• Blog
  • Voice Recognition Market Report

    Voice Recognition Market Report

    Voice Recognition Market Report
    Report code - SRCG241 Delivery - 2 Weeks
    Get Free Sample |
    Play Audio
    Listen
    Voice Recognition Market Size, Share, Trend, Forecast, & Industry Analysis – 202 See more...

    Impact of COVID-19 on Voice Recognition Market

    Covid-19 has impacted the market dynamics, competition, and global...

    See more...

    Impact of COVID-19 on Voice Recognition Market

    Covid-19 has impacted the market dynamics, competition, and global supply chains. The revenues has gone down in 2020 and may resume an uptrend gradually form 2021. Companies optimizing their operation and statergy will sustain and beat the competition.

    Note: The summary below might not have included insights on covid impact since we have large number of reports.

    Voice Recognition Market Insights

    Voice Recognition Market is likely to witness an impressive CAGR of 17.5% during the forecast period. Factors such as growing demand for easier, faster, and safer user authentication among various sectors, stringent government policies associated with user’s data security, growing fraudulent activities in several industry verticals, and increasing adoption of AI-based voice recognition systems are some of the major factors driving the growth of the market during the forecast period.

    Voice Recognition Market - Snapshot

    Growth

    17.5% for the next five years

    Faster Deployment Model Type

    Cloud

    Dominant Technology Type

    AI-based

    Major End-Use Type

    BFSI

    Region with the highest demand

    Asia-Pacific

    Key Players

    Aculab PLC, Agnitio S.L., Auraya Systems, Aware, Inc., Daon, Inc., ID R&D, Inc., Mobvoi Information Technology Company Limited, NEC Corporation, Nuance Communications, Inc., and OneVault.

     

    Market Share Analysis

    Voice-Recognition-Market-Dominant-Segments

    Wish to Get a Free Sample? Register Here

    Voice Recognition Market Share: By Deployment Model Type

    Based on the deployment model type, the market is segmented as on-premise and cloud. The cloud-based deployment model is expected to register higher growth during the forecast period. It offers various gainful features, such as IT security, scalability, high speed, and 24*7 services and requires only a proper internet connection which minimizes the physical infrastructural costs, boosting the segment’s growth over the forecast period.

    Voice Recognition Market Share: By Technology Type

    Based on the technology type, the market is segmented as AI-based and non-AI based. AI-based technology is estimated to hold the major share of the market during the forecast period. Factors such as capability of AI models to process larger dataset with more accuracy compared to traditional models, to adapt changes in language on their own and enhance their accuracy level through their self-learning abilities, to identify various components such as semantics, accent, context, and words from foreign languages, are expected to fuel the product demand in the market during the forecast period.

    Voice Recognition Market Share: By End-Use Type

    Based on the end-use type, the market is segmented as aerospace, automotive, BFSI, consumer electronics, government & defense, healthcare, and others. BFSI sector is projected to witness significant growth during the forecast period on account of rapidly growing digital banking coupled with increase in number of identity frauds. Increasing identity fraud activities can lead to enormous losses for financial institutions, thus banks are focusing on implementing technologies, such as voice recognition technology to authenticate users’ identity and process a secure transfer of their information from remote locations, increasing the accuracy of detecting a person with a fraudulent behavior, fueling the market growth during the forecast period.

    Voice Recognition Market Share: By Region

    In terms of regions, Asia-Pacific is estimated to be the fastest-growing region in the market owing to increasing adoption of smart electronic devices in the region during the forecast period. Factors such as consumer electronics devices being integrated with biometric-based voice recognition technology which offers hands-free activation and interactive actions using voice commands, and growing production and consumption of electronic devices in the region are expected to accelerate the growth of the regional market over the forecast period. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.

    Voice-Recognition-Market-By-Region

    Know which region offers best growth opportunities. Register Here

    Some of the key players in the voice recognition market are-

    • Aculab PLC
    • Agnitio S.L.
    • Auraya Systems
    • Aware, Inc.
    • Daon, Inc.
    • ID R&D, Inc.
    • Mobvoi Information Technology Company Limited
    • NEC Corporation
    • Nuance Communications, Inc.
    • OneVault.

     

    Market Scope & Segmentation

    Voice recognition is a biometric technology which is used to identify, distinguish and authenticate a particular individual’s voice or for speaker identification. It evaluates the voice biometrics of an individual, such as frequency and flow of their voice and their natural accent in order to prevent any identity fraud activity.

    This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

    Voice Recognition Market Research Report - Features

    Market Segmentation

    4

    Regions Covered

    4

    Countries/Sub-Regions Covered

    17

    No. of Figures & Tables

    >150

    Company Profiles

    10

     

    The voice recognition market is segmented into the following categories.

    Voice Recognition Market Size, Share, & Forecast, by Deployment Model Type:

    • On-premise (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Cloud (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Voice Recognition Market Size, Share, & Forecast, by Technology Type:

    • AI-based (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Non-AI based (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Voice Recognition Market Size, Share, & Forecast, by End-Use Type:

    • Aerospace (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Automotive (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • BFSI (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Consumer Electronics (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Government & Defense (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Healthcare (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Voice Recognition Market Size, Share, & Forecast, by Region:

    • North America (Country Analysis: the USA, Canada, and Mexico) 
    • Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
    • Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
    • Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

    Voice-Recognition-Market-Segmentation

    Want to know the most attractive market segments? Register Here

    Research Methodology

    This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

     

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

    • Market structure: Overview, industry life cycle analysis, supply chain analysis
    • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
    • Market trend and forecast analysis
    • Market segment trend and forecast
    • Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
    • Attractive market segments and associated growth opportunities
    • Emerging trends
    • Strategic growth opportunities for the existing and new players
    • Key success factors

     

    Report Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to 3 players)
    • SWOT analysis of key players (up to 3 players)

    Market Segmentation

    • Current market segmentation of any one of the technology types by end-use type.  

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at [email protected]

    Frequently Asked Questions (FAQs)

    The voice recognition market is expected to witness an impressive growth of 17.5% CAGR in the foreseeable future.

    Aculab PLC, Agnitio S.L., Auraya Systems, Aware, Inc., Daon, Inc., ID R&D, Inc., Mobvoi Information Technology Company Limited, NEC Corporation, Nuance Communications, Inc., and OneVault are among the key players in the voice recognition market.

    Asia-pacific is expected to be the fastest growing voice recognition market during the next five years.

    AI-based technology is expected to hold the major share of the voice recognition market in the coming years.

    •