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Market Leader : Speech & Voice Recognition Technology Market
The growth in the field of speech processing was very slow till 2009, but the technology has now reached a level of usability that one can speak to a device and expect it to understand and respond. The speech recognition market is expected to grow from USD 3.73 Billion in 2015 to USD 9.97 Billion by 2022, at a CAGR of 15.78% between 2016 and 2022. The voice recognition market is expected to grow from USD 440.3 Million in 2015 to USD 1,988.1 Million by 2022. This growth is expected to be driven by the adoption of artificial intelligence and neural networks to decrease error rate in speech detection, increased adoption of biometrics to counter fraudulent activities in the field of banking and finance, growing demand for IoT with ease of communication with speech recognition, and increasing number of microphone-enabled devices.
The companies involved in the speech & voice recognition market adopted various strategies such as new product launches, partnerships, agreements, collaborations, joint ventures, and patents & awards as the key growth strategy over the last three years. Of all the strategies, 36% of the developments were partnerships, agreements, collaborations, and joint ventures; while 35% of the developments involved new product developments.
Nuance Communications (U.S.) is a leading provider of speech recognition solutions and natural language understanding technologies for businesses and consumers globally. The company offers software solutions and applications along with support services and training. The company’s products offer a high degree of accuracy in automated speech recognition, capabilities of natural language understanding, dialog and information management, biometric speaker authentication, text-to-speech, and optical character recognition (OCR) capabilities. To keep up with the competition, the company focuses on investing in R&D and launching new products. Since January 2016, the company has launched four new products, namely, Dragon Drive Automotive Assistant, Dragon Medical One, Dragon for Mac Medical, and the new version of Dragon Voice Recognition Software for individual legal professionals. In the healthcare segment, the company is focusing on providing customers deeper integration with their clinical documentation solutions, investing in their cloud-based products and operations, entering new and adjacent markets such as ambulatory care, and expanding its international capabilities. In the mobile and consumer segment, the company is focusing on expansion across Internet of Things (IoT) in its device solutions, geographic expansion of mobile operator services, and the expansion of Dragon solutions into the cloud. In the enterprise segment, the company is extending its technology capabilities with intelligent self-service and artificial intelligence for customer service.
Agnitio SL (Spain) is a provider of voice biometric products for law enforcement, intelligence organizations, financial services, and commercial purposes. Agnitio SL (Spain) is a private company established in 2004 and headquartered at Madrid, Spain. The company is a leading provider of Voice ID products worldwide. Its voice ID products are used by government organizations to identify criminals, prevent crime, and provide evidence in court; and by financial services and telecommunications companies to authenticate their users. The company has a strong portfolio of voice ID products and supplying its products in more than 40 countries, which makes it a market leader in voice biometrics. The company also plans to expand its geographic presence to provide security agencies around the world with better products to fight crime and intercept large amounts of data more efficiently by providing products according to the clients’ requirement.
Speech & Voice Recognition Market by Technology (Speech Recognition, Voice Recognition), Application (AI Based, Non AI Based), Vertical (Automotive, Consumer, Finance, Retail, Military, Healthcare & Government) and Geography - Global Forecast to 2022
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