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Overview of the global voice controlled devices market
Voice-controlled devices use the voice recognition software to convert and decode the human voice into signals, which are easily understood by the devices. It acts as an authentication technology, where words or phrases are spoken aloud are converted into electrical signals that are transformed into coding patterns and assigned meaning. The prospects for growth in this market are aggrandized by the augmented demand for voice-based user authentication in financial institutions, healthcare enterprises, and government organizations. Also, the high penetration of devices that operate on voice commands across various new end-user segments, such as communication, enterprise contact center, mobile devices, and automotive, will result in this market’s steady CAGR of nearly 8% by 2020.
In this voice controlled devices market research, the analysts have estimated eminent factors, such as the growing integration of voice verification with speech recognition, to foster market growth during the forecast period. Recently, it has been observed that instead of offering voice verification as a standalone product, vendors are offering the integrated functioning of voice verification and speech recognition in devices. The integration of voice verification with speech recognition will be extremely useful in smartphones and could replace existing security features like lock patterns, passwords, and facial recognition in the near future.
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Application-based segmentation of the voice controlled devices market
- Remotes
- Smart bands
- Smartwatches
- Automobile infotainment systems
- Smartphones
The smartphones application segment held the highest voice controlled devices market share during 2015 and is envisaged to retain its dominating hold over the market until 2020 owing to the high penetration rate of smartphones with voice recognition technology.
Geographical segmentation of the voice controlled devices market
In this voice controlled devices market analysis, the Americas is predicted to account for a market share of almost 42% by 2020. The high demand for voice recognition applications among enterprises and non-business consumers will lead to the substantial growth of this market in the Americas during the forecast period.
Competitive landscape and key vendors
The global voice controlled devices market is competitive as many players are integrating voice recognition technology into their devices. The level of competition in this market is anticipated to become more intense due to the rising number of solution providers along with the growing market for smart devices like smartphones, smart bands, and smartwatches in the next few years. Due to the development of new innovative applications, many new players will enter this market. This will further enhance market competition, leading to price wars among the vendors.
According to the voice controlled devices market forecast, the top vendors analyzed in this market are
- Apple
- Fitbit
- Google
- Microsoft
- Nuance Communications
- Pebble
- Samsung
- Sony
- VoiceBox Technologies
- Xiaomi
Key questions answered in the report include
- What will the market size and the growth rate be in 2020?
- What are the key factors driving the voice controlled devices market?
- What are the key market trends impacting the growth of the global voice controlled devices market?
- What are the challenges to market growth?
- Who are the key vendors in the global voice controlled devices market?
- What are the market opportunities and threats faced by the vendors in the global voice controlled devices market?
- Trending factors affecting the market shares of the Americas, APAC, and EMEA.
- What are the key outcomes of the five forces analysis of the global voice controlled devices market?
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Table of Contents
PART 01: Executive summary
PART 02: Scope of the report
- Market overview
- Top-vendor offerings
PART 03: Market research methodology
- Research methodology
- Economic indicators
PART 04: Introduction
PART 05: Market landscape
- Market overview
- Value chain
- Significance of voice recognition
- Future outlook
- Market size and forecast
- Five forces analysis
PART 06: Buying behavior
PART 07: Market segmentation by application
- Smartphones
- Automobile infotainment systems
- Smartwatches
- Smartbands
- Remotes
PART 08: Geographical segmentation
- Overview
- Voice-controlled devices market in Americas
- Voice-controlled devices market APAC
- Voice-controlled devices market in EMEA
PART 09: Market drivers
- Cloud-based voice recognition
- Safety regulations
- Rising demand for voice authentication in mobile banking
- Growing smartphone market
- Rising need to enhance customer value proposition
PART 10: Impact of drivers
PART 11: Market challenges
- Need for constant connectivity
- Self-conscious users
- Inaccuracies in voice recognition
- Low use and lack of awareness
- Limited features in most automobiles
PART 12: Impact of drivers and challenges
PART 13: Market trends
- Voice recognition software turning into personal digital assistants
- Integration of voice verification with speech recognition
- Google and Apple partnering with automobile manufacturers
- Increased use of apps in connected cars
- Emergence of self-driving cars
- Demand for multi-factor authentication
PART 14: Vendor landscape
PART 15: Explore Technavio
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
- Manufacturers and suppliers
- Channel partners
- Industry experts
- Strategic decision makers
Secondary sources
- Industry journals and periodicals
- Government data
- Financial reports of key industry players
- Historical data
- Press releases
DATA ANALYSIS
Data Synthesis
- Collation of data
- Estimation of key figures
- Analysis of derived insights
Data Validation
- Triangulation with data models
- Reference against proprietary databases
- Corroboration with industry experts
REPORT WRITING
Qualitative
- Market drivers
- Market challenges
- Market trends
- Five forces analysis
Quantitative
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape