“The Voice Recognition Market Research Report 2019-2023”: The report provides a unique tool for evaluating the Market, highlighting opportunities, and supporting strategic and tactical decision-making. The Voice Recognition Market recognizes that in this rapidly-evolving and competitive environment, up-to-date marketing information is essential to monitor performance and make critical decisions for growth and profitability. It provides information on trends and developments, and focuses on markets capacities and on the changing structure of the Voice Recognition.
Global Voice Recognition Market is expected to grow at a CAGR of over 16% during the forecast period (2018 – 2023).
Companies Include are: NUANCE COMMUNICATIONS, AGNITIO CORP, AURAYA SYSTEMS, BRIANASOFT, VOICEBOX TECHNOLOGIES, FULCRUM BIOMETRICS, NEUROTECHNOLOGY, VOICETRUST, M2SYS BIOMETRICS, SENSORY, INC., and VOICEBASE INC., amongst others.
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Scope of the Report-
Voice based searches have been highly adopted by various consumer demographics. ComScore, an American Analytics Company predicted that 50% of the searches are estimated to be voice searches by 2020. The adoption of voice recognition technologies adds to the efficiency of various processes as an average person can speak about 150 words per minute while only 60 words can be typed in a minute on average.
Google has already released statistics according to which 70% of the searches have been made in natural or conversational language which indicate the scope for the adoption of voice recognition. Growing number of security attacks over the last few years, the most notable being Yahoos data breach, which is considered to the biggest security breach of the 21st century, is also expected to boost the adoption of more secure authentication methods like voice based authentication..
Key Developments in the Market
� March 2018: Voiximplant, a cloud communications platform has announced the launch of a web services platform which is capable of integrating voice recognition capabilities with outbound call campaigns.
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Key Market Trends-
Growing Security concerns drive the market for voice recognition.
Cyberattacks can steal real names, email addresses, dates of birth and telephone numbers of millions of users. The recent Yahoo breaches knocked an estimated USD 350 million off Yahoos sale price. In India, the government declared a 400-1000% increase in digital transactions after demonetization. The increasing number of online transactions is likely to fuel the growth of emphasis on authentication requirements during the forecast period. Many of the major companies such as Google, Microsoft reported an error rate of about 8%, 6.9% respectively. Apple has also been reporting lesser error rates in speech recognition which indicates the scope for the growth of speech recognition in the future.
China Is Expected to Have High Growth for Voice Recognition Market
China has the worlds largest population and is expected to have high adoption rates for voice recognition technologies. It has been reported that the number of mobile transactions has increased by about 28% in the country which provides further need for the implementation of voice recognition software. Furthermore, an app called iFlytek Input has also been deployed to convert spoken Chinese into other languages in the form of text messages such as English. Over 500 million people, including toursits are found to use iFlytek.
The report has 150 tables and figures browse the report description and TOC:
What are the market factors that are explained in the report?
-Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
-Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
-Analytical Tools: The Global Voice Recognition Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
Customization of the Report: This report can be customized as per your needs for additional data up to 3 companies or countries or 40 analyst hours.
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