Speech Recognition Speech Synthesis to Uplift Adoption of Voice-directed Warehousing Solutions
Increased security and real-time business intelligence are among the major factors driving the growth of the voice-directed warehousing solutions market. Moreover, voice-directed warehousing solutions for improvements in the business operations of warehouses and distribution centers are also creating potential growth opportunities for the voice-directed warehousing solutions market during the forecast period.
The voice-directed warehousing solutions market is driven by automation in systems. These programmed systems guide the replenishment of stores, order-fulfillment, packing and loading, put-away of goods, and simple to complex order picking workflows. Since these systems allow the automation of a wide range of mobile tasks and workflows, they help handle exceptions, such as the shortage of goods, as well as increase the capabilities of voice technology. Due to these factors, the voice-directed warehousing solutions market is growing at a rapid pace.
Voice-directed warehousing solutions help warehouse holders increase the security of their staff and improve the handling of orders. Moreover, voice-directed warehousing solutions provide real-time communication to experts in case of any problems faced in understanding the system, real-time visibility for throughput, and aid in decision-making while fulfilling an order. Therefore, the need for voice-directed warehousing solutions is increasing rapidly in the retail sector to achieve high accuracy, efficiency, and productivity. These factors are expected to boost the voice-directed warehousing solutions market during the forecast period.
Study Projects over $1 Billion Incremental Opportunity for Voice-directed Warehousing Solutions Market through 2026
The global voice-directed warehousing solutions market report has been segmented by component, industry, technology, and region. The industry segment is further segmented into electrical & electronics, food & beverages, pharmaceutical, e-commerce, retail, tracking, logistics & transport, and others. The global voice-directed warehousing solutions market is expected to gain a total incremental opportunity of US$ 1,703.3 Mn during the forecast period of 2018 to 2026.
Moreover, the rapid adoption of voice-directed warehousing solutions in the retail industry to reduce training time, increase customer satisfaction, and high return on investment are among factors that are significantly boosting the retail industry in the voice-directed warehousing market. Furthermore, the rising adoption of voice-directed warehousing solutions in various industries, which include electrical & electronics, food & beverages, E-commerce, and transport & logistics to enhance customer satisfaction and expand productivity are propelling the growth of the voice-directed warehousing solutions market.
On the basis of region, Europe and North America are among the largest markets in the global voice-directed warehousing solutions market owing to the early adoption of advanced technologies pertaining to voice-directed warehousing solutions and the presence of various key players in these regions. Furthermore, rapid increase in E-commerce sales and the adoption of voice-directed warehousing solutions by various organizations to drive productivity and increase efficiency throughout their supply chain are also creating potential growth opportunities for the growth of voice-directed warehousing solutions market.
The voice-directed warehousing solutions markets in South Asia and East Asia are estimated to witness high growth with a significant CAGR during the forecast period due to rising digitalization and the increasing penetration of smart devices in the countries of the region such as India, China, and Japan. Moreover, the growing adoption of cutting-edge technologies is creating significant growth opportunities for the voice-directed warehousing solutions market. In addition, a continuous increase in the number of companies providing voice-directed warehousing solutions in the countries of East and South Asia is expected to positively influence the growth of the voice-directed warehousing solutions market during the forecast period.
Some of the key players in the global voice-directed warehousing solutions market research report include Honeywell, Dometic Corporation, Voiteq, Top-VOX, Lucas Systems, Speech Interface Design, Voxware, ThickStat CoverSight, Zebra Technology Corp., Zetes, Ivanti, Business Computer Projects Ltd., HighJump, Blue Horseshoe, BEC (Systems Integration) Ltd., and Proteus Software.
Voice-directed warehousing solutions providers are focusing on providing advanced products as well as on entering into partnerships and collaborations with augmented reality and virtual reality solution providers to offer advanced voice-directed warehousing solutions. This is expected to enable them to reach new growth markets in the next few years.
These insights are based on a report on Voice-directed Warehousing Solutions Market by Persistence Market Research.
Results from Word Error Rate (WER) testing reveal newly launched proprietary speech recognition service outperforms tech giants Google, Amazon and Microsoft in AI Speech-to-Text Accuracy.