Global Voice Recognition Market: Market Research by Knowledge Sourcing Intelligence
The global voice recognition market is projected to a good CAGR of during the forecast period. Rising need for security owing to increasing frequencies of fraud in various industries, especially in banking and healthcare sectors is driving the demand for voice recognition software while augmenting its market growth. The trend of incorporating voice recognition in automated homes and automobiles is gaining momentum which is further complimenting its market growth. Growth in the e-retail sector coupled with adoption of mobile banking in the e-commerce industry is expected to further drive the voice recognition market in the next five years.
Geographically, Asia Pacific is expected to grow at a high rate over the projected period. This growth is largely driven by the rising adoption of voice recognition technology in IoT applications. However, America is expected to hold a notable position by the end of the forecasted period owing to the growing deployment of biometric system in various sectors to attain a high level of security.
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| Global Voice Recognition Market Forecast |
Global Voice Recognition Market by Industrial Vertical:
By industry vertical, Global Voice recognition market is segmented as automotive, consumer, enterprise, government, military, and others. Consumer segment holds a significant market share in 2016 and is expected to grow at a high rate over the projected period. This growth is largely driven by penetration voice reorganization technology in smart devices like smartphones, laptop, tablet, and others. The automotive sector is also expecting a high growth by the end of the forecasted period owing to the growing popularity of collaboration voice reorganization in automobiles. Growing defense budgets and rising security threat in military owing to a rising terror attack and inter-boundary conflicts augments the adoption of this technology in the military segment while propelling this segment growth.
As the car-mounted devices are increasing in terms of sophistication and function, voice reorganization is increasingly attracting attention as a means to provide drivers an easy-to-use and safe interface with the device installed in their vehicles. This results in a growing trend of collaborating voice recognition in the automotive. The increasing vehicle production and sales due to the growing spending power of people augment this segment growth for the voice recognition market. Continuous technology advancement and innovation results in the development of technologies like in-car voice reorganization system for navigation, environment control, and entertainment system. This further boosts the market growth in the automotive segment. The market research provides a detailed analysis of the global voice recognition market on the basis of the various segment like- by industrial vertical, by geography, etc.
Global Voice Recognition Market by Geography:
Geographically, Global Voice recognition market is segmented as Americas, Europe Middle East and Africa, and the Asia Pacific. America accounts for a large market share of worth US$ XX.XX billions and is expected to hold a notable position by the end of the forecasted period. This growth is largely driven by government initiatives to deploy the biometric system in order to enhance the security level of the region. Moreover, the high-speed innovation coupled with early technology adoption owing to high spending capability of enterprises further enhance the market share. However, Asia Pacific is expected to grow at a considerate CAGR of XX.XX% over the projected period. Rapid industrialization, especially in emerging economies like India, South Korea, and China, contributes to this regional market growth. Moreover, the growing technology adoption rate and the need for a high level of security owing to the high rate of frauds and terror attacks further propel the Asia Pacific market growth. In addition to this, there is a rising adoption of voice recognition in IoT applications creates numerous opportunities for vendors.
By Geography, North America accounts for large market share in 2016 and is also expected to dominate the market by the end of the forecasted period. This growth is largely driven by high technology adoption rate, especially in the United States. Moreover, the United States is home to many key players like Facebook, Google, Apple, Microsoft and others which further propels the regional market share. High-speed innovation is another key driver of North America market growth, for instance, in August 2017; Microsoft launched a speech recognition system which hits a new accuracy milestone. The growing terror attacks and frauds increase the need for high-level security which, in turn, augments the adoption of biometric system in various sectors.
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| Global Voice Recognition Market by Geography |
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The rapidly emerging Mexican economy is expected to drive the voice recognition market growth as rapid industrialization and modernization will augment the biometric system adoption.
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