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.
- Artificial Intelligence Based
- Non-artificial Intelligence Based
By Deployment Mode:
- Voice Recognition
- Speech Recognition
- On Cloud
- Banking, Financial Services, & Insurance
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Table of Content:
- The Americas
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
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