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Global Automatic Speech Recognition Market – by Product Type, Application, Region - Market Size, Demand Forecasts, Company Profiles, Industry Trends and Updates (2018 - 2025)
Automatic Speech Recognition Market – Segmented by Product Type, Application, Region | Market Size, Growth, Drivers, Trends, Industry Structure and Forecasts | MarkGenes
Automatic speech recognition (ASR) is a technology that uses computer hardware and software-based techniques allowing humans to converse with machines. It is used to identify the words spoken by a person or to authenticate the person’s identity from his voice.
The global automatic speech recognition market was USD 9.44 billion in 2018 and is estimated to reach USD 22.32 billion by 2025 at a CAGR of 13.08% during the forecast period
Growth by Region
The North America leads the market and is expected to emerge as the fastest growing market during the forecast period. This domination is attributable to factors such as growing adoption of voice-based applications in smartphones and use of speech and voice recognition in various industry verticals such as mobile banking, consumer electronics and IoT devices. Europe closely follows North America in terms of market share owing to factors such as rising trends of connected devices in automotive and home automation and increased application in consumer electronics and retail sector. Growing demand for voice and speech recognition systems in China, Japan and Singapore is expected to spur the growth in the region of Asia-Pacific. China leading the front with successful advancements in speech recognition systems. Developing economies in the Middle East are presumed to display significant growth over the forecasted period. However, the markets of South America and Africa are anticipated to display slower growth rate due to lack of technical knowledge and language barriers.
Drivers vs Constraints
The factors that drive market include rising adoption of consumer electronic devices, increasing use of voice assistants such as SIRI and CORTANA, and growing demand for speech-based biometrics for identification purposes. Also integration of speech recognition with virtual reality and rising focus on development of artificial intelligence based system is anticipated to trigger the growth of the overall market.
Inaccuracy in recognizing human syntax, lack of IT infrastructure and scarcity of experts are some of the factors that can hamper the growth of the market.
Industry Trends and Updates
In September 2018, Microsoft announced the release of speech corpus for three Indian languages namely Telugu, Tamil and Gujarati to aid researchers to build Indian language speech recognition.
In May 2018, Nuance Communications acquired VoiceBox technologies, a leader in speech recognition and natural language technologies.
In July 2017, Baidu Inc. collaborated with Conexant Systems, Inc. for launching of voice recognition kits. This collaboration was initiated in order to assist device makers and developers in integrating DeurOS into their products. In February 2017, Facebook enhanced its Virtual Reality platform, Oculus rift, by adding speech recognition to the VR gear of the oculus rift.
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