The speaker recognition market is expected to reach $ 22 billion by 2024 from $ 8 billion in 2019, with a CAGR of 20%. The growth of the speech and voice recognition market can be attributed to the high growth potential of the healthcare application, the growing demand for voice authentication in mobile banking applications, the rapid spread of multifunction devices or smartphones, and the growing impact of AI on speech accuracy and voice recognition.

The voice recognition market is growing at a higher CAGR over the forecast period

Compared to speech recognition, the voice recognition market is expected to grow at a higher rate from 2018 to 2024 due to the increased use of voice recognition in multifactor authentication systems in the BFSI, government and defense sectors. In North America and Western Europe, a large number of bank customers use telephone banking facilities. Many of these financial institutions support voice-based authentication solutions to accept or reject mobile transactions by the user. In addition, the voice recognition technology market is expected to be high in the government, financial and commercial sectors over the next two to three years. Data security concerns due to cyberattacks, data breaches by hackers and issues related to illegal immigrants are major factors contributing to the significant growth of the voice recognition market.

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Key Market Segments:

Key Market players:

Nuance (US), Microsoft (US), Alphabet (US), IBM (US), Amazon (US), Sensory (US), Cantab Research (UK), iflytek (China), Baidu (China), and Raytheon BBN Technologies (US) are a few major players in the speech and voice recognition market.

Delivery methods:
  • Artificial Intelligence Based
  • Non-artificial Intelligence Based
By Technology:
  • Voice Recognition
  • Speech Recognition
By Deployment Mode:
  • On Cloud
  • On-premises/Embedded
By Vertical:
  • Automotive
  • Enterprise
  • Consumer
  • Banking, Financial Services, & Insurance
  • Government
  • Retail
  • Healthcare
  • Military
  • Legal
  • Education
  • Others
By Region:
  • The Americas
  • Europe
  • APAC
  • RoW
Speak to our analyst for a discussion on the above findings, and ask for a discount on the report: https://www.marketresearchinc.com/ask-for-discount.php?id=28504 Report Customization and Benefits: This report can be customized to meet the desired requirements. Please connect with our analyst, who will ensure that you get a report that suits your needs. Table of Content: Chapter 1 Global Speaker recognition Market Overview Chapter 2 Global Economic Impact on Speaker recognition Industry Chapter 3 Global Speaker recognition Market Competition by Manufacturers Chapter 4 Global Speaker recognition Production, Revenue (Value) by Region Chapter 5 Global Speaker recognition Supply (Production), Consumption, Export, Import by Regions Chapter 6 Global Speaker recognition Production, Revenue (Value), Price Trend by Type Chapter 7 Global Speaker recognition Market Analysis by Application Chapter 8 Speaker recognition Manufacturing Cost Analysis Chapter 9 Industrial Chain, Sourcing Strategy and Downstream Buyers Chapter 10 Marketing Strategy Analysis, Distributors/Traders Chapter 11 Market Effect Factors Analysis Chapter 12 Global Speaker recognition Market Forecast Chapter 13 Appendix About Us: Market Research Inc is farsighted in its view and covers the massive ground in global research. Local or global, we keep a close check on both markets. Trends and concurrent assessments sometimes overlap and influence the other.  When we say market intelligence, we mean a deep and well-informed insight into your products, market, marketing, competitors, and customers. Market research companies are leading the way in nurturing global thought leadership. We help your product/service become the best they can with our informed approach. Contact Us: Author Kevin US Address: 51 Yerba Buena Lane, Ground Suite, Inner Sunset San Francisco, CA 94103, USA Call Us: +1 (628) 225 1818 Email: sales@marketresearchinc.com