MarkNtel Advisors, leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. Recently published a report on The Global Voice and Speech Recognition Market and provide your business with the latest market trends and analysis from our reports to make informed decisions and stay ahead of the competition.
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Global Voice and Speech Recognition Market Insights 2023-2028
The Global Voice and Speech Recognition Market is projected to grow at a CAGR of more than 20% during the forecast period, i.e., 2023-28.
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Top Players in the Voice and Speech Recognition Market:
- Advanced Voice Recognition Systems, Inc.
- Agnitio S.L. (subsidiary of Nuance Communications Inc.)
- Amazon.com, Inc.
- Anhui USTC iFlytek Co., Ltd.
- Apple Inc.
- Baidu, Inc
- BioTrust ID B.V.
- Google LLC
- International Business Machines Corporation
- M2Sys LLC.
- LumenVox LLC
- Microsoft Corporation
- M*Modal, Inc.
- Nuance Communication, Inc
- Raytheon Company
Segmentation Analysis of Voice and Speech Recognition Market
Voice and Speech Recognition Market exactly assesses and highlights significant trends and influencing factors within each segment. The comprehensive analysis extends its predictions for the period spanning 2023 to 2028, focusing on the national landscape. The market is exactly categorized based on this analysis, providing valuable insights into its various facets.
- By Function
- Voice Recognition
- Speaker identification
- Speaker verification
- Speech Recognition
- Automatic speech recognition
- Text to speech
- Voice Recognition
- By Technology
- Artificial Intelligence Based
- Non-Artificial Intelligence Based
Based on Technology: Between the two, the Artificial Intelligence-Based Voice and Speech Recognition segment is expected to attain faster growth during the forecast period. It primarily attributes to the accuracy exhibited by Artificial Intelligence in understanding and recognizing different speech patterns by converting speech into speech unit algorithms, formulation, and demonstration. Besides, the development of Artificial intelligence has brought along the scope for machine learning and language processing. As such, the rise and acceptance of AI-based smart devices like Google-Home, and Alexa is foreshadowing a demand and rise in the speech and voice recognition market in the forecast period.
- By End-Users
- Automotive
- Banking Finance Services & Insurance (BFSI)
- Education
- Enterprise
- Government
- Healthcare
- Legal
- Military
- Retail
- Other
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A Comprehensive Geographical Analysis:
By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
Here, Asia-Pacific is currently going through notable growth within several industries, including AI, consumer electronics, gadgets, healthcare, military, education, BFSI, automotive, entertainment, and retail. Economic growth and heavy spending habits are contributing to the technological evolution of the Asia-Pacific region.
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