The advent of advance technologies in diverse industries such as healthcare, banking, medicine, and others is promoting the growth of the global speech and voice recognition market says Fortune Business Insights in their new study. As per the report, the Speech and Voice Recognition Market 2022, which was valued at USD 6.9 Billion in 2018, is projected to rise at a CAGR of 19.8% and reach a value of USD 28.3 Billion by the end of 2026.
The report offers comprehensive market overview, covering the most significant trends prevalent in the global market. It presents insights into the key growth drivers and restraints influencing the speech and voice recognition market growth trajectory.
List of speech and voice recognition providers operating in the global market:
Advanced Voice Recognition Systems
Voicebox Technologies Corporation
North America to Remain Dominant with Large Scale Deployment of Smart Devices
Geographically, the highest speech and voice recognition market revenue was registered in North America. The North America market was valued at US$ 2934.5 Mn in 2018. This is owing to the large scale deployment of smart devices and surge in adoption of technologically advanced devices such as IoT and AI that is compelling people in the U.S. and Canada to opt for voice recognition devices. An estimate of one-third people in developed nations such as the U.S. is anticipated to use voice recognition devices in near future. Another factor helping North America market to continue its dominance in the coming years is the presence of major company bases such as Raytheon BBN, AT & T, and others in its developed nations.
Leading Players are Launching Personal Assistant Devices with Voice Recognition Technology to Gain Competitive Advantage
Several companies in the global speech and voice recognition market are focussing on different strategies to remain competitive in the market. These strategies include company collaborations, mergers and acquisitions, and most importantly, new product launches. For Instance, Nuance Communication Inc., company launched their assistance system namely Dragon Drive, that can integrate multiple devices such as cars, different household appliances, and others. This will provide real-time alerts and reminders to people about traffic updates, working schedules, daily chores, and others through Dragon Drive. Such innovations are likely to bode well for the global speech and voice recognition market in the foreseeable future.