Global Speech Recognition Market Expected to Reach $29.28 Billion by 2026

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Speech Recognition Market

“Speech recognition is especially designed for an interdisciplinary subfield of computational linguistics that develops methodologies and technologies that enable the recognition and translation of spoken language into text by computers. Increase in demand for speech recognition in automotive and rise in requirement of voice biometric systems for user authentication majorly drive the growth of the speech recognition market. Furthermore, North

America is dominating the market share in terms of revenue, owing to wide presence of key market players in the region.�

Ankit Prajapati Lead Analyst, Semiconductors & Electronics at Allied Market Research

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Speech Recognition Market

According to a recent report published by Allied Market Research, titled, "Speech Recognition Market by Deployment and End User: Global Opportunity Analysis and Industry Forecast, 2018–2026," the global speech recognition market size was valued at $6.39 billion in 2018, and is projected to reach $29.28 billion by 2026, registering a CAGR of 19.9% from 2019 to 2026.

The increase in demand for speech recognition in automotive industry, and the rise in demand for voice-based biometric systems for user authentication along with considerably high growth potential in healthcare application are expected to contribute to the growth of the global speech recognition market.

By end use, the healthcare segment is anticipated to dominate the market during forecast period, owing to emergence of enhanced technologies in medical devices such as wireless communication, sensors, ECG electrocardiogram, body area network (BAN) used for heart rate monitoring, and devices to monitor pulse rate, temperature, oxygen, and blood pressure.

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Speech Recognition Market

The increase in penetration of speech recognition industry in consumer electronic products is fueled by a highly competitive consumer electronics market, where players focus on upgrading their products such as smartphones, laptops, and digital recorders. The major companies such as Nvidia, Samsung, TSMC, and AMD, follow this trend by incorporating advanced integrated circuits and related services in their products. This consecutively increases the demand for speech recognition technologies, and the market is anticipated to grow with high growth rate during the forecast period.

Furthermore, increase in adoption of speech recognition in the consumer electronics and consumer goods verticals are also expected to offer lucrative opportunities for the speech recognition market growth globally.

The on-premise segment was the highest contributor to the global speech recognition market, with more than 50% share. However, the on-cloud deployment segment is anticipated to witness highest CAGR during forecast period, owing to ability of could-based devices to help organization reduce CAPEX and OPEX and allow them to gain a considerably high level of efficiency at minimal cost.

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Speech Recognition Market

The qualitative data in the report aims on the speech recognition market trends, dynamics, and developments in the industry while the quantitative data provides information regarding the market share and market size in terms of revenue and volume.

Key Findings of the Study:

â?‘ By deployment type, the on-premise segment generated the highest revenue in the market in 2018. â?‘ By end use, the healthcare segment generated the highest revenue in the market in 2018. â?‘ By region, North America generated the highest revenue.

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Speech Recognition Market

Major Companies: ❑ Google Inc. ❑ Naunce Communication ❑ IBM ❑ Baidu ❑ Amazon ❑ Microsoft ❑ Raytheon BBN Technologies ❑ Sensory ❑ Iflytek ❑ Speak2web

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Speech Recognition Market Contact: David Correa 5933 NE Win Sivers Drive #205, Portland, OR 97220 United States Toll Free (USA/Canada): +1-800-792-5285, +1-503-894-6022, +1-503-4461141 UK: +44-845-528-1300 Hong Kong: +852-301-84916 India (Pune): +91-2066346060 Fax: +1⟨855⟩5505975 help@alliedmarketresearch.com Web: https://www.alliedmarketresearch.com

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