Global Automatic Voice & Speech Recognition Software Market (2021-2026) by Type, Technology, Industry, Deployment, Geography, Competitive Analysis and the Impact of Covid-19 with Ansoff Analysis

The Global Automatic Voice & Speech Recognition Software Market is estimated to be USD 14.2 Bn in 2021 and is expected to reach USD 30.67 Bn by 2026, growing at a CAGR of 16.65%.



Market DynamicsThere has been an upsurge in the sales of electrical devices, such as tablets, processors, and smartphones, which have voice & speech recognition software pre-installed in them on account of varying lifestyles, growing internet infiltration, and cumulative consumers devoting on media, showbiz & mobile communication which drives the growth of the market. Numerous creators are improving speech & voice recognition software and launching inventive products to maintain their place in the market.

Administrations around the world have applied rigorous road policies for avoiding the use of mobiles while driving due to escalating road accidents. Therefore, while driving, users now choose to use voice commands to carry out various mobile devices. A huge number of banks are now implementing voice-based authentication solutions for agreeing to contracts because of the growing worry for safety & the need for a strong verification method in mobile banking, which in turn is generating a positive stance for the market.

Though the elevated cost of voice or speech-enabled smart devices and unwillingness to accept smart technologies, mainly in aged customers, is the major hindrance to market growth.

Market Segmentation
The Global Automatic Voice & Speech Recognition Software Market is segmented further based on Type, Technology, Industry, Deployment, and Geography.

By Type, the market is classified as artificial intelligence-based and non-artificial intelligence-based. Amongst all, the artificial intelligence-based segment is estimated to hold the highest market share during the forecast period.

By Technology, the market is classified as speech recognition and voice recognition. Amongst the two, the voice recognition segment is estimated to hold the highest market share during the forecast period.

By Industry, the market is classified as aerospace & defense, automotive & transportation, banking, financial services & insurance, building, construction & real estate, consumer goods & retail, education, energy & utilities, government & public sector, healthcare & life sciences, information technology, manufacturing, media & entertainment, telecommunication, and travel & hospitality. Amongst all, the information technology segment is estimated to hold the highest market share during the forecast period.

By Deployment, the market is classified as on-cloud and on-premises. Amongst the two, the on-cloud segment is estimated to hold the highest market share during the forecast period.

By Geography, North America is projected to lead the market.

Recent Developments

1. Cisco Systems Inc to launch new features for Webex. - 8th June 2021.
2. Five9 launches voice biometrics cloud developer service. - 18th Sep 2020.

Company Profiles

Some of the companies covered in this report are 3M Company, Agnitio S.L, Apple Inc, AT&T Inc., Auraya Systems Pty. Ltd., Brainasoft, etc.

Competitive Quadrant

The report includes a Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Why buy this report?

• The report offers a comprehensive evaluation of the Global Automatic Voice & Speech Recognition Software Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• The report includes an in-depth market analysis using Porter’s 5 forces model and the Ansoff Matrix. In addition, the impact of Covid-19 on the market is also featured in the report.
• The report also includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
• The report also contains a competitive analysis using the Positioning Quadrants, the analyst’s Proprietary competitive positioning tool.

Report Highlights:

• A complete analysis of the market, including parent industry
• Important market dynamics and trends
• Market segmentation
• Historical, current, and projected size of the market based on value and volume
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market