The Speech and Voice Recognition Market is projected to reach $67.52 billion by 2030, at a CAGR of 19.6% during the forecast period 2023–2030.
Some of the major factors driving the growth of this market are the surging use of voice biometrics, integration of voice-enabled devices in car infotainment systems and proliferation of voice-enabled devices. In addition, factors such as the high potential of AI-enabled voice assistants in the healthcare industry, technological advancements, and the rising acceptance of connected devices provide opportunities for the growth of this market. However, a lack of accuracy in recognizing regional accents and dialects and a lack of awareness about speech and voice recognition technologies restrains the growth of this market.
Here are the top 10 companies operating in the global speech and voice recognition market –
Nuance Communications (U.S.)
Founded in 2001 and headquartered at Burlington, Massachusetts, the U.S.; Nuance Communications provides speech recognition and artificial intelligence products which focus on server and embedded speech recognition, telephone call steering systems, automated telephone directory services, and medical transcription software and systems. The company provides many solutions including healthcare AI solutions & services, omnichannel customer engagement, dragon consumer & enterprise, and automotive.
Nuance partners with almost 75% of fortune 100 companies and around 10000 global healthcare organizations use Nuance solution.
Google LLC (U.S.)
Founded in 1998 and headquartered at California, the U.S.; Google LLC is one of the global pioneers in Internet-based products and services. Google’s product portfolio ranges from search engines, cloud computing, online advertising technologies, and computer hardware & software. In addition to the aforementioned product and services, Google LLC is also cementing its feet in home automation industry directly or through its multiple subsidiaries. Google has strong global network with more than 70 offices in 50 countries across North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Amazon.com, Inc. (U.S.)
Founded in 1994 and headquartered at Washington, D.C., the U.S.; Amazon.com, Inc. functions through three core segments namely, North America, international, and amazon web services segments in the retail sale of consumer products and subscriptions. The company mainly focuses on advanced technologies such as artificial intelligence, cloud computing, consumer electronics, e-commerce, and digital streaming.
The company has its geographical presence in North America, Europe, Asia-Pacific, and rest of the world.
Meticulous Research in its latest publication on Speech and Voice Recognition Market has predicted the growth of 19.6% during the forecast year 2023-2030.
Apple, Inc. (U.S.)
Founded in 1977 and headquartered at Cupertino, California, the U.S.; Apple, Inc. involved in several sectors such as designing, manufacturing, marketing and selling mobiles, media devices, and computers to consumers worldwide. The company sells its products and services mostly through direct sales force, online & retail stores and through third-party cellular network carriers, resellers, and wholesalers. With its subsidiaries and strong distribution of network, the company has its presence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
IBM Corporation (U.S.)
Founded in 1911 and headquartered at Armonk, New York, the U.S.; IBM Corporation functions through five key segments such as cognitive solutions, technology services & cloud platforms, global business services, systems, and global financing. The company manufactures and sells hardware & software and delivers numerous hosting and consulting services from mainframe processors to nanotechnology domains. The company has a diverse and vast products and services portfolio including artificial intelligence, IoT, cloud computing, security, and more.
Microsoft Corporation (U.S.)
Founded in 1975 and headquartered at Redmond, Washington, the U.S.; Microsoft Corporation is a multinational technology company. It is known for software products that mainly include Internet Explorer, Microsoft Windows OS, Microsoft Office Suite, and Edge Web browsers. With its subsidiaries and strong distribution network, the company has its presence across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Founded in 2000, and headquartered at Beijing, China. Baidu broadly consists of two segments including Baidu Core and iQIYI. Baidu core comprises of Baidu App, Baidu Post Bar, Baidu Maps, Baidu IME, Baidu Knows, Baidu Encyclopedia, and new AI businesses. It has direct sales facilities in Beijing, Dongguan, Guangzhou, Shanghai, Shenzhen, and Suzhou. The company offers several services such as a Chinese search engine, over 50 search & community services including Baidu Baike, and a keyword-based discussion forum.
Founded in 1999, and headquartered at Hefei, Anhui, China. iFLYTEK is an advanced enterprise dedicated to research and development of advanced technologies, such as intellectual speech and language technologies, speech information services, integration of e-government systems, and development of software and chip products.
With its subsidiaries and a strong network of distribution, the company has its presence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Sensory, Inc. (U.S.)
Founded in 1994 and headquartered at Santa Clara, California, the U.S.; Sensory, Inc. is a privately held software company that uses embedded machine learning technologies including voice and natural language processing to enhance the user experience. The company offers a neural network method for embedded speech recognition mostly in consumer electronics. The company has offices in Portland, OR; Boulder, CO; Tokyo; Seoul; and Hong Kong.
LumenVox LLC (U.S.)
Founded in 2001 and headquartered at San Diego, California, the U.S.; LumenVox LLC is one of the leading market players in the speech recognition software industry. The primary product of the company is the LumenVox Speech Engine that uses the Speech Recognition Grammar Specification for building and defining grammars. It has been integrated with several crucial voice platforms such as Aculab, BroadSoft’s BroadWorks, and Avaya Voice Portal/Interactive Response.
Authoritative Research on the Speech and Voice Recognition Market – Global Opportunity Analysis and Industry Forecast (2023-2030)
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