Speech and Voice Recognition Market Global Trends, Market Share, Industry Size,Posted by diwanji a on September 29th, 2019 Global Speech and voice recognition market value over USD 24 Billion by 2026 end and register a CAGR of over 17% from 2019 to 2026. The market is segmented into technology, vertical, deployment, and region. Based on technology, the market is bifurcated into voice recognition and speech recognition. An increasing number of cyberattacks has led to further adoption of voice recognition technology. Voice recognition reduces the chances of security breaches. On the basis of deployment, the market is bifurcated into embedded and on-premises & on cloud. Extensive growth of cloud-based technology and the internet of things has had a positive influence on on-premises & on cloud and will continue to do so. Thus resulting in end users like BFSI and hospitals opting for on-premises & on cloud. Based on vertical, the market is classified into government, healthcare, automotive, retail, education, BFSI, Consumer and enterprise. The rise of e-commerce industry has led to the urgent requirement of safety to ensure safer transactions. Banks and financial institutes have increased the level of authentication in order to prevent cyber crimes and have safe transactions. BFSI is estimated to dominate the market during the forecast period. The ANZ Bank in Australia has deployed Voice ID to ensure safe transactions. Factors Boosting Market Growth: However, inaccuracy in recognizing different voices, impaired speech resulting in improper encoding are some of the factors which are expected to hinder the growth of the market. North America leads the speech and voice recognition market. Growing security applications and IoT based applications are driving the growth of the market in this region. Asia-Pacific region is the most lucrative region for the speech and voice recognition market. The rapid increase in the number of smartphone users in developing nations like China, Japan and India have fuelled the growth of the market in these regions. Some of the established players of the market are Raytheon BBN Technologies, Nuance Communications, MMODAL Inc., Microsoft Inc., Pareteum, BioTrust, Apple Inc. and HOYA Corporation. Speech and Voice Recognition Market Restraints: Request a Sample Report @ https://www.futurewiseresearch.com/request-sample.aspx?id=118&page=requestsample Speech and Voice Recognition Market Segmentation: By Vertical: By Deployment: By Region:
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