Market Research Report
Global Voice Recognition System Market - 2022-2029
|Global Voice Recognition System Market - 2022-2029|
Published: May 7, 2022
Content info: 193 Pages
Delivery time: 2 business days
The global voice recognition system market reached US$ XX million in 2021 and is expected to reach US$ XX million by 2029, growing at a CAGR of XX% during the forecast period 2022-2029.
A voice recognition system, alternatively known as speech recognition, is a hardware device or software program that receives and interprets dictation. As AI, machine learning and consumer acceptance have improved, so have the applications for voice recognition. Voice recognition has gained popularity and applications with the emergence of AI and intelligent assistants like Amazon's Alexa, Apple's Siri and Microsoft's Cortana. Google, Amazon and Apple's in-home digital assistants use voice recognition software to interact with people.
Increasing penetration of voice recognition systems in smart appliances is expected to drive the market. The unreliability of voice recognition is acting as a restraint for the market.
Increasing penetration of voice recognition systems in smart appliances
The Internet of Things (IoT) has led to technological improvements, internet penetration and increased automation awareness, resulting in the growing demand for smart homes and appliances. Smart appliance manufacturers incorporate voice recognition technology into their products to allow users to operate all of their appliances from a single speech and voice recognition technology-based device. Apple's Siri, Amazon's Alexa and Microsoft's Cortana, which have been on the market for some years, have seen a massive surge in demand.
According to PwC, a consulting firm, 65% of consumers aged 25 to 49 talk to their voice-enabled gadgets daily. As the demand for voice-controlled products grows, so does the number of new applications for the technology. For example, in the automotive industry, in-car voice recognition systems have become a standard feature in most new vehicles, with functionality going from strength to strength.
Moreover, most of the functionality on smart TVs can now be controlled via voice commands. For instance, Samsung already sells TVs with voice control systems like Alexa, Amazon and Google Assistant and Bixby, their assistant. Further, Amazon's Echo Smart Displays have a fully functional web browser, touch-screen control of smart home devices and live feeds from compatible home security cameras, in addition to full access to Alexa's functions.
The unreliability of voice recognition is acting as a restraint for the market
The voice recognition system's instability prevents it from becoming a dominant form of computing. Regional dialects and speech impairments might throw off word recognition platforms and background noise, challenging to penetrate. Furthermore, simply identifying sounds isn't enough to be effective; systems must also discriminate between homophones (words that sound the same but have distinct meanings) and learn new words and proper names.
On the other hand, the voice recognition system is getting better. For instance, according to the Chinese search engine Baidu chief scientist, voice recognition technology will extend from restricted use to widespread adoption, as accuracy in low-noise conditions improves from 95 to 99%.
COVID-19 Impact Analysis
The emergence of the COVID-19 pandemic has hastened digitization tendencies, which are reshaping the world. All economic sectors have been forced to employ modern technologies to change their old business procedures. Several organizations have implemented advanced detection technology, such as speech recognition, to allow social distance during the pandemic. For instance, Paris-based Thales targets train stations with its Transcity voice-recognition ticket machine. Travelers speak to the machine to tell it where they want to go and the machine prints their tickets.
Based on technology, the global voice recognition system market is segmented into "template matching" and "feature analysis."
Template matching is an easy and user-friendly technique and has the best accuracy when applied correctly. It is also known as "speaker-dependent." In this technique, an analog-to-digital (A/D) converter converts the electrical signal from the microphone and stores it in memory. After that, the computer compares it to a digitized voice sample, or template, with a known meaning to determine the speech input. The program includes an input template and uses a simple conditional statement to match the template to the actual input.
Because each person's voice is unique, the program cannot have a template for each user. As a result, the program must first be "trained" using a new user's voice input before recognizing that user's voice. The software calculates a statistical average of many samples of the same word and saves the averaged model in a program data structure as a template.
However, the program's "vocabulary" is limited to the words or phrases used in the training session. Its user base is similarly restricted to individuals who have completed the program's training. Further, its vocabulary can be as little as a few hundred words and brief phrases, with a recognition accuracy of around 98%.
The global voice recognition system market is segmented into North America, Europe, South America, Asia-Pacific, and Middle East & Africa based on geography.
North America is anticipated to have a significant market size in the global voice recognition system market. The region is a major IT hub in technology adoption and IT infrastructure. Further, U.S. and Canada account for most of the market. The healthcare industry in the region is actively utilizing the voice recognition system for various treatments.
For instance, in October 2020, Mayo Clinic, a U.S.-based nonprofit academic medical center, collaborated with Vocalis Health, Inc. to explore and create new voice-based tools for screening, detecting and monitoring patient health. The partnership will begin with a study to find voice biomarkers for pulmonary hypertension (PH), which could aid clinicians in detecting and treating PH.
The global voice recognition system market is fragmented and competitive due to several multinational companies and brands. Major companies in the market include Amazon.com, Inc, Google LLC, Apple, Inc, IBM Corporation, Microsoft Corporation, Baidu, Nuance Communication, Agnitio, Verint Voice Vault and iFLYTEK, among others. The major players in the market are known to incorporate numerous market strategies to achieve growth in the global voice recognition system market; these include mergers, acquisitions, product launches, contributions and collaborations.
Overview: Amazon.com, Inc is a U.S.-based multinational corporation specializing in e-commerce, cloud computing, digital streaming and artificial intelligence. It sells consumer products and subscriptions at retail in North America and worldwide. North America, International and Amazon Web Services are the company's three divisions.
Product Portfolio: Amazon.com, Inc offers Alexa, a cloud-based voice service utilized in hundreds of millions of Amazon and third-party devices. Alexa provides natural speech experiences that give users a more intuitive way to connect with their daily technology.
The global voice recognition system market report would provide approximately 69 tables, 64 figures and almost 193 pages.
Target Audience 2022
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