The advancement of artificial intelligence and its consequent integration in various devices is spurring the development of the speech recognition market. Market reports associated with the semiconductor and electronics industry have been made available by Market Research Future which creates reports on other industry verticals that outlines the current market scenarios. The market is projected to reach revenues worth USD 16 billion while progressing at a CAGR of 16% int eh forecast period.Detailed Regional Analysis
The regional analysis of the speech recognition market covers regions such as Asia Pacific, North America, Europe and Rest of the World. The North American region is one of the prime regions across the world in terms of speech recognition market share. The speech recognition market is increasing owing to the security application in digital and internet-connected devices, which is enhancing the market development in this region. The speech recognition market in the European region is projected to observe a speedy growth over the forecast period. While, the Asia Pacific nations such as Japan, China, and India are a developing Speech Recognition Market Share, which is anticipated to grow at the highest CAGR in the impending years.
Competitive Analysis
The principal competitors in the speech recognition market are Microsoft Corporation (U.S.), Agnitio SL (Spain), VoiceVault (U.S.), Sensory, Inc. (U.S.), Nuance Communications, Inc. (U.S.), VoiceBox Technologies Corp. (U.S.), Advanced Voice Recognition Systems (U.S.), LumenVox LLC. (U.S), Google Inc. (U.S.), ReadSpeaker Holding B.V. (Netherlands), Iflytek Co., Ltd. (China), Acapela Group SA (Belgium), AT&T Inc. (U.S.), Raytheon BBN Technologies (U.S.), Fluent.ai Inc. (Canada) among others.
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