$29.28 Billions Speech Recognition Market Growing with a Promising CAGR of 19.9% till 2026
PORTLAND, OR, UNITED STATES, March 16, 2023 /EINPresswire.com/ — Allied Market Research recently published a report, “Speech Recognition Market by Deployment Mode (On Cloud and On Premise) and End Use (Consumer Electronics, Healthcare, Enterprise, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026”. According to the report, the global speech recognition industry was pegged at $6.39 billion in 2018, and is projected to reach $29.28 billion by 2026, growing at a CAGR of 19.9% from 2019 to 2026.
Major determinants of the market
Rise in demand for speech recognition in automotive, surge in demand for voice biometric systems for user authentication, and high growth potential in healthcare applications drive the growth of the global speech recognition market. However, lack of accuracy in harsh environment hampers the market growth. On the contrary, rise in adoption of speech recognition in the consumer verticals and robotics is expected to open new opportunities for the market players.
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The report offers an insightful analysis of the Speech Recognition Market based on revenue size, share, sales estimation, and key drivers. The report also includes detailed statistics on the opportunities, restraints, and drivers that have a direct impact on the market growth. On the basis of key product offerings, the market study further promotes a sustainable market scenario.
The study highlights the plans and policies adopted by the topmost industry players to maintain their position in the Speech Recognition Market by making them operational players in that sector. The market leaders have been carefully evaluated based on their revenue size, service/product portfolio, regional presence, important plans & policies, and overall market growth contribution. The primary research contains a thorough and exhaustive discussion with a global participant, while the secondary research includes a large volume of product or service descriptions.
Competitive Landscape:
The key players of the global Speech Recognition Market examined in the report include Google Inc., Naunce Communication, IBM, Baidu, Amazon, Microsoft, Raytheon BBN Technologies, Sensory, Iflytek, and Speak2web.
The market report includes an in-depth analysis of significant business developments, including the introduction of new product launches, partnerships, mergers & acquisitions, joint ventures, expansion, and others. The study accurately distinguishes their relative share, company profiles, product choices, business perspectives, and revenue shares. The research report also includes a thorough analysis of all the global trends and technologies.
COVID-19 Scenario:
The pandemic outbreak had a significant impact on the world economy. The report provides a comprehensive analysis of the significant effects of the global health crisis on the Speech Recognition Market using micro- and macroeconomic analysis. Moreover, the study also offers a thorough analysis of the plans and policies that the major market players implemented during the lockdown period. Additionally, it concentrates on the post-pandemic situation because various government agencies proposed some modifications to the existing regulations. With the introduction of vaccines such as Sputnik, Covaxin, and Covishield, the global situation has gotten back to normalcy and the Speech Recognition Market is anticipated to get back on track soon.
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Investment research:
The Global Speech Recognition Market Report also examines upcoming business opportunities across the industry. These minute details ensure that shareholders are fully informed of the current investment prospects of the market.
Key areas covered in the global Speech Recognition Market report:
1. Recent developments and trends.
2. Drivers, restraints, and opportunities of the market.
3. Leading market players and their shareholdings.
4. Covid 19 impact on the market.
By Deployment Model
• On Cloud
• On Premise
By End Use
• Automotive
• Consumer Electronics
• Healthcare
• Enterprise
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (UK, Germany, France, Russia, Rest of Europe)
• Asia-Pacific (China, India, Japan, Australia, Rest of Asia-Pacific)
• LAMEA (Latin America, Middle East, Africa)
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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