A report on the Voice Recognition Market has been recently published by Stratview Research. This Market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the Voice Recognition Market. The historic years considered for the study are 2015-2020 the base year is 2021, and the forecast period is 2021-2026.
The study includes an in-depth analysis of type, application, and regional segments. It also includes a Market channel, distribution, and customer analysis, industry cost analysis, Market analysis by application, production, revenue, and price trend analysis by type, production and consumption analysis by region, and various other Market studies.
Voice Recognition Market is likely to witness an impressive CAGR of 17.5% during the forecast period. Factors such as growing demand for easier, faster, and safer user authentication among various sectors, stringent government policies associated with user’s data security, growing fraudulent activities in several industry verticals, and increasing adoption of AI-based voice recognition systems are some of the major factors driving the growth of the market during the forecast period.
The Market is segmented by Deployment Model Type (On-premise, Cloud), by Technology Type (AI-based, Non-AI based), by End-Use Type (Aerospace, Automotive, BFSI, Consumer Electronics, Government & Defense, Healthcare, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
This report also focuses on the short- and long-term implications of the novel Coronavirus pandemic on Voice Recognition Market at the global, and regional dimensions. To evaluate the percentage of loss or profit to the industry, the report also compares pre-COVID and post-COVID scenarios.
The report delivers a detailed view of the industry based on Voice Recognition Market size, Market growth, and opportunities. The report also analyses Market key aspects such as-
– Market structure: Overview, industry life cycle analysis, supply chain analysis
– Covid-19 Impact analysis.
– Market environment analysis: Growth drivers and constraints, and SWOT analysis.
– Market trend and forecast analysis.
– Market segment trend and forecast.
– Competitive landscape and dynamics: Market share, product launches, etc.
– Attractive Market segments and associated growth opportunities.
– Emerging trends.
– Strategic growth opportunities for the existing and new players.
The research provides in-depth analysis of the important elements that drive Market growth, including growth potential, opportunities, current Market trends, industry-specific obstacles, and dangers.
Key Segments Voice Recognition Market Report Covers:
Based on the deployment model type, the market is segmented as on-premise and cloud. The cloud-based deployment model is expected to register higher growth during the forecast period. It offers various gainful features, such as IT security, scalability, high speed, and 24*7 services and requires only a proper internet connection which minimizes the physical infrastructural costs, boosting the segment’s growth over the forecast period.
Based on the technology type, the market is segmented as AI-based and non-AI based. AI-based technology is estimated to hold the major share of the market during the forecast period. Factors such as capability of AI models to process larger dataset with more accuracy compared to traditional models, to adapt changes in language on their own and enhance their accuracy level through their self-learning abilities, to identify various components such as semantics, accent, context, and words from foreign languages, are expected to fuel the product demand in the market during the forecast period.
Based on the end-use type, the market is segmented as aerospace, automotive, BFSI, consumer electronics, government & defense, healthcare, and others. BFSI sector is projected to witness significant growth during the forecast period on account of rapidly growing digital banking coupled with increase in number of identity frauds. Increasing identity fraud activities can lead to enormous losses for financial institutions, thus banks are focusing on implementing technologies, such as voice recognition technology to authenticate users’ identity and process a secure transfer of their information from remote locations, increasing the accuracy of detecting a person with a fraudulent behavior, fueling the market growth during the forecast period.
In terms of regions, Asia-Pacific is estimated to be the fastest-growing region in the market owing to increasing adoption of smart electronic devices in the region during the forecast period. Factors such as consumer electronics devices being integrated with biometric-based voice recognition technology which offers hands-free activation and interactive actions using voice commands, and growing production and consumption of electronic devices in the region are expected to accelerate the growth of the regional market over the forecast period. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
According to the report, brands or companies that are leading globally in this Market are –
- Aculab PLC
- Agnitio S.L.
- Auraya Systems
- Aware, Inc.
- Daon, Inc.
- ID R&D, Inc.
- Mobvoi Information Technology Company Limited
- NEC Corporation
- Nuance Communications, Inc.
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