Global Voice Recognition Software Market 2018-2022
- Published: Jun 2018
- Pages: 109
- SKU: IRTNTR22210
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The global voice recognition software market size will grow by USD 307.02 million during 2018-2022. This report offers an analysis of the market based on end user (healthcare, consumer products, automotive, enterprise contact centers, and others) and geography (Americas, APAC, and EMEA). The voice recognition software market research report further report analyzes the market’s competitive landscape and offers information on several companies including Alphabet, Amazon.com, IBM, Microsoft, and Nuance Communications.
Below are some of the key findings from the voice recognition software market research report
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Global voice recognition software industry overview
The rise in the adoption of smartphones is one of the major factors driving the global voice recognition software market growth. Smartphone adoption enables access to a smart system, where voice recognition application or software can be used. Most of the voice recognition systems are connected to the server, as they require a large amount of resources to store and process data. Voice recognition system will require Internet, to stay connected to servers continuously and to perform optimally. Therefore, the rise in internet penetration and smartphone adoption are collectively driving the voice recognition software market growth.
The use of voice recognition system in vehicles is a one of the key voice recognition software market trends quickly gaining traction. Growing safety concerns of drivers have driven the need for voice recognition software in cars. Voice recognition helps the drivers to focus on the road, without turning their heads for attempting calls, texting someone, or changing radio stations. It is estimation at approximated 18 out of 20 new vehi9cles will have voice recognition software by 2022. The voice recognition software market forecast report predicts that fueled by these factors, the market will grow at a CAGR of almost 8% during the forecast period.
Top voice recognition software companies covered in this market research report
The voice recognition software market is moderately fragmented. as the market continue to grow, it becomes more fragmented during with presence of several international and regional vendors. By offering a complete analysis of the market’s competitive landscape and with information on the products offered by the companies, this voice recognition software industry analysis report will aid clients identify new growth opportunities and design new growth strategies.
The report offers a complete analysis of various companies including:
- Nuance Communications
Voice recognition software market segmentation based on geographic regions
Global voice recognition software market analysis reveals that the Americas will dominate the voice recognition software market share, driven by adoption of smart devices. The APAC region will account for the highest growth of this market throughout the forecast period.
Voice recognition software market segmentation based on end users
- Consumer products
- Enterprise contact centers
The healthcare segment will lead the voice recognition software market share during the forecast period. Consumer products segment will account for the highest voice recognition software market growth. Additionally, the report also provides an accurate prediction of the contribution of the various end user segments to the growth of the voice recognition software market size.
Key highlights of the global voice recognition software market for the forecast years 2018-2022:
- CAGR of the market during the forecast period 2018-2022
- Detailed information on factors that will accelerate the growth of the voice recognition software market during the next five years
- Precise estimation of the global voice recognition software market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- Growth of the voice recognition software industry across the Americas, APAC, and EMEA
- A thorough analysis of the market’s competitive landscape and detailed information on several vendors
- Comprehensive details on the factors that will challenge the growth of voice recognition software companies
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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.
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
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