The Report “Voice Recognition Market : by Interface (Coriolis Flow Sensors, Magnetic Flow Sensors, Mass Flow Sensors); by Industry (Automotive, Healthcare, Consumer Electronics, BFSI, Government, Defense); by Requirement (Authentication & Verification, Speech Recognition) – Forecast (2018–2025)”, published by IndustryARC, estimates the global voice recognition market to reach $28.83 billion by 2025.
Browse 60 Market Tables and 177 Figures, and an in-depth TOC on “Voice Recognition Market”
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According to a recent study by IndustryARC, the Voice Recognition Market is estimated to grow at a CAGR of 21.8% during the forecast period 2018–2025. The growth of the Voice Recognition Market can be attributed to the increasing adoption of voice recognition devices by the consumer electronics and banking, financial services and insurance (BFSI) sectors.
The market for Voice recognition is set to grow prominently with a growing number of applications across various industry verticals. There is a growing popularity for voice-activated devices such as TV remotes, smart speakers and other voice-enabled appliances in the consumer electronics industry. The consumer electronics segment of the Voice recognition market is projected to record a CAGR of 27% during the forecast period. The BFSI industry is poised to grow significantly at a CAGR of 19% as the multinational banks have started to experiment with voice-activated technologies to replace passwords.
North America is the largest market for voice recognition technology, holding a market share of 28% in 2018. North America is a technologically advanced region and is highly receptive to upcoming technologies, such as voice recognition. The increasing demand for speech-based biometrics and voice authentication in smartphones is set to drive the market in the region. The APAC voice recognition market is also poised to grow prominently during the forecast period owing to the extensive demand for consumer electronics in countries such as South Korea, China, India, and others.
The Major Players in this Market Include
- Advanced Voice Recognition Systems, Inc.
- Agnitio SL
Voice recognition industry players have laid their focus on mergers and acquisitions as well as product launches to augment entry into related markets and enhance their core competencies and product portfolio as well as gain a foothold in the emerging markets..
The various end-user industries covered in the Report include
- Consumer Electronics
The overall market is also presented from the perspective of different geographic regions and the key countries for this industry. Competitive landscape for each of the product types is highlighted and market players are profiled.
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1) Intelligent Virtual Assistant Market
2) Speech Analytics Market
3) Interactive Voice Response Market
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