The ‘Voice Recognition market’ report, compiled recently by Market Study Report, LLC, examines the industry in terms of the global expanse, highlighting the present & future growth potential of each region as well as consolidated statistics. The study also presents a precise summary of the competitive milieu, key developments, and application landscape of the Voice Recognition market based on the impact of the financial and non-financial facades of the industry.
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The Voice Recognition market is anticipated to reach over $150 billion by 2026 according to a new research. In 2017, the non AI-Based voice recognition segment dominated the global market, in terms of revenue. North America is expected to be the leading contributor to the global market revenue during the forecast period.
North America generated the highest revenue in the market in 2017, and is expected to lead the global voice recognition market throughout the forecast period. Use of intelligent virtual assistants to replace traditional interactive voice response systems has supported market growth in the North America. Use of intelligent virtual assistants is proving effective by enhancing customer and brand experience, and providing a consumer-friendly environment. Similarly, the presence of established telecom and cloud infrastructure in this region, and growing trend of BYOD drive the voice recognition market growth in the region. The growing demand of mobile devices, and technological advancements further support market growth in the region. The demand for voice recognition systems has increased significantly in BFSI, and healthcare sectors in the region. Increasing adoption of smart homes, and smart buildings would provide growth opportunities for voice recognition market during the forecast period.
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The increasing demand for intelligent virtual assistants at homes and enterprises primarily supports the growth of voice recognition market. Moreover, the growing need for automation in customer service, and integration of virtual assistants with smart home appliances drive the growth of the market. Furthermore, the increasing need to streamline enterprise communication to improve productivity further influence voice recognition market growth during the forecast period. Other driving factors include increased use in automobiles, mobile banking applications, and electronic health record applications. Also, increasing applications in biometric systems for user authentication would boost the market growth during the forecast period. Growing demand from emerging economies, and technological advancements are factors expected to provide numerous growth opportunities in the coming years.
The major players operating in the voice recognition market include Google, Inc., Baidu, Inc., Facebook, Inc., Amazon.com, Inc., Advanced Voice Recognition Systems, Inc., Apple, Inc., CastleOS Software, LLC, International Business Machines Corporation, Microsoft Corporation, and Nuance Communications, Inc. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
Voice Recognition Market share by Major regions included:
Middle East & Africa
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Table of Contents
1.Overview and Scope
1.1.Research goal & scope
1.3.1.Primary data sources
1.3.2.Secondary data sources
3.Voice Recognition Market Insights
3.1.Voice Recognition – Industry snapshot
3.2.Voice Recognition – Ecosystem analysis
3.3.Voice Recognition Market Dynamics
3.3.1.Voice Recognition – Market Forces
18.104.22.168.Voice Recognition Market Driver Analysis
22.214.171.124.Voice Recognition Market Restraint/Challenges analysis
126.96.36.199.Voice Recognition Market Opportunity Analysis
3.4.Industry analysis – Porter’s five force
3.4.1.Bargaining power of supplier
3.4.2.Bargaining power of buyer
3.4.3.Threat of substitute
3.4.4.Threat of new entrant
3.4.5.Degree of competition
3.5.Voice Recognition Market PEST Analysis, 2016
3.6.Voice Recognition Market Value Chain Analysis
3.7.Voice Recognition Industry Trends
3.8.Competitive Ranking Analysis
4.Voice Recognition Market Size and Forecast by Component, 2018-2026
5.Voice Recognition Market Size and Forecast by Interface, 2018-2026
6.Voice Recognition Market Size and Forecast by End-User, 2018-2026
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