Global voice and speech recognition market is growing at a significant CAGR during the forecast period. The market is driven by increasing demand for voice-enabled devices and voice-enabled virtual assistant systems across the globe. Integration of AI technology with voice assistant technology has allowed the machine to understand and respond. There are various voice assistant systems available in the market including Google Home, Crotona, Siri, and Alexa. The market growth is majorly driven by major players such as Google, LLC, Microsoft Corporation, Amazon, and Apple, Inc. contributing significantly in the voice and speech recognition market.
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Factors driving Global Voice and Speech Recognition Market
The demand for voice recognition systems is increasing owing to higher demand for better user experience. By using voice recognition, a user is thoroughly capable of eliminating the need to use hands whether it’s using a mobile phone or a computer. This enables the user to do another important task without being distracted from that. It can be really beneficial at the time of driving a vehicle or other purpose that might need usage of eyes and hands.
As AI relies heavily on a large amount of data and AI development was possible because of the huge amount of data accumulated by computing app over the last few years across the world. With devices like Siri, Cortona, and Alexa, major technology giants are now able to collect more data to assist in AI algorithm enhancements better. This is the major step towards enabling AI to learn human emotions and feelings and on top of that react to it more productively. Hence, contributing to the demand for voice and speech recognition market.
Additionally, voice recognition systems are now capable of being integrated with various home appliances and devices such as smart bulbs, smart refrigerators, smartwatches and so on. This is beneficial for old age and physically handicapped people who cannot access them physically. It allows them to play music and listen to the news without even moving. Hence, more people are now able to see the benefits of voice recognition systems which in turn is increasing the global voice and speech recognition market.
Security and surveillance systems depend solely on accuracy and attention which needs human observation, however, these can be easily implemented with the use of computer systems so when information has to be exchanged, AI voice systems can overcome this barrier by sending reliable information in very small amount of time without generating any error or missing any information. Additionally, voice recognition is said to be future proof when it comes to the language barrier. Engineers are developing AI systems which can efficiently translate one language into another. Moreover, the increased use of voice recognition software is helping to better understand different languages.
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Global Voice and Speech Recognition Market-Segmentation
By Technology
- AI-based
- Non-AI based
By Vertical
- Automotive
- Consumer
- Government
- Enterprise
- Banking, Financial Services and Insurance (BFSI)
- Others (Healthcare)
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
