Voice Recognition Market to Rise at 23.66% CAGR While Speech Recognition to Hit 15.78% to 2022

PUNE, India, June 13, 2016 /PRNewswire/ --

The voice recognition market is expected to grow from $440.3 million in 2015 to reach $1.99 Billion by 2022, at a CAGR of 23.66% between 2016 and 2022 driven by factors such as the increasing acceptance of biometric technologies like voice verification for remote authentication applications.

Complete report on global speech & voice recognition market spread across 164 pages, profiling 13 companies and supported with 82 tables and 54 figures is now available at 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 installation of biometric security for mobile banking is driving the demand for voice recognition technology in the banking & finance sector. The governments in various countries are among the major end users of voice recognition technology. The growing adoption of automated and smart applications in consumer and healthcare industries is the major contributor for the growth of the speech recognition market. The speech recognition technology holds the major market size because of its increasing adoption by major players such as Google, Apple, and Microsoft.

On the other hand, the speech recognition market is expected to grow from USD 3.73 billion in 2015 to reach USD 9.97 billion by 2022, at a CAGR of 15.78% during the forecast period. The factors driving the speech recognition market are the increasing acceptance of speech recognition solutions in the healthcare and banking, financial services, and insurance sectors for time and attendance monitoring.

Self-service applications in Asia-Pacific emerged in 2008 as the developing economies witnessed strong organic growth in sectors such as telecom and banking. The growth in the customer care services in various verticals such as banks, telecom, travel, and hospitality contributes to the growth of the speech & voice recognition market to combat the increasing occurrence of fraudulent activities in these sectors. China, Japan, and India are the fastest-growing economies in Asia-Pacific. Their financial strength enables them to make significant investments in the biometric sector for security-related applications. Several government projects are increasingly using voice biometrics for the purpose of security and authentication. The presence of major consumer electronics device manufacturers such as Samsung (South Korea) and Sony (Japan) creates a lucrative market for speech & voice recognition technology in this region.

Major players in the speech & voice recognition market are Nuance Communications (U.S.), Microsoft Inc. (U.S), Agnitio SL (Spain), Biotrust (Netherland), VoiceVault (U.S.), VoiceBox Technologies Corp. (U.S.), LumenVox LLC. (U.S.), M2Sys LLC (U.S.), Raytheon BBN Technologies (U.S.), M2SyS LLC (U.S.) ValidSoft UK Limited (U.K.), Advanced Voice Recognition Systems (U.S.), Sensory Inc. (U.S.), and MMODAL Inc. (U.S.). Order a copy of 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 research report at http://www.reportsnreports.com/purchase.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 (30%), Tier 2 (50%) and Tier 3 (20%) companies were contacted for primary interviews. The interviews were conducted with various key people such as C-level Executives (40%), Directors (25%) and others (35%) from various key organizations operating in the global speech & voice recognition market. The primary interviews were conducted worldwide covering regions such as North America (39%), Europe (31%), APAC (17%) and RoW (13%).

On a related note, another research on Speech Analytics Market Global Forecast to 2020 says, the market size is to grow from USD 589.1 million in 2015 to USD 1.60 billion by 2020, at a CAGR of 22.0% from 2015 to 2020. Growing adoption of contact centers and increased importance of voice in the multichannel world are driving the market. Asia-Pacific is witnessing high growth potential during the forecast period. The report helps stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities. Companies like Intelligence Interactive Group, Inc. NICE Systems Ltd. Verint Systems Avaya, Inc. Genesys Telecommunication Laboratories, Inc. HP Enterprise inContact, Inc. Calabrio, Inc. and Callminer, Inc. Calabridge, Inc. have been profiled in this 145 pages research report available at http://www.reportsnreports.com/reports/276472-speech-analytics-market-solutions-speech-engine-indexing-analysis-reports-dashboards-applications-business-process-agent-performance-market-intelligence-risk-compliance-management-cem-worldwide-market-forecast-2014-2019-.html .

Explore more reports on the Semiconductor and Electronics market at http://www.reportsnreports.com/market-research/semiconductor-and-electronics/ .

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