PUBLISHER: Grand View Research | PRODUCT CODE: 1404727
PUBLISHER: Grand View Research | PRODUCT CODE: 1404727
U.S. Voice Recognition Market Size, Share & Trends Analysis Report By Vertical (Automotive, Enterprise, BFSI, Government, Retail, Healthcare, Military, Education), And Segment Forecasts, 2023 - 2030
U.S. Voice Recognition Market Growth & Trends:
The U.S. voice recognition market demand is expected to reach USD 5.02 billion by 2030, registering a 9.7% CAGR from 2023 to 2030 according to a new study by Grand View Research, Inc. The growing demand for self-service applications such as voice-based biometric identification in the banking sector is anticipated to drive market growth in the near future. The increasing number of users of mobile banking applications for banking transactions is also expected to positively influence the growth of the U.S. market in the near future. An alarming rise in fraudulent banking activities in the U.S. is a major factor driving the adoption of high-end security measures, such as voice-based biometrics, in banking organizations.
The integration of the technology in automobiles is gaining popularity across the globe as numerous countries are developing stringent driving regulations such as banning the use of cell phones while driving vehicles. It is estimated that by 2020, more than 50% of the world's cars would be equipped with in-car voice recognition systems with features such as placing a call or changing music using verbal commands. The trend is also likely to be strong in the U.S., thus driving the U.S. market for voice recognition.
In addition to this, voice commands help drivers keep their eyes on the road even when accessing applications such as car navigation or in-car infotainment system while driving. Whereas, speech destination entry helps drivers to follow the route correctly while keeping their eye on the road, manually entering data into a navigation system can result in significant safety risks. Owing to the rising demand globally, manufacturers of consumer devices are focusing on innovating their products by enabling verbal commands in them. This trend is expected to accelerate the growth of the U.S. voice recognition market over the forecast period.
U.S. Voice Recognition Market Report Highlights:
- The automotive vertical accounted for a significant market share in the U.S. market for voice recognition in 2022 owing to rising popularity of in-car infotainment systems enabled by verbal commands. The technology is also being increasingly used in the automotive industry to improve verbal navigation systems, such as updating the car driver with traffic conditions on the route and also suggesting alternative routes
- The banking and financial vertical is expected to register the highest CAGR over the forecast period owing to the rising adoption of voice-based biometric authentication for performing banking transactions. Several financial institutes such as HSBC and Wells Fargo are in the process of enabling verbal command features in their banking applications
- Applications in the consumer vertical are gaining traction and the vertical is likely to witness promising growth prospects over the forecast period. Advanced security systems are increasingly being integrated with voice recognition technology to help the user give verbal commands for activities such as adjusting thermostats, turning on and turning off lights, and identifying residents and reporting intruders
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.1.1. Vertical
- 1.1.2. Estimates and forecast timeline
- 1.2. Research Methodology
- 1.3. Information Procurement
- 1.3.1. Purchased database
- 1.3.2. GVR's internal database
- 1.3.3. Secondary sources
- 1.3.4. Primary research
- 1.3.5. Details of primary research
- 1.4. Information or Data Analysis
- 1.5. Market Formulation & Validation
- 1.6. Model Details
- 1.7. List of Secondary Sources
- 1.8. List of Primary Sources
- 1.9. Objectives
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segment Outlook
- 2.2.1. Vertical outlook
- 2.3. Competitive Insights
Chapter 3. U.S. Voice Recognition Market Variables, Trends & Scope
- 3.1. Market Lineage Outlook
- 3.2. Industry Value Chain Analysis
- 3.3. Market Dynamics
- 3.3.1. Market driver analysis
- 3.3.2. Market restraint analysis
- 3.3.3. Market opportunity analysis
- 3.4. U.S. Voice Recognition Market Analysis Tools
- 3.4.1. Industry analysis - Porter's Five Forces
- 3.4.1.1. Supplier power
- 3.4.1.2. Buyer power
- 3.4.1.3. Substitution threat
- 3.4.1.4. Threat of new entrant
- 3.4.1.5. Competitive rivalry
- 3.4.2. PESTEL analysis
- 3.4.2.1. Political landscape
- 3.4.2.2. Economic landscape
- 3.4.2.3. Social landscape
- 3.4.2.4. Technological landscape
- 3.4.1. Industry analysis - Porter's Five Forces
Chapter 4. U.S. Voice Recognition Market: Vertical Estimates & Trend Analysis
- 4.1. U.S. Voice Recognition Market: Key Takeaways
- 4.2. U.S. Voice Recognition Market: Vertical Movement & Market Share Analysis, 2022 & 2030
- 4.3. Automotive
- 4.3.1. Automotive market estimates and forecasts, 2017 to 2030 (USD Million)
- 4.4. Enterprise
- 4.4.1. Enterprise market estimates and forecasts, 2017 to 2030 (USD Million)
- 4.5. Consumer
- 4.5.1. Consumer market estimates and forecasts, 2017 to 2030 (USD Million)
- 4.6. Banking, Financial Services & Insurance
- 4.6.1. Banking, financial services & insurance market estimates and forecasts, 2017 to 2030 (USD Million)
- 4.7. Government
- 4.7.1. Government market estimates and forecasts, 2017 to 2030 (USD Million)
- 4.8. Retail
- 4.8.1. Retail market estimates and forecasts, 2017 to 2030 (USD Million)
- 4.9. Healthcare
- 4.9.1. Healthcare market estimates and forecasts, 2017 to 2030 (USD Million)
- 4.10. Military
- 4.10.1. Military market estimates and forecasts, 2017 to 2030 (USD Million)
- 4.11. Legal
- 4.11.1. Legal market estimates and forecasts, 2017 to 2030 (USD Million)
- 4.12. Education
- 4.12.1. Education market estimates and forecasts, 2017 to 2030 (USD Million)
- 4.13. Others
- 4.13.1. Others market estimates and forecasts, 2017 to 2030 (USD Million)
Chapter 5. Competitive Landscape
- 5.1. Recent Developments & Impact Analysis, By Key Market Participants
- 5.2. Market Participant Categorization
- 5.2.1. Advanced Voice Recognition Systems, Inc.
- 5.2.1.1. Company overview
- 5.2.1.2. Financial performance
- 5.2.1.3. Product benchmarking
- 5.2.1.4. Strategic initiatives
- 5.2.2. Nuance Communications Inc.
- 5.2.2.1. Company overview
- 5.2.2.2. Financial performance
- 5.2.2.3. Product benchmarking
- 5.2.2.4. Strategic initiatives
- 5.2.3. Amazon.com, Inc.
- 5.2.3.1. Company overview
- 5.2.3.2. Financial performance
- 5.2.3.3. Product benchmarking
- 5.2.3.4. Strategic initiatives
- 5.2.4. Keda Xunfei Co., Ltd.
- 5.2.4.1. Company overview
- 5.2.4.2. Financial performance
- 5.2.4.3. Product benchmarking
- 5.2.4.4. Strategic initiatives
- 5.2.5. Apple Inc.
- 5.2.5.1. Company overview
- 5.2.5.2. Financial performance
- 5.2.5.3. Product benchmarking
- 5.2.5.4. Strategic initiatives
- 5.2.6. Baidu, Inc.
- 5.2.6.1. Company overview
- 5.2.6.2. Financial performance
- 5.2.6.3. Product benchmarking
- 5.2.6.4. Strategic initiatives
- 5.2.7. Google LLC
- 5.2.7.1. Company overview
- 5.2.7.2. Financial performance
- 5.2.7.3. Product benchmarking
- 5.2.7.4. Strategic initiatives
- 5.2.8. International Business Machines Corporation
- 5.2.8.1. Company overview
- 5.2.8.2. Financial performance
- 5.2.8.3. Product benchmarking
- 5.2.8.4. Strategic initiatives
- 5.2.9. M2SYS Technology
- 5.2.9.1. Company overview
- 5.2.9.2. Financial performance
- 5.2.9.3. Product benchmarking
- 5.2.9.4. Strategic initiatives
- 5.2.10. LumenVox
- 5.2.10.1. Company overview
- 5.2.10.2. Financial performance
- 5.2.10.3. Product benchmarking
- 5.2.10.4. Strategic initiatives
- 5.2.11. Microsoft
- 5.2.11.1. Company overview
- 5.2.11.2. Financial performance
- 5.2.11.3. Product benchmarking
- 5.2.11.4. Strategic initiatives
- 5.2.1. Advanced Voice Recognition Systems, Inc.
List of Tables
- Table 1 List of abbreviations
- Table 2 U.S. voice recognition market, by vertical, 2017 - 2030 (USD Million)
List of Figures
- Fig. 1 Market research process
- Fig. 2 Data triangulation techniques
- Fig. 3 Primary research pattern
- Fig. 4 Market research approaches
- Fig. 5 Value-chain-based sizing & forecasting
- Fig. 6 QFD modeling for market share assessment
- Fig. 7 Market formulation & validation
- Fig. 8 U.S. voice recognition: Market outlook
- Fig. 9 U.S. voice recognition: Competitive insights
- Fig. 10 Parent market outlook
- Fig. 11 Related/ancillary market outlook
- Fig. 12 Penetration and growth prospect mapping
- Fig. 13 Industry value chain analysis
- Fig. 14 U.S. voice recognition market driver impact
- Fig. 15 U.S. voice recognition market restraint impact
- Fig. 16 U.S. voice recognition market strategic initiatives analysis
- Fig. 17 U.S. voice recognition market: Vertical movement analysis
- Fig. 18 U.S. voice recognition market: Vertical outlook and key takeaways
- Fig. 19 Automotive market estimates and forecasts, 2017 - 2030
- Fig. 20 Enterprise market estimates and forecasts, 2017 - 2030
- Fig. 21 Consumer market estimates and forecasts, 2017 - 2030
- Fig. 22 Banking, financial services & insurance market estimates and forecasts, 2017 - 2030
- Fig. 23 Government market estimates and forecasts, 2017 - 2030
- Fig. 24 Retail market estimates and forecasts, 2017 - 2030
- Fig. 25 Healthcare market estimates and forecasts, 2017 - 2030
- Fig. 26 Military market estimates and forecasts, 2017 - 2030
- Fig. 27 Legal market estimates and forecasts, 2017 - 2030
- Fig. 28 Education market estimates and forecasts, 2017 - 2030
- Fig. 29 Others market estimates and forecasts, 2017 - 2030
- Fig. 30 U.S. voice recognition market estimates and forecasts, 2017 - 2030
