Voice And Speech Recognition Software Market Dynamics, Analysis and Forecast To 2025

Voice And Speech Recognition Software Industry Overview

The global voice and speech recognition software market size was valued at USD 10.46 billion in 2018 and is anticipated to showcase a CAGR of 17.5% from 2019 to 2025.

The market is anticipated to be driven by technological advancements and rising adoption of the software in advanced electronic devices. Voice-activated biometrics used for security purposes help provide access to authenticated users for performing a transaction. Growing use of voice biometrics is amongst the major factors driving the growth.

Increasing demand for voice-driven navigation systems and workstations is impelling growth in the hardware and software segments. Integration of voice-enabled in-car infotainment systems is gaining popularity across the globe as several countries initiate “hands-free” regulations that govern the use of mobile phones while driving.

Gather more insights about the market drivers, restrains and growth of the Global Voice And Speech Recognition Software Market

North America voice and speech recognition software market

Voice and speech product developers are focusing on innovation, which is expected to accelerate the market growth over the forecast period. The use of voice recognition technology in smartphones enables doctors and clinicians to translate their voice into rich, detailed clinical description, which is recorded in the Electronic Health Record (EHR) systems. 

Increasing penetration of voice-enabled Internet of Things (IoT) devices in smart home automation is expected to drive the demand in near future. IoT-enabled devices would benefit a number of traditionally offline devices with innovative means of user interactions in addition to traditional means such as touch screens and buttons. 

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Market Share Insights

  • July 2017: Baidu Inc.collaborated with Conexant Systems, Inc. to launch voice recognition kits for consumers. The collaboration aims at assisting device makers and developers in integrating DeurOS into their products.
  • February 2017: Facebook enhanced its VR platform, Oculus rift, by adding speech recognition to the VR gear of the oculus rift. 

Key Companies profiled:

Some of the prominent players in the voice and speech recognition software market include

  • Advanced Voice Recognition Systems, Inc.;
  • Agnitio S.L.;
  • com, Inc.;
  • ai;
  • Apple, Inc.;
  • Anhui USTC iFlytek o., Ltd.;
  • Baidu, Inc.;
  • BioTrust ID B.V.;
  • CastleOS Software, LLC;
  • Facebook, Inc.;
  • Google, Inc.;
  • International Business Machines Corporation;
  • JStar; LumenVox LLC;
  • M2SYSLLC; Microsoft Corporation;
  • MModal, Inc.;
  • Nortek Holdings, Inc.;
  • Nuance Communications, Inc.;
  • Raytheon Company;
  • SemVox GmbH;
  • Sensory, Inc.;
  • ValidSoft U.K. Limited;
  • VoiceBox Technologies Corporation;
  • VoiceVault, Inc. 

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