Speech Recognition Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

MARKET INTRODUCTION

Speech recognition technology identifies words and phrases in spoken language and translates them to a machine-readable format. It uses algorithms via acoustic and language modeling, which signifies the relationship between linguistic units of speech and audio signals. AI-based speech recognition software is likely to witness a high CAGR during the forecast period due to the continuous development of machine learning techniques and the incorporation of connected devices with

MARKET DYNAMICS

The swift proliferation of multifunctional devices or smart speakers is driving the demand for speech recognition. However, the high initial investment may restrain the growth of the speech recognition market. Furthermore, the application of speech recognition in service robotics is likely to raise the

MARKET SCOPE

The "Global Speech Recognition Market Analysis to 2031" is a specialized and in-depth study of the speech recognition market with a special focus on the global market trend analysis. The report aims to provide an overview of speech recognition market with detailed market segmentation by deployment type, application, and geography. The global speech recognition market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading speech recognition market players and offers key trends and opportunities in the speech recognition market.

MARKET SEGMENTATION

The global speech recognition market is segmented on the basis of deployment type and application. On the basis of deployment type, the market is segmented as cloud and on-premise. On the basis of application, the market is segmented as automotive, consumer, government, healthcare, BFSI, and others.

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the global speech recognition market based on various segments. It also provides market size and forecast estimates from year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The speech recognition market by each region is later sub-segmented by respective countries and segments. The report covers analysis and forecast of 18 countries globally along with current trend and opportunities prevailing in the region.

The report analyzes factors affecting speech recognition market from both demand and supply side and further evaluates market dynamics effecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA and South America after evaluating political, economic, social and technological factors effecting the speech recognition market in these regions.

MARKET PLAYERS

The reports cover key developments in the speech recognition market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for expansion of business and customer base of market players. The market players from speech recognition market are anticipated to lucrative growth opportunities in the future with the rising demand for speech recognition market. Below mentioned is the list of few companies engaged in the speech recognition market.

The report also includes the profiles of key speech recognition market companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information of last 3 years, key development in past five years.

•   Acapela Group
  
•   AT&T Inc.
  
•   Fluent.ai.
  
•   Google Inc.
  
•   LumenVox
  
•   Microsoft Corporation
  
•   Nuance Communications, Inc.
  
•   Raytheon Technologies
  
•   ReadSpeaker Holding B.V.
  
•   Sensory Inc.
  
  

The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.

Speech Recognition Report Scope