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The Europe Voice Recognition Market would witness market growth of 10.8% CAGR during the forecast period (2017 - 2023). The blend of IoT and voice recognition technology would soon be witnessed in consumer durables such as ovens, refrigerators, microwaves, and thermostats.
The integration would present enormous opportunities for market participants to explore the market depth. Manual interfaces used in the navigation system have potential risks associated with its use. Therefore, voice recognition in the automobile sector would drive the market growth during the forecast period, due to the ability of speech destination entry to help drivers in following the desired route appropriately.
The limited ability to understand regional accents and price of AI based systems is the factors that would hinder the market expansion of voice recognition technology. Based on Types, the market report segments the market into Enhanced Devices, Hardware, and Software. Software types are further divided into Automatic Speech Recognition, Speaker Verification, and Storage Devices & Processors.
Based on Applications, the market is segmented into Non- Artificial Intelligence Based and Artificial Intelligence Based. Based on Verticals, the Europe Voice Recognition Market is segmented into Consumer Electronics & Retail, Automotive, BFSI, Healthcare, Home Security & Automation, and Others. Based on Countries, the market report segments the market into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
The report covers the competition analysis of key stake holders of the Voice Recognition Market. Key companies profiled in the report include Nuance Communications, Inc., Microsoft Corporation, Google Inc., Apple, Inc., Amazon.com, Inc., Hoya Corporation (Readspeaker Holding B.V.), International Business Machines Corporation, VoiceVault, Inc., Raytheon Company, and Advanced Voice Recognition Systems, Inc.