Speech and Voice Recognition Market2019- 2025
Speech and Voice Recognition Market - Global Opportunity Analysis and Industry Forecast Report 2025 by Meticulous research Meticulous Research®– a leading global market research company published a research report titled “Speech and Voice Recognition Market by Type (Speech and Voice Recognition), End User (Automotive, Healthcare, BFSI, Education, Legal), Technology (Artificial Intelligence and Non-Artificial Intelligence), and Geography- Global Forecast to 2025”. According to this latest publication from Meticulous Research®, the global speech and voice recognition market is expected to grow at a CAGR of 17.20% from 2019 to reach $26.79 billion by 2025. The growth in the speech and voice recognition market is mainly attributed to the technological advancements along with surging penetration of voice-activated applications in smart home, automobile (including autonomous and connected cars), consumer electronics, and healthcare devices. Growing concern for security has augmented the adoption of voice biometric technologies among numerous enterprise and government sectors, which in turn is supporting the overall growth of speech and voice recognition market. However, high price of the connected devices and reluctance among certain class of population towards accepting or adapting to modern technologies are some of the major factors which may hinder the growth of this market over the coming years. Get Free Sample Copy of This Report here The global speech and voice recognition market study presents historical market data (2017 & 2018), estimated current data (2019), and forecasts for 2025-by type (speech recognition, and voice recognition), end user (automotive, healthcare, BFSI, education, hospitality, government and public services, manufacturing/enterprise, retail and ecommerce, legal, consumer electronics, and military and defense), technology (artificial intelligence, and non-artificial intelligence). The study also evaluates industry competitors and analyzes the market at a country level. On the basis of type, the speech recognition solutions segment is estimated to account for the largest share of the overall speech and voice recognition market in 2019. The large share of this segment is attributed to the variety of applications using speech recognition technologies, and their wider adoption as compared to voice recognition technologies. The growth in this market is credited to the growing adoption of connected devices, such as smartphones and smart speakers into smart homes that enable users to access and monitor various tasks or functionalities from remote locations. On the other hand, the voice recognition solutions segment is expected to grow at the fastest CAGR over the coming years, owing to the rising adoption of voiceenabled security solutions, predominantly in the BFSI sector among others.
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