According to the research report titled ‘Voice and Speech Recognition Market Share, Size, Trends, Industry Analysis Report By Component; By Interface; By End-User; By Regions, Segments & Forecast, 2019 – 2026’, available with Market Study Report, global voice and speech recognition market is expected to reach a valuation of USD 31.49 billion by the year 2026.
 

Growing demand for automation across customer service along with availability of smart home appliances which are equipped with virtual assistant are major factors driving the growth of global voice and speech recognition market. Focus towards streamlining enterprise communications systems in order to improve operational productivity are also adding traction to the overall market size.
 

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Rising adoption of EHR (electronic health records), mobile banking applications and automobiles coupled with inclination towards integrating voice authentication systems in biometric applications are facilitating the business scenario. Consumer preferences towards adopting advanced technologies is also generating a revenue spike for global voice and speech recognition industry.
 

Mounting security concerns and high occurrence of cyberattacks have impelled the demand for voice and speech recognition technologies. In addition, increasing production of modern vehicles are stimulating global voice and speech recognition industry outlook.
 

From the regional perspective, North America accounted for the largest share in global voice and speech recognition industry in the year 2017. The regional market is likely to register consistent growth in the ensuing years, primarily driven by increasing utilization of virtual assistants over traditional interactive response solutions.
 

High concentration of well-established cloud and telecom infrastructure and growing demand for BYOD (bring your own device) are favoring the market outlook in North America. Growing inclination towards adopting voice & speech recognition systems in healthcare and BFSI sectors in tandem with consumer preferences towards using smart home solutions are fueling the growth of voice and speech recognition industry in North America.
 

The prominent companies operating in global voice and speech recognition market are SemVox GmbH, Nortek Holdings Inc., Facebook Inc., CastleOS Software LLC, VoiceVault Inc., Voicebox Technologies Corp., ValidSoft UK Limited, Sensory Inc., Raytheon Company, Nuance Communication Inc., MModal Inc., Microsoft Corp., LumenVox LLC, M2SYS Technology, IBM Corp., Google Inc., BioTrust ID B.V., Baidu Inc., Apple Inc., Iflytek Co. Ltd., Agnito S.L., and Advanced Voice Recognition Systems Inc. among others.