Speech Recognition Market to Partake Significant Development During 2026

Global Speech Recognition Market Expected to Reach $29.28 Billion by 2026

WILMINGTON, DELAWARE, UNITED STATES, May 10, 2024 /EINPresswire.com/ -- Speech recognition is specially designed for an interdisciplinary subfield of computational linguistics that develops methodologies and technologies that enable the recognition and translation of spoken language into text by computers. The increase in demand for speech recognition in automotive and the rise in the requirement of voice biometric systems for user authentication majorly drive the growth of the speech recognition market. Furthermore, North America is dominating the market share in terms of revenue, owing to the wide presence of key market players in the region. The global speech recognition market size was valued at $6.39 billion in 2018 and is projected to reach $29.28 billion by 2026, registering a CAGR of 19.9% from 2019 to 2026.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 & 𝐓𝐎𝐂: https://www.alliedmarketresearch.com/request-sample/5847

Speech recognition technology catches and identifies the audio signals in the form of language and converts these signals into machine-readable form. The increase in penetration of artificial intelligence along with the development of next-generation home automation products is expected to drive the demand for speech recognition market. Several IT technology giants such as Google, and Amazon have developed voice-based virtual assistants based on this technology. AI-based speech recognition was one of the trending technologies in CES, 2018, a worldwide recognized trade show by the Consumer Technology Association. This has increased the traction of speech recognition technology worldwide. Speech recognition technology is completely changing the interaction style of people and their devices, phones, homes, and cars. AI-based speech recognition uses machine learning to respond to user’s questions or commands.

Several companies such as Google and Baidu offer search engines to use this technology to provide speech-to-text-based search. The use cases of speech recognition technology are significantly increasing with upcoming, humanoids using speech recognition to provide actionable output. One of the best use cases of humanoid is the reception robot, Pepper designed and programmed by Softbank Robotics used at the reception of banks and medical facilities. Thus, the speech recognition market is currently experiencing an increase in several use cases significantly, which is expected to drive its demand over the next few years.

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮’𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/request-for-customization/5847

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

The Speech Recognition industry's key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.

𝐒𝐨𝐦𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐦𝐚𝐣𝐨𝐫 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐒𝐩𝐞𝐞𝐜𝐡 𝐑𝐞𝐜𝐨𝐠𝐧𝐢𝐭𝐢𝐨𝐧 𝐌𝐚𝐫𝐤𝐞𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞,

speak2web
Microsoft Corporation
Nuance Communications, Inc.
Sensory Inc.
Google Inc. (Alphabet Inc.)
Amazon. Com, Inc.
IFLYTEK Inc.
Raytheon Company
IBM Corporation.
Baidu, Inc.

The increase in penetration of the speech recognition industry in consumer electronic products is fueled by a highly competitive consumer electronics market, where players focus on upgrading their products such as smartphones, laptops, and digital recorders. The major companies such as Nvidia, Samsung, TSMC, and AMD, follow this trend by incorporating advanced integrated circuits and related services in their products. This consecutively increases the demand for speech recognition technologies, and the market is anticipated to grow with a high growth rate during the forecast period.

The increase in demand for speech recognition in the automotive industry and the rise in demand for voice-based biometric systems for user authentication along with considerably high growth potential in healthcare applications are expected to contribute to the growth of the global speech recognition market. Furthermore, an increase in the adoption of speech recognition in the consumer electronics and consumer goods verticals is also expected to offer lucrative opportunities for the speech recognition market growth globally. However, lack of accuracy acts as a major restraint hampering the market growth.

The on-premise segment was the highest contributor to the global speech recognition market, with more than 50% share. However, the on-cloud deployment segment is anticipated to witness the highest CAGR during the forecast period, owing to the ability of cloud-based devices to help organizations reduce CAPEX and OPEX and allow them to gain a considerably high level of efficiency at minimal cost. By end use, the healthcare segment is anticipated to dominate the market during the forecast period, owing to the emergence of enhanced technologies in medical devices such as wireless communication, sensors, ECG electrocardiograms, body area network (BAN) used for heart rate monitoring, and devices to monitor pulse rate, temperature, oxygen, and blood pressure.

𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐛𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/5847

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐒𝐭𝐮𝐝𝐲:

- By deployment type, the on-premise segment generated the highest revenue in the market in 2018.
- By end use, the healthcare segment generated the highest revenue in the market in 2018.
- By region, North America generated the highest revenue in the market in 2018.

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports consider significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on analyzing high-tech and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.

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Allied Market Research
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