Speech recognition technology catches and identifies the audio signals in the form of language and converts these signals into the machine-readable form. The increase in penetration of artificial intelligence along with development of next generation home automation products is expected to drive the demand for speech recognition market.
As per the study published by Allied Market Research, titled, "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," the global speech recognition market size was valued at $6.39 billion in 2018, and is projected to reach $29.28 billion by 2026, registering a CAGR of 19.9% from 2019 to 2026.
The latest technological developments and surge in demand are the prime factors behind the rapid Speech recognition market growth. The report includes a detailed study of the major market trends, driving factors, top 10 market players, and prime investment pockets.
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Major market players
The report covers a comprehensive study of the major market players that are currently operating in the Speech recognition market. These market players are Google Inc., Naunce Communication, IBM, Baidu, Amazon, Microsoft, Raytheon BBN Technologies, Sensory, Iflytek, and Speak2web.
The competitive analysis of these organizations includes a thorough business overview, portfolio analysis of services and products. The companies have adopted several strategies including joint ventures, partnerships, new product launches, mergers & acquisitions, and collaboration to continue their dominant position in the market.
The report offers a comprehensive study of the dynamic driving and restraining factors, major challenges, and lucrative opportunities. Furthermore, the report provides a SWOT analysis that aids to understand the restraining and driving factors in the industry. The report outlines market segmentation and covers the study of major market players. Moreover, the report provides an in-depth study of the impact of the Covid-19 outbreak on the global Speech recognition market growth with an overview, definition and scope highlights.
The Speech recognition market report provides a detailed analysis of the market based on multiple parameters such as sales, sales analysis, market size, and major driving factors. Furthermore, the report provides Porter's five forces analysis, SWOT analysis, portfolio and financial analysis, and business overview of services and products. Such statistical tools offer essential information about leading market players and help recognize lucrative opportunities in the industry. The report helps market players and new industry entrants to formulate sound business strategies and leverage the upcoming opportunities in the market.
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The report provides a detailed study of the major market trends and driving factors that increase the growth of the Speech recognition market. The study of drivers and opportunities helps in understanding the dynamic industry trends and how companies can leverage such trends. On the other hand, the study of challenges and restraints included in the report helps in recognizing lucrative market investments. The global Speech recognition market report offers both quantitative and qualitative analyses of the market. The qualitative study covers the value chain analysis, pain point analysis, and key regulations.
The report includes a detailed analysis of the impact of the Covid-19 pandemic on the market. The prolonged lockdown across the globe and stringent restrictions on international trade has a significant impact on the global Speech recognition market. The Covid-19 outbreak has resulted in a disrupted supply chain and increased the prices of raw materials. The report provides consumer preferences, trends, and budget impact on the market due to the Covid-19 pandemic.
The global Speech recognition market offers detailed segmentation based on types, applications, and region. The Speech recognition market is segmented on the basis of geography. The regions studied in the report are North America (United States, Canada, and Mexico), Europe (Germany, France, UK, Russia, and Italy), Asia-Pacific (China, Japan, Korea, India, and Southeast Asia), South America (Brazil, Argentina, Colombia), Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa). This market study helps to devise business strategies and recognize lucrative opportunities.
The report includes a comprehensive study of market trends, major market players, and top investment pockets that help understand strategies and make informed decisions. The study involves a detailed analysis of the top impacting factors and major investment pockets that affect the overall market growth.
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Key Benefits for Stakeholders:
- This study includes the analytical depiction of the global speech recognition industry size along with the current trends and future estimations to determine the imminent investment pockets.
- The speech recognition market size is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact on the speech recognition market analysis.
- The current speech recognition market forecast is quantitatively analyzed from 2018 to 2026 to benchmark the financial competency.
- Porter's five forces analysis illustrates the potency of the buyers and suppliers in the speech recognition market.
- The report includes the speech recognition market share of key vendors and speech recognition market trends.
?Key Market Segments
- By Deployment Model
- On Cloud
- On Premise
- By End Use
- Consumer Electronics
- By Region
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East
- North America
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.
Pawan Kumar, the CEO of AMR, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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