Speech and Voice Recognition Market

Market Leadership - Speech and Voice Recognition Market

The speech and voice recognition market was valued at USD 7.5 billion in 2018 and is expected to reach USD 21.5 billion by 2024, at a CAGR of 19.18% during the forecast period. Increasing demand for speech-based biometric systems for multi-factor authentication, growing impact of AI on the accuracy of speech and voice recognition, and rapid proliferation of multifunctional devices or smart speakers are a few factors driving the growth of the speech and voice recognition market. The development of speech and voice recognition software for micro-linguistics and local languages, application of speech and voice recognition in service robotics, and role of speech and voice recognition technology in autonomous cars are expected to offer lucrative opportunities for players in the speech and voice recognition market during the forecast period.

The speech and voice recognition market is highly competitive owing to the presence of global and regional market players. Product launches and developments, acquisitions, and partnerships have been the major strategies adopted by the leading players to grow in the market. Among all these strategies, players have widely adopted the strategies of product launches and developments to remain competitive in the market. Key players that have implemented these strategies are Nuance (US), Microsoft (US), Alphabet (US), IBM (US), Amazon (US), Sensory (US), Cantab Research (UK), iflytek (China), Baidu (China), and Raytheon BBN Technologies (US).

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Top 2 players in the speech and voice recognition market:

Nuance Communications has invested heavily in research and development to enhance its product portfolio and to build a world-class portfolio of intellectual property, technologies, applications, and solutions through internal developments and acquisitions. It is expected to pursue opportunities to expand its assets, geographic presence, distribution network, and customer base through acquisitions of other businesses and technologies. The company also focuses on expanding its hosting-and transaction based offerings along with strengthening financial profile with improvement in revenue, earnings per share, margin, and cash flow. In the healthcare segment, Nuance Communications focuses on providing customers deeper integration with their clinical documentation solutions, investing in cloud-based products and operations, entering new and adjacent markets such as ambulatory care, and expanding global capabilities. In the mobile and consumer segment, the company focuses on adopting IoT in device solutions, geographic expansion of mobile operator services, and the expansion of Dragon solutions in the cloud. In the enterprise segment, the company focuses on extending their technology capabilities with intelligent selfservice and AI for customer service. However, in June 2017, the company lost USD 92 million in revenue due to the NotPetya malware attacks, which have affected Nuance medical transcription platforms, which were referenced in the companys latest 10-Q filing with the Securities and Exchange Commission (SEC).

Microsoft in the speech and voice recognition market offers multiple features such as accuracy, ease of use, and support for more languages than other players in its products such as Microsoft auto 3.1 platform and Windows speech recognition. The company also provides customized software with a wide range of features; it is constantly engaged in R&D to innovate and offer new products in the market. For instance, Microsoft is mainly focusing on developing new products through which it plans to expand its business offerings and enhance its market position and brand value. In March 2017, Microsoft (US) entered into a collaboration with Toyota Motor Corporation (Japan) to enable the voice recognition technology in the latter’s cars. Microsoft will provide Toyota access to its intellectual properties such as operating systems, voice recognition technology, artificial intelligence, and gesture control. This partnership is expected to strengthen the position of the company in the automotive voice recognition market. Microsoft focused more on horizontal growth strategies compared to vertical growth strategies from 2015 to 2018. The company owned around 144 patents in 2015 for the speech recognition technology and is the forerunner in the advancement of this technology, which can further be useful for end-user industries such as automotive and consumer electronics.

Related Reports:

Speech and Voice Recognition Market by Technology (Speech and Voice Recognition), Vertical (Automotive, Consumer, Government, Enterprise, Healthcare, BFSI), Deployment (On Cloud & On-Premises/Embedded), and Geography - Global Forecast to 2024

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