As per the latest report by IMARC Group, titled “Voice and Speech Recognition Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the global voice and speech recognition market experienced robust growth during 2014-2019. Voice and speech recognition is an authentication technology that decodes human voice. It assists in operating electronic devices and performing commands without the utilization of other input devices. It translates commands into electrical signals, converts them into coding patterns and sends them back to the device in the digital format for final execution. This technology is currently available in smartphones and other consumer electronics, owing to the advancements in the processing capabilities and improvements in network connectivity. It is rapidly gaining traction across the globe on account of the increasing use of artificial intelligence (AI) and intelligent assistants (IAs), such as Apple’s Siri, Microsoft’s Cortana and Amazon’s Alexa.
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Global Voice and Speech Recognition Market Trends:
At present, there is an increase in the sales of consumer electronics, such as smartphones, laptops and tablets, on account of rapid urbanization, altering lifestyles, rising internet penetration and increasing consumer spending on entertainment and mobile communication. This, in turn, is impelling the voice and speech recognition market across the globe. Apart from this, owing to the implementation of stringent on-road regulations by governments of numerous countries, there is a rise in the demand for voice-driven navigation systems, which is further contributing to the market growth. Furthermore, some of the leading players are investing in research and development (R&D) activities to introduce innovative products. For instance, Google LLC has developed Google Duplex, a project that enables users to make reservation calls at restaurants, clinics, and other places. This project, with the help of Google Assistant, aids users in conducting natural conversations on calls while booking reservations. Besides this, the application of voice and speech recognition is also expanding in the banking sector due to data security concerns during online banking. On account of these factors, the market value is projected to grow at a CAGR of 16.8% during the forecast period (2020-2025).
Market Summary:
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