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At 19+% CAGR Speech and Voice Recognition Market Potentially Worth $18.30 Billion by 2023 Led by Voice Recognition Technology

The speech and voice recognition market is forecast to reach $18.30 billion by 2023 from $6.19 billion in 2017 at a CAGR of 19.80% during (2017-2023) driven by the increased demand for speech-based biometric systems for multifactor authentication and grow

PUNE, India, Aug. 13, 2017 /PRNewswire-iReach/ -- The speech and voice recognition market in APAC is expected to grow at the highest CAGR during the forecast period. The key factor contributing to the growth of the speech and voice recognition market in APAC is the increasing awareness among masses and lowered costs of biometric devices. The Americas is expected to hold the largest share of the market in 2017. This can be attributed to the increase in the deployment of biometric systems to ensure high level of security in countries such as the US, Canada, and Mexico.  Browse 72 Market Data Tables and 49 Figures spread through 165 Pages and in-depth TOC on "Speech and Voice Recognition Market - Global Forecast to 2023"  http://www.reportsnreports.com/reports/590849-speech-voice-recognition-market-by-technology-speech-recognition-voice-recognition-application-ai-based-non-ai-based-vertical-automotive-consumer-finance-retail-military-healthcare-government-and-geography-global-forecast-to-2022.html .

The speech recognition technology is expected to hold the largest share of the market during the forecast period due to its growing use in multiple applications owing to the continuously decreasing word error rate (WER) of speech recognition algorithm with the developments in natural language processing and neural network technology. The speech recognition technology finds applications mainly across healthcare and consumer electronics sectors to produce health data records and develop intelligent virtual assistant devices, respectively.

The speech and voice recognition market growth is driven by the growing impact of artificial intelligence (AI) on the accuracy of speech and voice recognition and the increased demand for multifactor authentication. However, oligopoly in the development of speech and voice recognition technology using neural networks is a restraint for this market.

The speech and voice recognition market for consumer vertical expected to grow at highest CAGR during forecast period. The key factor contributing to this growth is the ability to integrate speech and voice recognition technologies into other consumer devices, such as refrigerators, ovens, mixers, and thermostats, with the growth of Internet of Things.

The key players operating in the market include Nuance Communications, Inc. (US), Microsoft Corporation (US), Alphabet Inc. (US), Cantab Research Limited (UK), Sensory, Inc. (US), ReadSpeaker Holding B.V. (Netherlands), Pareteum Corporation (US), Iflytek Co., Ltd. (China), VoiceVault Inc. (US), VoiceBox Technologies Corp. (US), LumenVox, LLC (US), and Acapela Group SA (Belgium).Download PDF Brochure "Speech and Voice Recognition Market by Technology (Speech Recognition, Voice Recognition), Vertical (Automotive, Consumer, Banking, Financial Services and Insurance (BFSI), Retail, Education, Healthcare & Government) and Geography - Global Forecast to 2023" research report at http://www.reportsnreports.com/contacts/requestsample.aspx?name=590849 .

In the process of determining and verifying, the market size for several segments and sub segments gathered through secondary research, extensive primary interviews were conducted with key people. In Tier 1 (43%), Tier 2 (19%) and Tier 3 (38%) companies were contacted for primary interviews. The interviews were conducted with various key people such as C-Level (39%), Director Level (27%) and others (24%) from various key organizations operating in the speech and voice recognition market. The primary interviews were conducted worldwide covering regions such as Americas (24%), Europe (20%), Asia-Pacific (37%), and RoW (19%).

Research Coverage: The report covers the following market segments: technology, vertical, and geography. The report offers a detailed view of the market across 4main regions—Americas, Europe, APAC, and RoW (comprising the Middle East and Africa). The strategic bench marking has also been included in the report.

Another research titled Image Recognition Market Global Forecast to 2021 says, the image recognition market is projected to grow from $15.95 billion in 2016 to $38.92 billion by 2021, at a CAGR of 19.5% between 2016 and 2021. Based on technology, the digital image processing technology segment of the image recognition market is projected to grow at the highest CAGR during the forecast period. Based on industry, the BFSI industry segment is estimated to hold the largest share of the image recognition market during the forecast period. The Asia-Pacific image recognition market is projected to grow at the highest CAGR during the forecast period. Companies such as Qualcomm Inc., NEC Corporation, Google Inc., LTU Technologies, Cat choom Technologies S.L., Honeywell International Inc., Hitachi, Ltd., Slyce Inc., Wikitude GmbH, Attrasoft, Inc. have been profiled in this 147 pages research report available at http://www.reportsnreports.com/contacts/requestsample.aspx?name=510743 .

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