According to Markntel Advisors Report, Voice and Speech Recognition Market is expected to grow at a significant growth rate, and the analysis period is 2023-2028, considering the base year as 2023. Consistent monitoring and evaluating of market dynamics to stay informed and adapt your strategies accordingly. As a market research and consulting firm, we offer market research reports that focus on major parameters including Target Market Identification, Customer Needs and Preferences, Thorough Competitor Analysis, Market Size Market Analysis, and other major factors. At the end, we do provide meaningful insights and actionable recommendations that inform decision-making and strategy development.
Voice and speech recognition comes under computer science and linguistics, which enables machines and systems to recognize, understand and translate spoken languages into text. Automatic Speech Recognition (ASR) is the ability of a system to convert words spoken aloud into algorithms that the machine would understand and convert them into readable text.
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Global Voice and Speech Recognition Market Research Report Summary:
The Global Voice and Speech Recognition Market is projected to grow at a CAGR of more than 20% during the forecast period, i.e., 2023-28.
Time Period Captured in the Report:
- Historical Years: 2018-21
- Base Years: 2022
- Forecast Years: 2023-2028
Who are the Key Players Operating in the Voice and Speech Recognition Market?
The top companies of the Voice and Speech Recognition Market ruling the industry are:
Advanced Voice Recognition Systems, Inc., Agnitio S.L. (subsidiary of Nuance Communications Inc.), Amazon.com, Inc., Anhui USTC iFlytek Co., Ltd., Apple Inc., Baidu, Inc, BioTrust ID B.V., Google LLC, International Business Machines Corporation, M2Sys LLC., LumenVox LLC, Microsoft Corporation, M*Modal, Inc., Nuance Communication, Inc, Raytheon Company, others
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Voice and Speech Recognition Market Recent Development:
- In November 2022, M*Modal, Inc. launched 3MTM M*Modal Fluency Direct, AI-powered speech recognition technology to accelerate digital health transformation at the 2022 HIMSS Middle East Health Conference Exhibition in Riyadh. The technology will help clinicians in all care settings to capture the complete and accurate patient story while simultaneously focusing on delivering high-quality patient care.
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The Voice and Speech Recognition Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
-By Function
-Voice Recognition
-Speaker identification
-Speaker verification
-Speech Recognition
-Automatic speech recognition
-Text to speech
-By Technology
-Artificial Intelligence Based
-Non-Artificial Intelligence Based
-By End-Users
-Automotive
-Banking Finance Services Insurance (BFSI)
-Education
-Enterprise
-Government
-Healthcare
-Legal
-Military
-Retail
-Other
-By Region
-North America
-South America
-Europe
-The Middle East Africa
-Asia-Pacific
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Market Dynamics -Global Voice and Speech Recognition Market:
Augmenting Consumer Preferences for Smart Homes and Workplaces - There has been a global trend of turning houses into smart ones, filled with gadgets and digitalized versions of traditional essentials. Due to rapid technological advancements, the growing internet presence of individuals, and the growing urge for secure homes and workplaces, there is a demand to turn spaces automated in terms of their functionality. Besides, smart devices, including speech and voice-recognizing devices, have become indispensable to daily lives, especially after the Pandemic. Given this, tech giants are adding voice recognition features to every possible device, enabling consumers to control and command the appliances. As such, the demand for AI-based products, such as Google Home and Alexa, has increased over time. Likewise, home appliance manufacturers like Whirlpool and Philips, providing voice assistance with their products, further encourage market expansion.
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