Voice Recognition Market By End-Use Vertical (Automobile, BFSI, Consumer, Government, Healthcare, Home, Security & Automation) - Growth, Future Prospects & Competitive Analysis, 2018 - 2026

Published By: Brisk Insights | Published On: Apr 4, 2022

 

Overview:

 

The global voice recognition market has been witnessing an incremental growth over the last few years and is poised to register steady gains during the forecast period 2018 - 2026. The global voice recognition market is expected to witness a growth of 14.5% CAGR during the forecast from 2018 to 2026. The anticipated growth can be majorly credited to increasing number of fraudulent activities, especially in the BFSI industry, and growing adoption of biometric sensor technologies across different end-use industries. The voice recognition market is also estimated to grow with rising demand for smart home concept. Increasing security concerns is propelling the demand for home automation and security products, which, in turn is expected to contribute towards market expansion over the forecast period. The technology is increasingly used for producing health related data records in the healthcare sector, which, consequently is improving its prominence in the medical domain. The voice recognition technology is of great advantage to the automobile industry & is majorly used in the autonomous vehicles and semi-autonomous vehicles. The use and integration of the voice recognition technology is gaining popularity in the automobile industry due to stringent regulations that restricts usage of mobile phones while driving. Thus, voice recognition systems enables drivers as well as passengers a safe, hassle-free driving experience. The trend shall prolong as market continues to evolve, offering significant growth and investment opportunities for manufacturers during the forecast period 2018 – 2026. All these factors are collectively expected to contribute towards a double digit CAGR during the forecast period (2018 – 2026).

 

The global voice recognition market is classified into following categories:

 

  • By Components:
    • Hardware
    • Software
  • By Application
    • Artificial Intelligence
    • Non-Artificial Intelligence
  • By End-Use Vertical
    • Automobile
    • BFSI
    • Consumer
    • Government
    • Healthcare 
    • Home, Security & Automation
    • Others (Retail, Education, Legal, and Military)
  • By Region
    • North America
      • The U.S.
      • Rest of North America
    • Europe
      • The U.K.
      • Germany
      • France
      • Rest of Europe
    • Asia-Pacific (APAC)
      • India
      • China
      • Japan
      • Rest of APAC
    • Rest of the World
      • Latin America
      • Middle East and Africa

 

The research report “Global Voice Recognition Market – Growth, Future Prospects and Competitive Analysis, 2018 – 2026” gives in-depth insights on the global voice recognition market in addition to the market size and estimates from 2016 to 2026. The study divides the global voice recognition market based on components, application, and end-use vertical, thereby offering the cross-sectional analysis for the said segments for different geographic regions. It offers a complete insight on market dynamics including the on-going challenges, market drivers, and opportunities for different value chain participants in the market. Furthermore, the research report provides insights on the major trends prevalent in the market.

 

To assist tactical decision and investors in making strategic decisions, the study presents the prevailing competitive landscape and profiles major voice recognition solution providers, their product benchmarking, financial health, key business strategies adopted, and major developments. Major players profiled in the research study include Nuance Communications, Advanced Voice Recognition Systems, Microsoft Inc., Apple, Inc., MMODAL Inc., Sensor, Inc., Biotrust, Agnitio SL, ValidSoft UK Ltd., VoiceBox Technologies Corp., Raytheon BBN Technologies, M2Sys LLC, and LumenVox LLC among others.

 

Other key insights offered by the research study includes:

 

  • Relational analysis of sub-segments for 2017 and 2026
  • Historic years market sizing (2016 & 2017)

 

On the basis of end-use, the global voice recognition market is segmented into following categories

 

  • Automobile
  • BFSI
  • Consumer
  • Government
  • Healthcare 
  • Home, Security & Automation
  • Others (Retail, Education, Legal, and Military) 

 

Amongst all end-users of the voice recognition technology, its adoption in the consumer segment is presumed to grow at the fastest growth rate. The consumer segment is also expected to account for a significant revenue share by 2026 due to growing penetration of the voice recognition technology in smart devices including smartphones, laptops, tablets, and other connected devices. Growing demand for advanced Internet of Things (IoT) devices is further driving demand for voice recognition technology across the consumer segment. On the other hand, the use of voice recognition technology in automotive sector is enabling drivers and passengers to accomplish tasks by giving voice instructions, thereby ensuring a hassle-free drive experience. In addition, the BFSI sector is expected register strong growth during the forecast period on account of the growing need to safeguard banks and financial institutions from rising number of fraudulent activities. 

 

On the basis of geography, the global voice recognition market is segmented into following regions and countries.

 

  • North America
    • United States
    • Rest of North America
  • Europe
    • United Kingdom
    • France
    • Germany
    • Rest of Europe
  • Asia Pacific
    • Japan
    • China
    • India
    • Rest of Asia Pacific
  • Rest of the World
    • Latin America
    • Middle East and Africa 

 

In terms of value contribution, North America leads the overall global voice recognition market. North America has dominated the market ever since its inception and is expected to retain its dominance through 2026, registering robust growth. Growth of the voice recognition market, particularly in the U.S. is driven by several government initiatives encouraging deployment of state-of-the-art biometric systems. Due to increasing need for high level security, biometric systems are being deployed extensively across North America. On the other hand, Asia Pacific is presumed to witness an impressive growth due to perpetually growing adoption of the Internet of Things (IoT) technology across different applications and rising demand for voice technology. Growing need for voice recognition solutions in the BFSI sector and across various BPO firms is expected to further drive the voice recognition market in Asia Pacific during the forecast period 2018 - 2026.

 

1. Preface


1.1. Report Scope and Description
1.2. Research Methodology
1.2.1. Phase I-Secondary Research
1.2.2. Phase II-Primary Research
1.2.3. Phase III-Expert Panel Review
1.2.4. Assumptions
1.2.5. Approach Adopted

 

2. Executive Summary


2.1. Global Voice Recognition Market Snapshot

 

3. Global Voice Recognition Market Analysis


3.1. Global Voice Recognition Market Overview
3.2. Market Inclination Insights
3.2.1. Recent Trends
3.2.2. Future Outlook
3.3. Market Dynamics
3.3.1. Market Drivers
3.3.2. Market Challenges
3.4. See-Saw Analysis
3.5. Attractive Investment Proposition
3.6. Market Positioning of Key Industry Participants
3.6.1. Major Strategies Adopted

 

4. Global Voice Recognition Market Value, By Component , 2018 – 2026 (US$ Bn)


4.1. Market Analysis
4.2. Hardware
4.3. Software

 

5. Global Voice Recognition Market Value, By Application , 2018 – 2026 (US$ Bn)


5.1. Market Analysis
5.2. Artificial Intelligence
5.3. Non-Artificial Intelligence

 

6. Global Voice Recognition Market Value, By End-Use Vertical , 2018 – 2026 (US$ Bn)


6.1. Market Analysis
6.2. Automotive
6.3. BFSI
6.4. Consumer
6.5. Government
6.6. Healthcare
6.7. Home, Security & Automation
6.8. Others (Retail, Education, Legal, and Military)

 

7. North America Voice Recognition Market Analysis, 2018 – 2026 (US$ Bn)


7.1. North America Voice Recognition Market Value, By Component, 2018 – 2026 (US$ Bn)
7.1.1. Hardware
7.1.2. Software
7.2. North America Voice Recognition Market Value, By Application, 2018 – 2026 (US$ Bn)
7.2.1. Artificial Intelligence
7.2.2. Non-Artificial Intelligence
7.3. North America Voice Recognition Market Value, By End-Use Vertical, 2018 – 2026 (US$ Bn)
7.3.1. Automotive
7.3.2. BFSI
7.3.3. Consumer
7.3.4. Government
7.3.5. Healthcare
7.3.6. Home, Security & Automation
7.3.7. Others (Retail, Education, Legal, and Military)
7.4. North America Voice Recognition Market Value, By Country, 2018 – 2026 (US$ Bn)
7.4.1. U.S.
7.4.1.1. U.S. Voice Recognition Market Value, By Component, 2018 – 2026 (US$ Bn)
7.4.1.2. U.S. Voice Recognition Market Value, By Application, 2018 – 2026 (US$ Bn)
7.4.1.3. U.S. Voice Recognition Market Value, By End-Use Vertical, 2018 – 2026 (US$ Bn)
7.4.2. Canada
7.4.2.1. Canada Voice Recognition Market Value, By Product Type, 2018 – 2026 (US$ Bn)
7.4.2.2. Canada Voice Recognition Market Value, By Application, 2018 – 2026 (US$ Bn)
7.4.2.3. Canada Voice Recognition Market Value, By End-Use Vertical, 2018 – 2026 (US$ Bn)

 

8. Europe Voice Recognition Market Analysis, 2018 – 2026 (US$ Bn)


8.1. Europe Voice Recognition Market Value, By Component, 2018 – 2026 (US$ Bn)
8.1.1. Hardware
8.1.2. Software
8.2. Europe Voice Recognition Market Value, By Application, 2018 – 2026 (US$ Bn)
8.2.1. Artificial Intelligence
8.2.2. Non-Artificial Intelligence
8.3. Europe Voice Recognition Market Value, By End-Use Vertical, 2018 – 2026 (US$ Bn)
8.3.1. Automotive
8.3.2. BFSI
8.3.3. Consumer
8.3.4. Government
8.3.5. Healthcare
8.3.6. Home, Security & Automation
8.3.7. Others (Retail, Education, Legal, and Military)
8.4. Europe Voice Recognition Market Value, By Region, 2018 – 2026 (US$ Bn)
8.4.1. U.K.
8.4.1.1. U.K. Voice Recognition Market Value, By Component, 2018 – 2026 (US$ Bn)
8.4.1.2. U.K. Voice Recognition Market Value, By Application, 2018 – 2026 (US$ Bn)
8.4.1.3. U.K. Voice Recognition Market Value, By End-Use Vertical, 2018 – 2026 (US$ Bn)
8.4.2. Germany
8.4.2.1. Germany Voice Recognition Market Value, By Component, 2018 – 2026 (US$ Bn)
8.4.2.2. Germany Voice Recognition Market Value, By Application, 2018 – 2026 (US$ Bn)
8.4.2.3. Germany Voice Recognition Market Value, By End-Use Vertical, 2018 – 2026 (US$ Bn)
8.4.3. France
8.4.3.1. France Voice Recognition Market Value, By Component, 2018 – 2026 (US$ Bn)
8.4.3.2. France Voice Recognition Market Value, By Application, 2018 – 2026 (US$ Bn)
8.4.3.3. France Voice Recognition Market Value, By End-Use Vertical, 2018 – 2026 (US$ Bn)
8.4.4. Rest of Europe
8.4.4.1. Rest of Europe Voice Recognition Market Value, By Component, 2018 – 2026 (US$ Bn)
8.4.4.2. Rest of Europe Voice Recognition Market Value, By Application, 2018 – 2026 (US$ Bn)
8.4.4.3. Rest of Europe Voice Recognition Market Value, By End-Use Vertical, 2018 – 2026 (US$ Bn)

 

9. Asia Pacific Voice Recognition Market Analysis, 2018 – 2026 (US$ Bn)


9.1. Asia Pacific Voice Recognition Market Value, By Component, 2018 – 2026 (US$ Bn)
9.1.1. Hardware
9.1.2. Software
9.2. Asia Pacific Voice Recognition Market Value, By Application, 2018 – 2026 (US$ Bn)
9.2.1. Artificial Intelligence
9.2.2. Non-Artificial Intelligence
9.3. Asia Pacific Voice Recognition Market Value, By Component, 2018 – 2026 (US$ Bn)
9.3.1. Automotive
9.3.2. BFSI
9.3.3. Consumer
9.3.4. Government
9.3.5. Healthcare
9.3.6. Home, Security & Automation
9.3.7. Others (Retail, Education, Legal, and Military)
9.4. Asia Pacific Voice Recognition Market Value, By Country, 2018 – 2026 (US$ Bn)
9.4.1. Japan
9.4.1.1. Japan Voice Recognition Market Value, By Component, 2018 – 2026 (US$ Bn)
9.4.1.2. Japan Voice Recognition Market Value, By Application, 2018 – 2026 (US$ Bn)
9.4.1.3. Japan Voice Recognition Market Value, By End-Use Vertical, 2018 – 2026 (US$ Bn)
9.4.2. China
9.4.2.1. China Voice Recognition Market Value, By Component, 2018 – 2026 (US$ Bn)
9.4.2.2. China Voice Recognition Market Value, By Application, 2018 – 2026 (US$ Bn)
9.4.2.3. China Voice Recognition Market Value, By End-Use Vertical, 2018 – 2026 (US$ Bn)
9.4.3. India
9.4.3.1. India Voice Recognition Market Value, By Component, 2018 – 2026 (US$ Bn)
9.4.3.2. India Voice Recognition Market Value, By Application, 2018 – 2026 (US$ Bn)
9.4.3.3. India Voice Recognition Market Value, By End-Use Vertical, 2018 – 2026 (US$ Bn)
9.4.4. Rest of Asia Pacific
9.4.4.1. Rest of Asia Pacific Voice Recognition Market Value, By Component, 2018 – 2026 (US$ Bn)
9.4.4.2. Rest of Asia Pacific Voice Recognition Market Value, By Application, 2018 – 2026 (US$ Bn)
9.4.4.3. Rest of Asia Voice Recognition Market Value, By End-Use Vertical, 2018 – 2026 (US$ Bn)

 

10. Rest of World Voice Recognition Market Analysis, 2018 – 2026 (US$ Bn)


10.1. Rest of World Voice Recognition Market Value, By Component, 2018 – 2026 (US$ Bn)
10.1.1. Hardware
10.1.2. Software
10.2. Rest of World Voice Recognition Market Value, By Application, 2018 – 2026 (US$ Bn)
10.2.1. Artificial Intelligence
10.2.2. Non-Artificial Intelligence
10.3. Rest of World Voice Recognition Market Value, By End-Use Vertical, 2018 – 2026 (US$ Bn)
10.3.1. Automotive
10.3.2. BFSI
10.3.3. Consumer
10.3.4. Government
10.3.5. Healthcare
10.3.6. Home, Security & Automation
10.3.7. Others (Retail, Education, Legal, and Military)
10.4. Rest of World Voice Recognition Market Value, By Region, 2018 – 2026 (US$ Bn)
10.4.1. Latin America
10.4.1.1. Latin America Voice Recognition Market Value, By Component, 2018 – 2026 (US$ Bn)
10.4.1.2. Latin America Voice Recognition Market Value, By Application, 2018 – 2026 (US$ Bn)
10.4.1.3. Latin America Voice Recognition Market Value, By End-Use Vertical, 2018 – 2026 (US$ Bn)
10.4.2. Middle-East and Africa
10.4.2.1. Middle-East and Africa Voice Recognition Market Value, By Component, 2018 – 2026 (US$ Bn)
10.4.2.2. Middle-East and Africa Voice Recognition Market Value, By Application, 2018 – 2026 (US$ Bn)
10.4.2.3. Middle East & Africa Voice Recognition Market Value, By End-Use Vertical, 2018 – 2026 (US$ Bn)

 

11. Company Profiles


11.1. Acapela Group
11.2. Advanced Voice Recognition Systems
11.3. Agnitio SL
11.4. Apple, Inc.
11.5. AT&T
11.6. Biotrust
11.7. Fluent.ai Inc.
11.8. LumenVox LLC
11.9. M2Sys LLC
11.10. Microsoft Inc.
11.11. MMODAL Inc.
11.12. Nuance Communications
11.13. Raytheon BBN Technologies
11.14. Sensor, Inc.
11.15. ValidSoft UK Ltd.
11.16. VoiceBox Technologies Corp.

TABLE 1 Market Snapshot: Global Voice Recognition Market
TABLE 2 Evolution of Voice Recognition
TABLE 3 Impact Indicators
TABLE 4 Impact Analysis of Drivers and Restraints
TABLE 5 North America Voice Recognition Market Value, By Component, 2018 - 2026 (US$ Bn)
TABLE 6 North America Voice Recognition Market Value, By Application, 2018 - 2026 (US$ Bn)
TABLE 7 North America Voice Recognition Market Value, By End-Use Vertical, 2018 - 2026 (US$ Bn)
TABLE 8 North America Voice Recognition Market Value, By Country, 2018 - 2026 (US$ Bn)
TABLE 9 U.S. Voice Recognition Market Value, By Component, 2018 - 2026 (US$ Bn)
TABLE 10 U.S. Voice Recognition Market Value, By Application, 2018 - 2026 (US$ Bn)
TABLE 11 U.S. Voice Recognition Market Value, By End-Use Vertical, 2018 - 2026 (US$ Bn)
TABLE 12 Canada Voice Recognition Market Value, By Component, 2018 - 2026 (US$ Bn)
TABLE 13 Canada Voice Recognition Market Value, By Application, 2018 - 2026 (US$ Bn)
TABLE 14 Canada Voice Recognition Market Value, By End-Use Vertical, 2018 - 2026 (US$ Bn)
TABLE 15 Europe Voice Recognition Market Value, By Component, 2018 - 2026 (US$ Bn)
TABLE 16 Europe Voice Recognition Market Value, By Application, 2018 - 2026 (US$ Bn)
TABLE 17 Europe Voice Recognition Market Value, By End-Use Vertical, 2018 - 2026 (US$ Bn)
TABLE 18 Europe Voice Recognition Market Value, By Country, 2018 - 2026 (US$ Bn)
TABLE 19 U.K. Voice Recognition Market Value, By Component, 2018 - 2026 (US$ Bn)
TABLE 20 U.K. Voice Recognition Market Value, By Application, 2018 - 2026 (US$ Bn)
TABLE 21 U.K. Voice Recognition Market Value, By End-Use Vertical, 2018 - 2026 (US$ Bn)
TABLE 22 France Voice Recognition Market Value, By Component, 2018 - 2026 (US$ Bn)
TABLE 23 France Voice Recognition Market Value, By Application, 2018 - 2026 (US$ Bn)
TABLE 24 France Voice Recognition Market Value, By End-Use Vertical, 2018 - 2026 (US$ Bn)
TABLE 25 Germany Voice Recognition Market Value, By Component, 2018 - 2026 (US$ Bn)
TABLE 26 Germany Voice Recognition Market Value, By Application, 2018 - 2026 (US$ Bn)
TABLE 27 Germany Voice Recognition Market Value, By End-Use Vertical, 2018 - 2026 (US$ Bn)
TABLE 28 Rest of Europe Voice Recognition Market Value, By Component, 2018 - 2026 (US$ Bn)
TABLE 29 Rest of Europe Voice Recognition Market Value, By Application, 2018 - 2026 (US$ Bn)
TABLE 30 Rest of Europe Voice Recognition Market Value, By End-Use Vertical, 2018 - 2026 (US$ Bn)
TABLE 31 Asia Pacific Voice Recognition Market Value, By Component, 2018 - 2026 (US$ Bn)
TABLE 32 Asia Pacific Voice Recognition Market Value, By Application, 2018 - 2026 (US$ Bn)
TABLE 33 Asia Pacific Voice Recognition Market Value, By End-Use Vertical, 2018 - 2026 (US$ Bn)
TABLE 34 Asia Pacific Voice Recognition Market Value, By Country, 2018 - 2026 (US$ Bn)
TABLE 35 China Voice Recognition Market Value, By Component, 2018 - 2026 (US$ Bn)
TABLE 36 China Voice Recognition Market Value, By Application, 2018 - 2026 (US$ Bn)
TABLE 37 China Voice Recognition Market Value, By End-Use Vertical, 2018 - 2026 (US$ Bn)
TABLE 38 Japan Voice Recognition Market Value, By Component, 2018 - 2026 (US$ Bn)
TABLE 39 Japan Voice Recognition Market Value, By Application, 2018 - 2026 (US$ Bn)
TABLE 40 Japan Voice Recognition Market Value, By End-Use Vertical, 2018 - 2026 (US$ Bn)
TABLE 41 India Voice Recognition Market Value, By Component, 2018 - 2026 (US$ Bn)
TABLE 42 India Voice Recognition Market Value, By Application, 2018 - 2026 (US$ Bn)
TABLE 43 India Voice Recognition Market Value, By End-Use Vertical, 2018 - 2026 (US$ Bn)
TABLE 44 Rest of Asia Pacific Voice Recognition Market Value, By Component, 2018 - 2026 (US$ Bn)
TABLE 45 Rest of Asia Pacifc Voice Recognition Market Value, By Application, 2018 - 2026 (US$ Bn)
TABLE 46 Rest of Asia Pacific Voice Recognition Market Value, By End-Use Vertical, 2018 - 2026 (US$ Bn)
TABLE 47 Rest of World Voice Recognition Market Value, By Component, 2018 - 2026 (US$ Bn)
TABLE 48 Rest of World Voice Recognition Market Value, By Application, 2018 - 2026 (US$ Bn)
TABLE 49 Rest of World Voice Recognition Market Value, By End-Use Vertical, 2018 - 2026 (US$ Bn)
TABLE 50 Rest of World Voice Recognition Market Value, By Region, 2018 - 2026 (US$ Bn)
TABLE 51 Latin America Voice Recognition Market Value, By Component, 2018 - 2026 (US$ Bn)
TABLE 52 Latin America Voice Recognition Market Value, By Application, 2018 - 2026 (US$ Bn)
TABLE 53 Latin America Voice Recognition Market Value, By End-Use Vertical, 2018 - 2026 (US$ Bn)
TABLE 54 Middle-East and Africa Voice Recognition Market Value, By Component, 2018 - 2026 (US$ Bn)
TABLE 55 Middle-East Voice Recognition Market Value, By Application, 2018 - 2026 (US$ Bn)
TABLE 56 Middle-East Voice Recognition Market Value, By End-Use Vertical, 2018 - 2026 (US$ Bn)

FIG. 1 Global Voice Recognition: Market Segmentation
FIG. 2 Global Voice Recognition Market: Research Methodology
FIG. 3 Top-Down and Bottom Up Approach
FIG. 4 Global Voice Recognition Market, By Component, 2017 (US$ Bn)
FIG. 5 Global Voice Recognition Market, By Application, 2017 (US$ Bn)
FIG. 6 Global Voice Recognition Market, By End-Use Vertical, 2017 (US$ Bn)
FIG. 7 Global Voice Recognition Market, By Geography, 2017 (US$ Bn)
FIG. 8 Global Voice Recognition Market Value and Growth, 2018 - 2026, (US$ Bn and % Y-o-Y)
FIG. 9 See-Saw Analysis : Global Voice Recognition Market
FIG. 10 Market Positioning of Key Industry Participants, 2017
FIG. 11 Global Voice Recognition Market Value Contribution, By Component, 2017 & 2025 (Value %)
FIG. 12 Global Hardware Voice Recognition Market Value and Growth, 2018 - 2026, (US$ Bn)
FIG. 13 Global Software Voice Recognition Market Value and Growth, 2018 - 2026, (US$ Bn)
FIG. 14 Global Voice Recognition Market Value Contribution, By Application, 2017 & 2026 (Value %)
FIG. 15 Global Voice Recognition Market Value and Growth for Artificial Intelligence Applications, 2018 - 2026, (US$ Bn)
FIG. 16 Global Voice Recognition Market Value and Growth for Non-Artificial Intelligence Applications, 2018 - 2026, (US$ Bn)
FIG. 17 Global Voice Recognition Market Value Contribution, By End-Use Vertical, 2017 & 2026 (Value %)
FIG. 18 Global Voice Recognition Market Value and Growth for Automotives Vertical, 2018 - 2026, (US$ Bn)
FIG. 19 Global Voice Recognition Market Value and Growth for BFSI Vertical, 2018 - 2026, (US$ Bn)
FIG. 20 Global Voice Recognition Market Value and Growth for Consumer Vertical, 2018 - 2026, (US$ Bn)
FIG. 21 Global Voice Recognition Market Value and Growth for Government Vertical, 2018 - 2026, (US$ Bn)
FIG. 22 Global Voice Recognition Market Value and Growth for Healthcare Vertical, 2018 - 2026, (US$ Bn)
FIG. 23 Global Voice Recognition Market Value and Growth for Home, Security & Automation Vertical, 2018 - 2026, (US$ Bn)
FIG. 24 Global Voice Recognition Market Value and Growth for Others, 2018 - 2026, (US$ Bn)
FIG. 25 North America Voice Recognition Market Value and Growth, 2018 - 2026, (US$ Bn) (Y-o-Y %)
FIG. 26 Europe Voice Recognition Market Value and Growth, 2018 - 2026, (US$ Bn) (Y-o-Y %)
FIG. 27 Asia Pacific Voice Recognition Market Value and Growth, 2018 - 2026, (US$ Bn) (Y-o-Y %)
FIG. 28 RoW Voice Recognition Market Value and Growth, 2018– 2026, (US$ Bn) (Y-o-Y %)

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