Global Speech Recognition for Consumer Electronics Market 2017-2021

Overview of the global speech recognition for consumer electronics market

Market research analysts at Technavio predict that the global speech recognition for consumer electronics market will grow steadily at a CAGR of more than 28% by 2021. The rising popularity of cloud-based speech recognition is one of the primary growth factors for this market. Millions of voice searches are processed using cloud servers and the data is analyzed and processed to return better results. For instance, the existing speech recognition systems such as google now utilizes cloud servers to track the user's usage patterns and offer accurate solutions. Processing and storing the large amount of data on a consumer electronic device needs more storage space in the devices that in turn increase the manufacturing costs for the OEMs. To counter this, leading companies in the market have huge cloud computing resources in the form of storage and servers with higher computational power and efficiency. This proves to be the most economical form of delivering speech recognition services in a large number of consumer electronic devices.

One of the latest trends that will gain traction in the global speech recognition for consumer electronics market is the rising use of speech recognition software as personal assistants. Google Now is not just a speech-based search engine but also learns the user's behavior over time. It is more of a personal assistant that displays information based on user preferences and interests. Google Now provides Android users with Google Now Cards that are small snippets of relevant information based on the user's interests. Apart from the popular applications, third-party apps such as AIVC, Iris, Skyvi, and Vlingo, also offer speech recognition as virtual personal assistants.

Competitive landscape and key vendors  

The speech recognition for consumer electronics market consists of a limited number of vendors. Apple is one of the key vendors that is engaged in designing, manufacturing, and marketing mobile media and communication devices, PCs, and portable digital multimedia and music players. The company also offers a wide range of related accessories, software, third-party digital content, networking solutions, and applications around the world.

The leading vendors in the market are -

• Apple
• Google
• Microsoft
• Nuance Communications

Segmentation by product and analysis of the speech recognition for consumer electronics market

• Smartphones
• Laptops and PCs
• Tablets
• Smart watches
• Gaming consoles
• Smart TVs

During 2016, the  smartphones segment accounted for the major shares of the speech recognition for consumer electronics market. Factors such as the increasing rate of smart recognition features in smartphones and their rising sales of smartphones will contribute to the growth of this market segment in the coming years.

Geographical segmentation and analysis of the speech recognition for consumer electronics market

• Americas
• APAC
• EMEA

This market study estimates that in terms of geographic regions, APAC will be the major revenue contributor to the market throughout the forecast period. The strong demand for consumer electronics in countries such as China, India, and Indonesia and the presence of large multinational consumer electronics manufacturers in the region, will drive the market's growth prospects. Furthermore, the increased consumer spending on consumer electronics and a high demand for advanced technologies such as speech recognition, will also boost the speech recognition for consumer electronics market in APAC.

Key questions answered in the report include

• What will the market size and the growth rate be in 2021?
• What are the key factors driving the global speech recognition for consumer electronics market?
• What are the key market trends impacting the growth of the global speech recognition for consumer electronics market?
• What are the challenges to market growth?
• Who are the key vendors in the global speech recognition for consumer electronics market?
• What are the market opportunities and threats faced by the vendors in the global speech recognition for consumer electronics market?
• Trending factors influencing the market shares of the Americas, APAC, and EMEA.
• What are the key outcomes of the five forces analysis of the global speech recognition for consumer electronics market?

Technavio also offers customization on reports based on specific client requirement.

Speech recognition is the process of equipping a computer in identifying sounds of human speech and responding to give the desired output. Speech recognition is integrated with a wide variety of consumer electronic devices such as smartphones, tablets, laptops, PCs, smart watches, gaming consoles, and smart TVs. With increasing demand for electronic devices throughout the globe, the demand for voice recognition from various industrial sectors including computing devices, embedded systems, human machine interface, semiconductor industry, and the automotive industry has increased drastically. To provide actionable intelligence alongside the market size of various segments of the hardware and the semiconductor industry and to analyze businesses with a focus on growth trends and upcoming market segments, Technavio presents an extensive analysis of the market by the method of study, synthesis, and summation of data from several sources.  

This comprehensive market report provides a detailed picture of the market through extensive study, synthesis, and accumulation of data from varied sources. The analysts have presented the multiple facets of the market with a focus on identifying the prominent industry influencers, understanding the dynamics of the imperative segments of the market and predicting the trends that will affect the market in future. The data thus presented is comprehensive, reliable, and the result of extensive research, for both primary and secondary collection methods. This research is done with the primary objective to help our client gain crucial insights about the upcoming report on speech recognition for consumer electronics market and the hardware and the semiconductor industry at large.

This upcoming report on speech recognition for consumer electronics market includes the market impact of the similar markets like the voice recognition biometrics  and automotive voice and speech recognition system market which are expected to project a CAGR of more than 19% and above 11%, respectively, during the period 2016 to 2021. As per our market research analysts, many countries have imposed regulations to prevent the use of mobile devices while driving, which has created the need for a safer way of interacting with mobile devices such as voice recognition. Some of the countries that stringent regulations include Australia, the Philippines, US, the UK, India, and Chile. Consequently, many speech recognition applications such as music playlist management, caller name read-out, and voice-based SMS have been included in mobile devices, which, in turn, is expected to augment growth in the global speech recognition for consumer electronics market in the coming years.

The upcoming industry research report on speech recognition for consumer electronics market also identify the prominent drivers, impending trends, and the challenges currently experienced by the hardware and semiconductor industry. It also presents significant insights into the volatile competitive scenario to present a holistic picture of the future of the hardware and semiconductor industry.