According to a new report by Market Research Future (MRFR), global speech recognition market is expected to reach USD 16 billion at 16% CAGR over the forecast period (2017-2023). Voice holds a unique characteristic of an individual just like iris or fingerprints and has emerged as a feasible authentication technique. The ability to deliver accurate authentication sets voice apart as a preferred authentication method for online transactions. The incorporation of voice recognition techniques is gaining popularity in cars since most of the countries are initiating hands-free regulation with the use of mobile phones while driving.

Segmentation

On the basis of type, the market has been segmented into speaker dependent and speaker independent.

Based on technology, it is segmented into artificial intelligence based and non-artificial intelligence. Among these, artificial intelligence is expected to gain momentum as the system transforms speech into well-structured algorithms by undergoing certain stages such as formulation, representation of speech units, development of recognition algorithms, and demonstration of correct inputs. Besides, the non-artificial market accounted for the majority of overall share and is predicted to lose its market soon by the end of the review period.

Speech Recognition Market Analysis has been further segmented into military, automotive, finance, government, media & entertainment, healthcare, and others on the basis of verticals where healthcare is expected to showcase the largest market share.

Competition Analysis

Some of the prominent players operating the global market for speech recognition are Nuance Communications Inc. (U.S.), VoiceBox Technologies Corp. (U.S.), Microsoft Corporation (U.S.), VoiceVault (U.S.), Agnitio SL (Spain), and others. Microsoft has called on the government to set up and control facial recognition technology.

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