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.
View
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
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