Speech Recognition Market to Garner $29.28 Billion by 2026
The global speech recognition industry was valued at $6.39 billion in 2018 and is projected to reach $29.28 billion by 2026, growing at a compounded annual rate of 19.9 percent, according to a new report from Allied Market Research.
The report noted a rise in demand for speech recognition in automotive, for voice biometric systems for user authentication, and healthcare applications. At the same time, a rise in adoption in consumer verticals and robotics is expected to open new opportunities for market players.
By type, the on-premises segment dominated the global speech recognition market in 2018, accounting for more than half of the market, according to AMR. However, the cloud-based segment is expected to register the highest CAGR (24 percent) through 2026 due to the ability of the cloud infrastructure to provide self-service applications at a minimal cost.
By end user, the healthcare segment is expected to show the highest CAGR (21.9 percent). It held the largest share in 2018, contributing to more than one-fourth of the global speech recognition market.
North America held the largest share in 2018, accounting for nearly half of the market. However, the market across Asia-Pacific is expected to register the highest CAGR (21.4 percent).
While the report paints a very rose picture for the industry, it does note, however, that a lack of accuracy in harsh environment hampers the market growth.
Major market players identified in the report included Google, IBM, Nuance Communications, Amazon, Baidu, Raytheon/BBN Technologies, Microsoft, Iflytek, Sensory, and Speak2web.