Information and Communication Technology Voice Recognition System Market is projected to grow up to 25% CAGR during the forecasting...

Voice Recognition System Market is projected to grow up to 25% CAGR during the forecasting period 2021-2027.

Voice recognition is a technique that is used in a variety of devices such as smartphones, automobiles, and computers that allows the system to recognise the sound of spoken words and transform them into a machine-readable format for further processing. It employs linguistic units for the transmission of voice and audio signals. The word error rate (WER) of these signals is monitored, which aids in the identification of errors that occurred during processing. Furthermore, there are many voice recognition systems, such as Amazon Alexa, Google's Google Assistant, Apple Siri, and Microsoft Cortana, that allow users to communicate with their gadgets with relative ease. The goal of using voice technology is to enhance the speed and accuracy of the system, as well as to assist improve its overall efficiency.

The voice recognition business is expanding its applications in consumer products, consumer electronics, and vehicle information systems. It is primarily used in smartphones, automobiles, query-based databases, and the delivery of instructions to computer-based systems that are highly profiled on specific vocabulary, among other places. People's interactions with their systems, gadgets, phones, homes, and automobiles are totally altered as a result of this technological advancement.

As computer technology, machine learning, and consumer acceptability have increased in sophistication, the applications for speech recognition have expanded at a rapid pace. Voice recognition software is being used to communicate with consumers via in-home digital assistants from Google, Amazon, and Apple, among others. Depending on the product, consumers can use voice recognition technology for a variety of tasks such as transcription to text, setting up reminders, searching the internet, and responding to simple questions and requests, such as playing music or sharing weather or traffic information with other people.

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Key Driving Factors: Increasing demand for voice recognition in automotive.

Significant factors that are positively impacting the speech recognition market include an increase in demand for speech recognition in the automotive industry, an increase in demand for voice biometric systems for user authentication, and an increase in growth potential in the healthcare application space. However, the lack of precision in hostile conditions, as well as the expensive cost of installation, are limiting the market's development. The expansion of speech recognition into consumer sectors as well as the development of speech recognition in robots will provide enormous business possibilities over the next six years, according to a recent report.Voice recognition software is being used to make purchases, check the weather, send emails, search for information on the internet, and establish new ways of interacting with machines

Key driving Factors: 

The advancement of communication technologies continues at a rapid speed. Making text input and spelling corrections using speech recognition software has become extremely simple. You can even dictate messages using voice recognition software. The microphone icon is included on the majority of on-screen keyboards, allowing users to convert from typing to voice recognition with relative ease.

Voice recognition opens up a whole new world of creative possibilities for certain handicapped individuals who find it difficult or impossible to operate with a mouse or keyboard. It has the potential to liberate individuals from the shackles of typing and keyboard usage, assisting those with physical disabilities and lowering the danger of repetitive strain injury from prolonged typing or mouse use. It has been shown that with speech recognition software, people with dyslexia can write more fluently, correctly, and rapidly, and that it is less stressful than traditional handwriting or typing.

This report offers the major market player’s profiles, such as Nuance (US), Microsoft (US), Alphabet (US), IBM (US), Amazon (US), Sensory (US), Cantab Research (UK), iFLYTEK (China), Baidu (China), and Raytheon BBN Technologies (US).

Based on end users: 

Economy cars, mid-range cars, and luxury cars make up the market. The automotive sector commanded the largest share of the overall voice and speech recognition market due to continuous developments in the automobile industry and rising integration of voice and speech recognition systems. A growing demand for voice-enabled healthcare equipment and increased investment in R&D to explore and extend voice-enabled healthcare applications are likely to drive the fastest CAGR in the healthcare category over the forecast period.

The Voice Recognition System Market report has been categorized as below: 

by Delivery methods:

  • Artificial Intelligence Based

  • Non-artificial Intelligence Based

by Technology:

  • Voice Recognition

  • Speech Recognition

by Deployment Mode:

  • On Cloud

  • On-premises/Embedded

by Vertical:

  • Automotive

  • Enterprise

  • Consumer

  • Banking, Financial services, & Insurance

  • Government

  • Retail

  • Healthcare

  • Military

  • Legal

  • Education

  • Others

By Region

  • North America
  • Europe
  • Asia Pacific
  • Rest of World
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Published Date : August-2021