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The Voice Recognition Market is segmented by Deployment Type (Cloud, On-Premise), End User (Banking, Telecommunications, Healthcare, Government, Consumer Applications), and Geography.
Study Period:
2018 - 2026
Base Year:
2020
Fastest Growing Market:
Asia Pacific
Largest Market:
North America
CAGR:
16.8 %
The Voice Recognition Market was valued at USD 10.70 billion in 2020 and is expected to reach USD 27.155 billion by 2026, at a CAGR of 16.8% over the forecast period 2021 - 2026. Increasing demand for voice-activated systems, voice-enabled virtual assistant system, and voice-enabled devices is driving the market growth, owing to the rising applications in retail, banking, connected devices, smart home, healthcare, and automobile sectors.
The technology is used in an array of applications, increasing adoption in retail, healthcare, mobile banking, e-commerce, AI, and cloud services are expected to propel further the growth in the market. Growing frequency of frauds in end-user industries such as banking, retail, and healthcare is expected to increase the use of biometrics authentication which in turn is going to boost the voice recognition market.
By Deployment Type | |
Cloud | |
On-Premise |
By End User | |
Banking | |
Telecommunication | |
Healthcare | |
Government | |
Consumer Applications |
Geography | ||||||
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The voice recognition market is moving towards the fragmented market as market leaders are banking on product innovation and product development to gain an edge and the number of local players is also increasing which is creating high rivalry in the market. Key players are Nuance Communications Inc., Auraya Systems Pty Ltd., Microsoft Corporation, Apple Inc., Alphabet Inc., etc. Recent developments in the market are -
1. INTRODUCTION
1.1 Key Study Deliverables
1.2 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growth of Authentication Market
4.2.2 Increase in Voice Based Searches
4.2.3 Demand for Connected Devices
4.3 Market Restraints
4.3.1 High cost
4.3.2 Lack of Accuracy
4.4 Industry Attractiveness - Porter's Five Force Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
4.5 Technology Snapshot
5. MARKET SEGMENTATION
5.1 By Deployment Type
5.1.1 Cloud
5.1.2 On-Premise
5.2 By End User
5.2.1 Banking
5.2.2 Telecommunication
5.2.3 Healthcare
5.2.4 Government
5.2.5 Consumer Applications
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.2 Europe
5.3.2.1 United Kingdom
5.3.2.2 Germany
5.3.2.3 France
5.3.2.4 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Rest of Asia-Pacific
5.3.4 Rest of the World
5.3.4.1 Latin America
5.3.4.2 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Nuance Communications Inc.
6.1.2 Auraya Systems Pty Ltd.
6.1.3 Microsoft Corporation
6.1.4 Apple Inc.
6.1.5 Alphabet Inc.
6.1.6 Amazon.com, Inc.
6.1.7 Sensory Inc.
6.1.8 Fulcrum Biometrics, Llc.
6.1.9 Neurotechnology
6.1.10 Advanced Voice Recognition Systems, Inc.
6.1.11 IBM Corporation.
6.1.12 Baidu, Inc.
6.1.13 Brainasoft
7. INVESTMENT ANALYSIS
8. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject to Availability