Overview:

The global voice recognition market has been witnessing an incremental growth over the last few years and is poised to register steady gains during the forecast period 2018 - 2026. The global voice recognition market is expected to witness a growth of 14.5% CAGR during the forecast from 2018 to 2026. The anticipated growth can be majorly credited to increasing number of fraudulent activities, especially in the BFSI industry, and growing adoption of biometric sensor technologies across different end-use industries. The voice recognition market is also estimated to grow with rising demand for smart home concept. Increasing security concerns is propelling the demand for home automation and security products, which, in turn is expected to contribute towards market expansion over the forecast period. The technology is increasingly used for producing health related data records in the healthcare sector, which, consequently is improving its prominence in the medical domain. The voice recognition technology is of great advantage to the automobile industry & is majorly used in the autonomous vehicles and semi-autonomous vehicles. The use and integration of the voice recognition technology is gaining popularity in the automobile industry due to stringent regulations that restricts usage of mobile phones while driving. Thus, voice recognition systems enables drivers as well as passengers a safe, hassle-free driving experience. The trend shall prolong as market continues to evolve, offering significant growth and investment opportunities for manufacturers during the forecast period 2018 – 2026. All these factors are collectively expected to contribute towards a double digit CAGR during the forecast period (2018 – 2026).

The research report “Global Voice Recognition Market – Growth, Future Prospects and Competitive Analysis, 2018 – 2026” gives in-depth insights on the global voice recognition market in addition to the market size and estimates from 2016 to 2026. The study divides the global voice recognition market based on components, application, and end-use vertical, thereby offering the cross-sectional analysis for the said segments for different geographic regions. It offers a complete insight on market dynamics including the on-going challenges, market drivers, and opportunities for different value chain participants in the market. Furthermore, the research report provides insights on the major trends prevalent in the market.

To assist tactical decision and investors in making strategic decisions, the study presents the prevailing competitive landscape and profiles major voice recognition solution providers, their product benchmarking, financial health, key business strategies adopted, and major developments. Major players profiled in the research study include Nuance Communications, Advanced Voice Recognition Systems, Microsoft Inc., Apple, Inc., MMODAL Inc., Sensor, Inc., Biotrust, Agnitio SL, ValidSoft UK Ltd., VoiceBox Technologies Corp., Raytheon BBN Technologies, M2Sys LLC, and LumenVox LLC among others.

Other key insights offered by the research study includes:

• Relational analysis of sub-segments for 2017 and 2026
• Historic years market sizing (2016 & 2017)

Amongst all end-users of the voice recognition technology, its adoption in the consumer segment is presumed to grow at the fastest growth rate. The consumer segment is also expected to account for a significant revenue share by 2026 due to growing penetration of the voice recognition technology in smart devices including smartphones, laptops, tablets, and other connected devices. Growing demand for advanced Internet of Things (IoT) devices is further driving demand for voice recognition technology across the consumer segment. On the other hand, the use of voice recognition technology in automotive sector is enabling drivers and passengers to accomplish tasks by giving voice instructions, thereby ensuring a hassle-free drive experience. In addition, the BFSI sector is expected register strong growth during the forecast period on account of the growing need to safeguard banks and financial institutions from rising number of fraudulent activities.

In terms of value contribution, North America leads the overall global voice recognition market. North America has dominated the market ever since its inception and is expected to retain its dominance through 2026, registering robust growth. Growth of the voice recognition market, particularly in the U.S. is driven by several government initiatives encouraging deployment of state-of-the-art biometric systems. Due to increasing need for high level security, biometric systems are being deployed extensively across North America. On the other hand, Asia Pacific is presumed to witness an impressive growth due to perpetually growing adoption of the Internet of Things (IoT) technology across different applications and rising demand for voice technology. Growing need for voice recognition solutions in the BFSI sector and across various BPO firms is expected to further drive the voice recognition market in Asia Pacific during the forecast period 2018 - 2026.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Voice Recognition market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Voice Recognition market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Voice Recognition market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Voice Recognition market?
• Which is the largest regional market for Voice Recognition market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Voice Recognition market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Voice Recognition market worldwide?