Global Voice recognition market is projected to amass over $150 billion by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
According to the report, the key factor propelling the voice recognition market growth is the high demand for smart virtual assistants, for commercial and domestic applications. Besides, the demand for customer service automation and integration of virtual assistance with intelligent home appliances fuels voice recognition market growth.
Additionally, the growing need to streamline business communication to augment productivity further impact voice recognition market growth throughout the forecast period. Other significant driving forces include high usage in automobiles, electronic health record applications, and mobile banking applications.
The report further cites that the higher usage in biometric systems for validation purposes will support the market growth during the forecast period. The surging demand from developing nations and technological enhancements can offer countless growth opportunities in the future.
Speaking of the regional contribution, North America generated maximum revenue in the global market, in the year 2017, and is expected to dominate the voice recognition market over the predicted timeframe. The replacement of traditional interactive voice response systems with intelligent virtual assistants boosts regional growth. Intelligent virtual assistants are effectively enhancing brand and customer experience and offering a customer-friendly environment.
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In addition, the established cloud & telecom infrastructure, and increasing trend of BYOD (Bring your own device), boosts the voice recognition market in the area. The surging demand for mobile phones and technological enhancements further facilitate regional growth. BSFI and healthcare sectors are the significant users of voice recognition systems in the region. Increasing development of smart buildings and smart homes would majorly contribute to the voice recognition market growth during the forecast period.
The key players profiled in the voice recognition market are Google Inc., Nuance Communications Inc., Microsoft Corporation, International Business Machines Corporation, CastleOS Software LLC, Apple Inc., Advanced Voice Recognition Systems Inc., Amazon.com Inc., Facebook Inc., and Baidu Inc. These organizations bank on growth tactics like new product launch and partnership with other key players to introduce new products to suffice the rising needs of consumers.
The voice recognition market report also provides a detailed analysis of this business sphere in terms of ecosystem analysis, market dynamics, Porter’s five force, industry trends, PEST analysis, and value chain analysis. The profiles of leading players are highlighted in this report alongside their business overview, recent developments, product benchmarking, and financials.