 2014. Additionally,
North America and Asia Pacific are anticipated to witness a considerable growth
due to the presence of several U.S. and China-based players, including Apple,
Inc., Facebook, Inc., Baidu, Inc., Amazon.com, Inc., and Alphabet, Inc.,
working toward the development of this technology. Furthermore, the presence of
several notable consumer electronics manufacturers, such as Samsung
Electronics, Co., Ltd., with a strong distribution channel in the North
American and Asia Pacific regions are expected to be the key factors for
industry growth in this region over the forecast period.
·
The prominent industry participants include
Nuance Communications, Apple, Inc., Baidu, Inc., Alphabet, Inc., and
Amazon.com, Inc. These players are focusing on integrating the artificial
intelligence technology in order to build superior products to increase their
customer base.
View more reports of this category by
Grand View Research at: http://www.grandviewresearch.com/industry/emerging-and-next-generation-technologies
Grand View Research has segmented the global voice recognition market on the
basis of components, application, vertical and region:Voice Recognition Component Outlook (USD Billion; 2013 - 2024)
·
Hardware
·
Software
o
Automatic Speech Recognition
o
Speaker Verification
o
Audio Mining
·
Enhanced Devices
Voice Recognition Application Outlook (USD Billion; 2013 - 2024)
·
Artificial Intelligence
·
Non-artificial Intelligence
Voice Recognition Vertical Outlook (USD Billion; 2013 - 2024)
·
Automotive
·
BFSI
·
Consumer
·
Government
·
Retail
·
Healthcare
·
Home Security & Automation
·
Others
Voice Recognition Regional Outlook (USD Billion; 2013 - 2024)
·
North America
o
U.S.
o
Canada
·
Europe
o
Germany
o
UK
o
France
·
Asia Pacific
o
China
o
Japan
o
India
o
South Korea
·
Latin America
o
Brazil
·
Middle East & Africa
Access press release of this research report by Grand View Research:
http://www.grandviewresearch.com/press-release/global-voice-recognition-industry
About Grand View
Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
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