Global Voice Recognition Market By Types (Enhanced Devices, Hardware, Software - Automatic Speech Recognition, Speaker Verification, Audio Mining), Applications (Non- Artificial Intelligence Based, Artificial Intelligence Based), Verticals (Consumer Electronics & Retail, Automotive, BFSI, Healthcare, Home Security & Automation)
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The Global Voice Recognition Market Size is expected to reach market size of $126.5 billion by 2023, rising at a market growth of 11.6% CAGR during the forecast period. The Voice Recognition technology has been in use in wide range of applications, due to rapid growth in the adoption of mobile & cloud technology and unprecedented technological advancements in computing powers. The healthcare sector would significantly contribute to the growth of voice recognition technology, due to the adoption of the technology to produce health related data records. The voice recognition technology would be a replacement technology to traditional methods prevalent today. The growth in the AI based systems would add to the market attractiveness over the years. Deep learning algorithm which is used to improve search results would be a major technological edge that would contribute to the market growth of AI based voice recognition market.
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 Global Voice Recognition Market is segmented into Consumer Electronics & Retail, Automotive, BFSI, Healthcare, Home Security & Automation, and Others. Based on Regions, the market report segments the market into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. 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.