Tue. Oct 15th, 2019

Developing Evolutions In Voice and Speech Recognition Market to 2026 with Leading Players: Microsoft Inc., Nuance Communications, M2SyS LLC, Advanced Voice Recognition Systems, Sensory Inc., MMODAL Inc., LumenVox LLC.

Voice and Speech Recognition Market

Voice and Speech Recognition Market

Voice and Speech Recognition is a core technology broadly used in the healthcare sector to enhance the electronic health record systems by providing ease to doctors to speak and keep records instead of manual typing or writing. The major factor driving the growth of the global Voice and Speech Recognition market is the growing advent of smartphones. The rapid increase of mobile devices is making voice and Speech interfaces, even more, pervasive and useful.

It is expected that the Global Voice and Speech Recognition Market will register at a CAGR of + 17% during the forecast period of 2019-2026.

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A new elaborated report titled as Global Voice and Speech Recognition Market is now released into its database by Report Consultant based on an extensive study of the market. Knowledge about the upcoming market trends as well as the current scenario of the market is a vital instrument for survival and growth in the constantly evolving industry. This assists the key players in developing a firm strategy that is flexible enough to keep up with future events in the market space.

This report offers a deep-dive description on recent market trends and technological aggrandizement that impact growth in the Market and the Market is thriving by Major Vendors are:

  • Microsoft Inc.
  • Nuance Communications
  • M2SyS LLC
  • Advanced Voice Recognition Systems
  • Sensory Inc.
  • MMODAL Inc.
  • LumenVox LLC.
  • VoiceBox Technologies Corp.
  • Agnitio S.L
  • Biotrust
  • ValidSoft
  • Limited

Geographically, a well-developed infrastructure of the global Voice and Speech Recognition Market, its awareness, regulatory framework are some of the factors that are driving the North Americans, Europe, Asia-Pacific, Middle East & Africans, and Latin Americans global market.

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The technology is serving the demand in security for achieving flexible & efficient communications with several features such as simple pattern matching, where spoken words are recorded and recognized in the system entirely along with artificial neural network, which is a largely simplified and a computerized version of a human brain. In addition, enhanced adaptability and advancements in automated technology is expected to spur the speech & voice recognition market size.

Key highlights of the global Voice and Speech Recognition Market for the forecast years 2019-2026:

  • The rising focus on the development of the artificial intelligence-based system is estimated to trigger the growth of the Voice and Speech Recognition Market during the forecast period.
  • Deployment of speech recognition solutions in the consumer and retail verticals is likely to augment the overall market. Changing lifestyles in several countries including the U.S., Germany, and the U.K. are promoting the deployment of voice and speech recognition software
  • Growing adoption of smart electronics in India, China, Japan, and Brazil is also poised to fuel the demand for voice and speech recognition software in the consumer vertical. Leveraging deep learning algorithm in voice and speech solutions for better search results is expected to work in favor of the market
  • North America dominated the market in 2017, representing more than 35.0% of the overall revenue.
  • Domicile of key players such as Apple, Inc.; Facebook, Inc.; Baidu, Inc.; Amazon, Inc.; and Alphabet, Inc. is escalating the growth of the market in the U.S. and China
  • Key industry participants operating in the Voice and Speech Recognition Market include Advanced Voice Recognition Systems, Inc.; Amazon, Inc.; Api.ai; Apple, Inc.; Baidu, Inc.; BioTrust ID B.V.; Facebook, Inc.; Google, Inc.; International Business Machines Corporation; M2SYSLLC; and Microsoft Corporation
  • These players focus on integrating artificial intelligence with Voice and Speech Recognition to build superior products that will increase their user customer base.

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A bird’s eye of the global Voice and Speech Recognition Market report offers complete elaboration with respect to market dynamics such as drivers, restraints, and opportunities. Industry scrutiny tools such as SWOT and Porter’s five techniques have been used for analyzing the global market. Moreover, development plans and policies are also presented in the report.