Speech Recognition Market to Reach US$10 Billion by 2028, According to Global Market Insights Inc.

The cloud-based speech recognition market is growing owing to its many advantages such as high speed, scalability, IT security, and 24/7 services. These solutions can be customized remotely to transcribe domain-specific terms and rare words by providing guidance and improving transcription accuracy in different languages. The cloud-based deployment model allows users to access APIs for different use cases such as dictation, short commands, closed captioning and closed captioning. Market players are undertaking strategic mergers and acquisitions to deliver high quality solutions to customers. For example, in April 2021, Microsoft Corporation has acquired Nuance Communications, Inc., a provider of AI-based voice recognition solutions to boost cloud healthcare businesses. This allows for better patient-doctor interactions in person or during telemedicine appointments.

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In-flight voice recognition technology helps aircraft pilots reduce their workload by automating various aircraft operations based on commands. It allows flight crews to access frequent commands; this enables them to effectively manage various operations. Continuous technological advancements in the aerospace industry, coupled with the emphasis on improving flight safety, are driving the voice recognition market. The voice recognition system saves pilots time when obtaining air traffic control (ATC) commands, allowing them to fully focus on safe and efficient flying. Voice recognition systems improve situational awareness by identifying, capturing, and presenting ATC communications relevant to aircraft operation for review or replay.

The development of the consumer electronics industry in North America increases the growth of the voice recognition market. Increase consumer disposable income in North America drive the sale of consumer electronics. According to Statistics Canada, the disposable income of the lowest-income households increased by 3.0% and 3.3%, respectively, in the first two quarters of 2021, while that of the highest-income households fell. 6.4%, then increased by 3.9% over the same period. The growth of disposable income indicates the additional purchasing power of the consumer in the country. Individuals are increasingly spending on advanced smartphones and tablets equipped with voice recognition technology to enable convenient user authentications. Voice recognition solutions allow a person to be identified, thus providing enhanced security for sensitive data.

Some of the key findings of the Speech Recognition Market report are:

  • Strict government policies aimed at improving data security will have a positive impact on the growth of the voice recognition market. For example, the General Data Protection Regulation (GDPR) improves data management across all sectors, including healthcare and BFSI, to improve data protection and privacy for individuals across Europe. Speech recognition is a secure authentication technology that identifies a person while protecting sensitive data.
  • Advances in technology, such as artificial intelligence (AI) and natural language processing (NLP), are prompting various industries to replace their legacy authentication systems with voice biometrics to improve user identity verifications. In response to growing demand from various end-use verticals, many market players are integrating this innovative technology into their speech recognition systems. For example, Aculab PLC uses artificial neural networks (ANN) and analytical signal processing technologies to offer universal and frictionless real-time authentications.
  • The increasing introduction of consumer electronic devices that use voice recognition to protect data stored in the device and various applications is supporting the growth of the market. People around the world are increasingly using voice interactions with digital assistants such as Siri and Alexa, smartphones and smart home devices to streamline various tasks.
  • Growing demand for voice recognition solutions in healthcare sectors is giving impetus to the market. Medical voice recognition software minimizes typing errors and automates real-time spell checking. It reduces the cost of transcription, provides end-to-end security, and imports records directly into an electronic health record (EHR).

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Partial chapters of the table of contents (TOC) of the report:

Chapter 2 Executive Summary

2.1 360º Synthesis of Speech Recognition Industry, 2018-2028

2.1.1 Trade trends

2.1.2 Regional trends

2.1.3 Deployment Model Trends

2.1.4 Technology Trends

2.1.5 End-use trends

Chapter 3 Speech Recognition Industry Overview

3.1 Presentation

3.2 Impact of the COVID-19 outbreak

3.3 Industry Ecosystem Analysis

3.4 Technology and innovation landscape

3.5 Patent Analysis

3.6 Regulatory landscape

3.7 Industry impact forces

3.7.1 Drivers of growth

3.7.1.1 Increase in adoption of voice biometrics to improve identity and security across various industry verticals

3.7.1.2 Increased Adoption of AI-Based Speech Recognition Systems

3.7.1.3 Strict Government Regulations Drive the Need for Secure Authentication Technologies in Healthcare

3.7.1.4 Need to prevent unauthorized access to IT facilities and other security sensitive areas

3.7.1.5 Growing Popularity of Mobile Payments Using Voice Recognition Software

3.7.1.6 Proliferation of smart consumer electronic devices Asia Pacific

3.7.1.7 Development of voice-activated in-car infotainment systems Europe and the U

3.7.2 Industry Pitfalls and Challenges

3.7.2.1 Data security and privacy issues

3.7.2.2 High implementation cost

3.8 Analysis of growth potential

3.9 Porter’s analysis

3.10 PESTEL analysis

About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, in the United States, is a global provider of market research and consulting services; offering syndicated and custom research reports as well as growing consulting services. Our business intelligence and industry research reports provide clients with in-depth insights and actionable market data specially designed and presented to aid in strategic decision-making. These comprehensive reports are designed using proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Arun Hegde
business sales, UNITED STATES
Global Market Insights Inc.
Call: 1-302-846-7766
Free: 1-888-689-0688
E-mail: [email protected]

SOURCE Global Market Insights Inc.

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