Speech recognition is a technology used in various devices such as smartphones, cars, and computers which enables system to identify the sound of spoken words and convert them into machine readable form. It uses linguistic units for speech and audio signals. These signals are measured by word error rate (WER) that helps to identify the inaccuracies occurred while processing.
Moreover, there are numerous speech recognition technologies like Amazon Alexa, Google’s google assistant, Apple Siri, and Microsoft Cortana that enable easy accessibility of interaction by people to their devices. The purpose of a speech technology is to increase speed, accuracy, and help to improve the efficiency of the system.
According to a recent report published by Allied Market Research, titled, "Speech Recognition Market by Deployment and End User: Global Opportunity Analysis and Industry Forecast, 2018–2026," 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.
The capability of such devices is very responsive to the spoken commands, easy to access by giving hands free control, provides automatic translation of inputs, and creates print ready dictation. It is majorly used in smart phones such as apple’s Siri, vehicles, querying based databases, and giving commands to such computer-based system which are highly profiled on specialized vocabularies. This technology completely changes the way of people to interact with their own system, devices, phones, home, and cars, to respond question or command given by person to devices.
A positive outlook can be seen for speech recognition market. Increase in adoption of electronic devices equipped with technological advance features augment the market growth. Speech recognition is used in multiple industries such as health care, BFSI, and marketing. Increase in mobile penetration and convenience becomes an important consideration for millennials speech recognition to garner wide attention in terms of research, development, and deployment in the upcoming years.
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The increase in penetration of 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 high growth rate during the forecast period.
The increase in demand for speech recognition in automotive industry, and the rise in demand for voice-based biometric systems for user authentication along with considerably high growth potential in healthcare application are expected to contribute to the growth of the global speech recognition market. Furthermore, increase in adoption of speech recognition in the consumer electronics and consumer goods verticals are also expected to offer lucrative opportunities for the speech recognition market growth globally. However, lack of accuracy, act as a major restraint hampering the market growth.
Speech recognition market has been segmented by deployment, end user, and region. Based on deployment, the market is classified into on cloud, on premises, and on embedded. Based on end user, the market is categorized into automotive, consumer, government, healthcare, and BFSI. Based on region, it is studied across North America, Europe, Asia-Pacific, and LAMEA.
Key players of speech recognition industry are Baidu, Raytheon BBN Technologies, Cantab Research, sensory, Amazon, Microsoft, Alphabet, IBM and Microsoft, Google and Nuance.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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