As per the research report titled ‘Global Speech and Voice Recognition Market Size study, by Type (Speech Recognition, Voice Recognition), by Application Healthcare, Consumer, Military, Legal, Education, Automotive, Enterprise, BFSI, Government, Retail) and Regional Forecasts 2020-2027’ available with Market Study Report, global speech and voice recognition market accounted for USD 12.3 billion in the year 2019 and is projected to register a robust CAGR of 17.20% during 2020-2027.
 

Factors such as surging demand for voice enabled devices, software, systems, and virtual assistance across various industry verticals such as BFSI, healthcare, and automobile is a major factor driving the growth of global speech and voice recognition industry. Rising adoption of security services in business domains such as banking as well as IT that is also propelling the growth of global speech and voice recognition market.
 

Moreover, increasing adoption of the speech and voice recognition technologies in the automobile industry for enhanced ease and convenience, rising penetration of EHRs (electronic health record systems) in the healthcare vertical, emergence of AI based software, and evolving consumer lifestyles are further fostering the market expansion. On the contrary, lack of accuracy in identifying regional dialects and accents is impeding the growth of the market.
 

Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/2730818/
 

Based on type, the market is bifurcated into voice recognition and speech recognition. With regards to the application spectrum, the market comprises of retail, government, BFSI, enterprise, automotive, education, legal, military, consumer, and healthcare.
 

As per the regional analysis of the report, North America currently leads global speech and voice recognition market in terms of revenue share, owing to increasing adoption of voice biometric systems by companies for efficient security.
 

Alternatively, Asia-Pacific speech and voice recognition market is estimated to exhibit the highest CAGR during 2020-2027. Factors such as rapid development in e-health technologies and growing awareness towards importance of security in banking sectors are bolstering the expansion of the regional market.
 

The leading organizations operating in worldwide speech and voice recognition market include Sensory, Inc., LumenVox LLC, Baidu Inc., Iflytek Co Ltd., IBM Corporation, Microsoft Corporation, Amazon.com, Inc., Apple, Inc., Google LLC, and Nuance Communications, Inc. among others.