Market Overview: Global Voice and Speech Recognition Market
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Voice and Speech Recognition Market Insights 2023-28
The Global Voice and Speech Recognition Market is projected to grow at a CAGR of around 20% during the forecast period, i.e., 2023-28.
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Top Players in the Voice and Speech Recognition Market:
- Abott Laboratories
- Siemens Healthcare GmbH
- Koninklijke Philips N.V.
- Omron Corporation
- Sotera Wireless
- Everist Health
- Polar Electro
- Zephyr Technology Corporation
- Intelesens Ltd
- Fitbit Inc.
- LifeWatch AG.
- Garmin
- Contec Medical Systems Co. Ltd.
- Vital Connect
- Dexcom, Inc.
- Medtronic Plc
- Polar Electro
- Ge Healthcare
- Others (Preventice Solutions, Inc., Covidien, etc.)
Segmentation Analysis of Voice and Speech Recognition Market
Voice and Speech Recognition Market exactly assesses and highlights significant trends and influencing factors within each segment. The comprehensive analysis extends its predictions for the period spanning 2023-28, focusing on the national landscape. The market is exactly categorized based on this analysis, providing valuable insights into its various facets.
-By Technology
- Artificial Intelligence Based
- Non-Artificial Intelligence Based
Between the two, the Artificial Intelligence-Based Voice and Speech Recognition segment is expected to attain faster growth during the forecast period. It primarily attributes to the accuracy exhibited by Artificial Intelligence in understanding and recognizing different speech patterns by converting speech into speech unit algorithms, formulation, and demonstration. Besides, the development of Artificial intelligence has brought along the scope for machine learning and language processing. As such, the rise and acceptance of AI-based smart devices like Google-Home, and Alexa is foreshadowing a demand and rise in the speech and voice recognition market in the forecast period.
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-By Device Type
- Diagnostic Device
- Therapeutic Devices
-By Application
- Home Healthcare
- Remote Monitoring
- Sports Fitness
A Comprehensive Geographical Analysis:
-By Region
- North America
- South America
- Europe
- The Middle East Africa
- Asia-Pacific
Asia-Pacific is currently going through notable growth within several industries, including AI, consumer electronics, gadgets, healthcare, military, education, BFSI, automotive, entertainment, and retail. Economic growth and heavy spending habits are contributing to the technological evolution of the Asia-Pacific region. Further, the growing use of smart devices and gadgets by young consumers, and the adoption of teaching aid and evaluation systems, especially in China, have positively influenced the industry across the region. Besides, the expanding tourism industry in South Korea due to the Korean wave has called for continuous language translation. Additionally, the demand for smart cars and high-level authentications is elevating the Asia Pacific region's growth in the Global voice and speech recognition market over the forecast years.
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