Voice Speech Recognition Software Market size to grow by USD 14,859.93 million from 2022 to 2027|Growth opportunities

NEW YORK, Aug. 5, 2023 /PRNewswire/ — The global voice speech recognition software market size is projected to progress at a CAGR of 13.72 % between 2022 and 2027, and the size of the market is forecast to increase by USD 14,859.93 million during the forecast period. Increasing adoption of technologically advanced mobile devices significantly drives market growth. Mobile subscribers are growing rapidly around the world. End users are choosing highly technological mobile devices for personal and business use, leading to increased use of advanced assistive technologies such as voice assistants and biometrics. Furthermore, the unprecedented growth of the market is leading to an increase in the number of mobile voice recognition users. Additionally, the growing number of connected devices worldwide is a major factor driving the demand for speech recognition software. For instance, in developing countries like India, mobility enables the successful implementation of e-government initiatives in Tier 2 and Tier 3 urban and rural areas without IT infrastructure and internet access. Hence, such factors boost the growth of the voice speech recognition software market during the forecast period. For further information on Market growth and size –Request a sample report

Voice speech recognition software market trend – Growing use of AI-integrated analytics

• The growing use of AI integrated with voice and speech analytics is a major trend in the market. 

• This integration is growing as machine learning can be used to improve the efficiency of classifying speech and language data.

• It is possible to efficiently and automatically analyze words, sounds, and moods to derive hidden opinions and emotions, by classifying voice and utterance data with AI. This improves the analysis of the data.

• Speech and language data are considered unstructured, and without them, the data cannot be analyzed, so classification is necessary.

• Also, the AI-integrated analytics platform optimizes the pattern recognition process based on words, sounds, and intonations within vast amounts of speech and audio data.

• Resultantly, a comprehensive taxonomy of such data should provide proactive, real-time, and decisive insight, especially in the area of customer management.

• Hence, such growing use of AI integration boosts market growth during the forecast period.

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Further information on trends  – Request a sample report

Other Key Data Covered in Voice speech recognition software market report- 

• Detailed information on factors including driver details. 

• Market segmentation by Technology (Voice recognition and Speech recognition), End-user (Healthcare, Consumer products, Automotive, Enterprise contact centers, and Others), and Geography (North America, Europe, APAC, South America, and Middle East and Africa) 

• Precise estimation of the voice speech recognition software market size and its contribution to the parent market

• Accurate predictions about upcoming trends and changes in consumer behavior

• Comprehensive analysis of factors that will challenge the growth of crowdfunding market vendors

• A thorough analysis of the market’s competitive landscape and detailed information about vendors

• Growth of the industry across APAC, North America, Europe, Middle East and Africa, and South America

• CAGR of the market during the forecast period

Download Sample Report to get an overview of market size, comparing historic market values with future estimates, analysis of segmentation, current market dynamics, competitive intelligence with key developments and growth strategies of major players

Voice Speech Recognition Software Market 2023-2027: Company Analysis

3M Co., Alphabet Inc., Amazon.com Inc., Apple Inc., Baidu Inc., Brainasoft, CastleOS Software LLC, Cisco Systems Inc., iFLYTEK Co. Ltd., International Business Machines Corp., LumenVox GmbH, Meta Platforms Inc., Microsoft Corp., Optimal Technology Solutions LLC, paragon GmbH and Co. KGaA, Raytheon Technologies Corp., Sensory Inc., speak2web, Verint Systems Inc., and Advanced Voice Recognition Systems Inc. are among some of the major market participants.

Company Offerings

• 3M Co. – The company offers voice speech recognition software such as 3M Modal Fluency Direct.

• Alphabet Inc. – The company offers voice speech recognition software such as automatic speech recognition systems.

• Amazon.com Inc. – The company offers voice speech recognition software such as Google Dialogflow.

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• Global competitiveness and key competitor positions

• Market presence across multiple geographical footprints – Strong/Active/Niche/Trivial – Buy the report!

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Table of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Technology

7 Market Segmentation by End-user

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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