The global speech and voice recognition market size is estimated to reach USD 31.82 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 17.2% during the forecast period. Demand for voice activated systems, voice-enabled devices, and voice-enabled virtual assistant systems is slated to increase over the coming years owing to rising applications in the banking and automobile sectors. Soaring need to counter fraudulent activities and enhance security in the banking sector is accelerating the adoption of voice biometrics for the authentication of users.
The automobile sector is expected to gain momentum in the near future owing to advancements in technology and emergence of innovative concepts such as autonomous and connected cars. Increasing integration of voice-activated software in next generation cars is likely to stoke the growth of the market during the forecast period.
Voice recognition is also a core technology widely used in the healthcare sector to enhance the electronic health record systems by providing an ease to doctors to speak and keep records instead of manual typing or writing. In 2017, the healthcare sector held the largest share in the for voice and speech recognition software market. It is poised to register healthy growth over the forecast period.
AI-based voice and speech recognition software is projected to witness a high CAGR during the forecast period owing to continual development of machine learning techniques and integration of connected devices with personal assistants. For instance, Dragon Drive is a personal assistant developed by Nuance Communication Inc., which integrates various household appliances, cars, and smartphones that can be connected to a hub through the internet. Thus, an individual can get alerts about daily chores, work schedules, traffic updates, and many more alerts through Dragon Drive.
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However, lack of accuracy of these technologies in recognizing regional accents and dialects is anticipated to limit the growth of the market. Additionally, sentiment analysis using changes in the pitch of voice can provide growth opportunities to the voice and speech recognition software market.
Further key findings from the report suggest
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Key Topics Covered
Chapter 1 Methodology and Scope 1.1 Research Methodology 1.2 Research scope and assumptions 1.3 List of data sources Chapter 2 Executive Summary 2.1 Voice and speech recognition software – Industry snapshot and key buying criteria, 2014 – 2025 2.2 Industry Trends 2.2.1 Functions 2.2.2 Technology 2.2.3 Verticals 2.2.4 Regions Chapter 3 Voice and Speech Recognition Software Market: Industry Outlook 3.1 Market segmentation 3.2 Market Definition 3.2.1 Function 3.2.1.1 Voice Recognition 3.2.1.2 Speech Recognition 3.2.2 Technology 3.2.2.1 Artificial intelligence 3.2.2.2 Non-artificial intelligence 3.2.3 Verticals 3.2.3.1 Automotive 3.2.3.2 Banking Finance Services & Insurance (BFSI) 3.2.3.3 Consumer 3.2.3.4 Education 3.2.3.5 Enterprise 3.2.3.6 Government 3.2.3.7 Healthcare 3.2.3.8 Legal 3.2.3.9 Military 3.2.3.10 Retail 3.2.3.11 Other 3.2.4 Regions 3.3 Market size and growth prospects 3.4 Value Chain Analysis 3.5 Market Dynamics 3.5.1 Market driver analysis 3.5.1.1 Increasing demand for voice biometric systems for user authentication 3.5.1.2 The growth of speech recognition in car voice and speech recognition systems 3.5.1.3 Ability to Streamline Workflow
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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