Market Overview

Voice and Speech Recognition

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Voice and Speech Recognition

PR Newswire

LONDON, August 15, 2018 /PRNewswire/ -- Healthcare, Automotive, Authentication & Identification, Voice Search, Voice Commerce & Customer Service, Smart Home, Analysis and Consumer Robot Applications: Market Analysis and Forecasts

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Speech recognition technology is nothing new. Bell Laboratories introduced the Audrey system, which could recognize spoken digits, in 1952. Continuous speech dictation devices came to market in 1990 and the first interactive voice recognition systems were launched in 1996, but speech recognition technology stalled. Due to significant limitations, speech recognition topped out at 80% accuracy in 2001.

Then around 2009, smartphones and cloud computing changed the market. The ubiquity of smartphones paved the way for the logical use of the speech user interface (UI), particularly for voice search. As compute power became increasingly cheaper, data scientists began to successfully combine voice and speech recognition with machine learning (ML) and/or deep learning (DL)-fueled natural language processing (NLP). Fast forward to 2018, and voice and speech recognition technology has become the tip of the technology spear for a broadening range of sophisticated voice services. Increasingly, companies are building viable market use cases in which the human voice will control highly sophisticated, automated processes and operations. Tractica has identified eight key voice and speech recognition use cases that will drive significant revenue through 2025: Healthcare (Clinical Documentation), Automotive Virtual Digital Assistants (VDAs), Security & Authentication, Voice Search, Voice Commerce & Customer Service, Smart Home Controls, Analysis, and Consumer Robot Controls.

This Tractica report analyzes the global market opportunity for speech recognition and voice recognition software during the period from 2016 through 2025. The report further examines use cases where spoken word is the input or output or both. The study identifies key market drivers and barriers, defines key use cases, assesses technology issues, and profiles key industry players. Market forecasts are provided for software revenue, segmented by use case and world region.

Key Questions Addressed:

  • What is the current state of the market for voice and speech recognition and how will it develop over the next decade?
  • Why will these key use cases that drive greater voice and speech recognition adoption?
  • What are the key drivers of market growth, and the key challenges faced by voice and speech recognition, in each world region?
  • Who are the key players in the market, what is their competitive positioning, and which ones are poised for greatest success in the years ahead?
  • What is the size of the voice and speech recognition market opportunity?

Who Needs This Report?

  • Voice and speech recognition software companies
  • AI hardware and software companies
  • Healthcare technology providers
  • Automotive manufacturers
  • Customer-facing organizations
  • Smart home application providers
  • Cybersecurity and fraud management solution providers
  • Investor community

Key Market Forecasts

• Voice and Speech Recognition Software Revenue by Use Case, World Markets: 2018-2025

• VSR Software Revenue, Automotive VDA Use Case by Region: 2018-2025

• VSR Software Revenue, Consumer Robot Controls Use Case by Region: 2018-2025

• VSR Software Revenue, Voice Commerce & Customer Service Use Case by Region: 2018-2025

• VSR Software Revenue, Smart Home Controls Use Case by Region: 2018-2025

• VSR Software Revenue, Security & Authentication by Region: 2018-2025

• VSR Software Revenue, Analysis Use Case by Region: 2018-2025

• VSR Software Revenue, Voice Search Use Case by Region: 2018-2025

• VSR Software Revenue, Healthcare Use Case by Region: 2018-2025

Use Cases

• Automotive VDAs

• Consumer Robot Controls

• Voice Commerce & Customer Service

• Smart Home Controls

• Security and Authentication

• Analysis

• Voice Search

• Healthcare

Technologies

• Speech Recognition

• Voice Recognition

• Deep Learning

• Machine Learning

• Natural Language Generation

• Natural Language Processing

• Natural Language Understanding

Geographies

North America

Europe

Asia Pacific

Latin America

Middle East and Africa

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