DUBLIN--(BUSINESS WIRE)--The "Speech and Voice Recognition Market - Global Forecast to 2023" report has been added to Research and Markets' offering.
The speech and voice recognition market is expected to be valued at USD 6.19 billion in 2017 and is likely to reach USD 18.3 billion by 2023, at a CAGR of 19.80% between 2017 and 2023. The growing impact of artificial intelligence (AI) on the accuracy of speech and voice recognition and the increased demand for multifactor authentication are driving the market growth. However, oligopoly in the development of speech and voice recognition technology using neural networks is a restraint for this market.
The speech recognition technology is expected to hold the largest share of the market during the forecast period due to its growing use in multiple applications owing to the continuously decreasing word error rate (WER) of speech recognition algorithm with the developments in natural language processing and neural network technology. The speech recognition technology finds applications mainly across healthcare and consumer electronics sectors to produce health data records and develop intelligent virtual assistant devices, respectively.
The market for the consumer vertical is expected to grow at the highest CAGR during the forecast period. The key factor contributing to this growth is the ability to integrate speech and voice recognition technologies into other consumer devices, such as refrigerators, ovens, mixers, and thermostats, with the growth of Internet of Things.
Companies Mentioned
- AT&T Inc.
- Alphabet Inc.
- Baidu Inc.
- Lg Electronics Inc.
- Lumenvox LLC
- M2sys LLC
- Microsoft Corporation
- Nuance Communications Inc.
- Panasonic Corporation
- Samsung Electronics Co. Ltd.
- Sensory Inc.
- Sony Corporation
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Others
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insight
5 Market Overview
6 Delivery Methods in Speech and Voice Recognition
7 Speech and Voice Recognition Market, By Technology
8 Speech and Voice Recognition Market, By Vertical
9 Geographic Analysis
10 Competitive Landscape
11 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/research/p39vtz/speech_and_voice
