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Speech Recognition Market Analysis in United States, EU, China, India, Japan and Southeast Asia Exhibit High Growth Through 2020

The Speech 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.

Albany, NY, January 15, 2017 --( The growing demand for speech-based biometrics for identification purpose is always been a primary driver for the Global market of speech recognition. Currently, the demand for authentication across various financial institutions, healthcare enterprises and government organizations is promoting the prospects for market growth until the end of 2021. This has been studied by a new report added to the online repository of Market Research Hub (MRH). The title of this report is “Speech Recognition Market Size, Status and Forecast 2021,” which provides a detailed analysis of the market by focusing on the key regions such as United States, EU, India, Japan, China and Southeast Asia.

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Initially, the report briefly describes the overview of the market by covering its scope and market status and size by regions during 2011-2016. Speech recognition is such a technology that came into presence after nearly 30 years of research and development. It recognizes the words spoken by the customers and converts them into text that the computer understands. It is also known as ASR or automatic speech recognition. When this technology is combined with the phone, any transactions through the phone can be finished up to 40 percent faster than pressing keys and listening various options before reaching their preferred option. In terms of geography, North America is expected to emerge as the fastest growing market for speech-enabled applications closely followed by Europe. Also, strong economy of the U.S. is a major dynamic factor for the growth.

Furthermore, the market has been segmented on the basis of its types and application. By types, speech recognition market has been classified into:

Multi-person speech recognition system
Specific person speech recognition system
Non-specific person speech system

On the other hand, market segmentation by application includes- Communication systems, smart wearable device and others. The report also studies that, new developments in voice recognition technology has also allowed the businesses to improve their customer service drastically. Especially in call centers, instead of engaging employees in answering phone calls and routing them to the relevant customer care executive, the software can handle the task, allowing the employee to be situated to handle calls that are more complex. Most recently, the field has also benefited from the advances in deep learning and big data.

Moreover, key players in the global market are also profiled such as:


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Competitive analysis of these players is also mentioned in detail. Furthermore, the report also highlights the market dynamics such as opportunities, challenges and risks; market constraints and threats along with market driving force for the better source of guidance to the new entrants is also highlighted in the report.

About Market Research Hub:

Market Research Hub (MRH) is a next-generation reseller of research reports and analysis. MRH’s expansive collection of market research reports has been carefully curated to help key personnel and decision makers across industry verticals to clearly visualize their operating environment and take strategic steps.

MRH functions as an integrated platform for the following products and services: Objective and sound market forecasts, qualitative and quantitative analysis, incisive insight into defining industry trends, and market share estimates. Our reputation lies in delivering value and world-class capabilities to our clients.

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