Latest comprehensive report published by data bridge market research, the competitive landscape section of the report provides a clear insight into the market share analysis and actions of key industry players. The most advanced tools and techniques are applied to produce this Europe Speech and Voice Recognition report which gives the best experience to the business and the user. This market report potentially endows you with the numerous insights and business solutions that will assist you stay ahead of the competition. This Speech and Voice Recognition market study also evaluates the market status, market share, growth rate, sales volume, future trends, market drivers, market restraints, revenue generation, opportunities and challenges, risks and entry barriers, sales channels, and distributors.
Creative methods and research tools such as SWOT analysis, Pestle and Porter’s Five Forces analysis are employed to analyze the weakness, strength, shortcomings and opportunities present in the market.
Europe Speech and Voice Recognition Market is expected to reach USD 1,665.08 Million by 2025 from USD 286.89 Million and growing at a CAGR of 24.7% forecast by 2025.
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Some of the eminent industry players operating in the Europe Speech and Voice Recognition Market: Nuance Communications, Microsoft, Hoya, Raytheon, Sensory, Inc., Anhui USTC iFLYTEK Co, VoiceVault, LumenVox, Acapela Group, VocalZoom, BioTrust, Voicebox Technologies Corporation, Cantab Research Limited, Apple, Mercedes-Benz USA, HARMAN International, Google, ReadSpeaker, a HOYA Speech Company, Pareteum Corporation NYSE American: TEUM, Advanced Voice Recognition Systems and others.
Key Drivers: Europe Speech and Voice Recognition Market
Some of the major factors driving the market for Europe speech and voice recognition are effective integration due to increased demand for voice and speech-based biometric systems, increasing demand for voice authentication in mobile applications. Use of artificial intelligence (AI) on the accuracy of speech and voice recognition is the other factor which will drive the demand of Europe speech and voice recognition market.
Disadvantages related to speech and voice recognition systems are the factor which may hinder the growth of this market.
Development of speech and voice recognition software for multi-linguistics and local languages, speech and voice recognition technology used in autonomous cars, use of speech and voice recognition in service robotics and use of speech and voice recognition technology in the education of temporarily and permanently disabled students are some of the factors which will drive the market in future.
Increasing demand for voice-driven navigation systems and workstations is promoting growth within the hardware and package segments. Integration of voice-enabled in-car picture systems is gaining quality across the world as many countries initiate “hands-free” laws that govern the employment of mobile phones whereas driving.
Rising development in machine learning and language process is poised to supplement the expansion of the AI-based technology section. Rising range of AI-based digital assistants like Alexa and Cortana square measure projected to tend the expansion of the voice and speech recognition market throughout the forecast amount.
In Europe, voice and speech recognition technologies are poised to witness magnified applications within the consumer electronics and retail sectors and retail sectors due to rising trends of connected devices in automotive and residentialautomation.
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Key Market Segmentation of Europe Speech and Voice Recognition Market
The Europe speech and voice recognition market is segmented based on technology into two notable segments;
- artificial intelligence based software and
- traditional software
The Speech and voice recognition market is dominated by artificial intelligence based software with 69.5% market share in 2017 and is expected to grow at the highest CAGR of 27.2% in the forecast period.
The Europe speech and voice recognition market is segmented based on deployment into two notable segments;
- artificial intelligence based cloud based and
- on premise
The Europe speech and voice recognition market is segmented based on industry into eight notable segments system;
- entertainment and mobile apps,
- education and
- academics and others
The Europe speech and voice recognition market is segmented based on technology into two notable segments system;
- speech recognition software and
- voice recognition software
Speech recognition software is sub segmented on the basis of product type and usage. On the basis of product type, speech recognition software is sub segmented into text to speech and speech to text. Speech to text is further sub segmented into binary and multilingual. On the basis of usage, speech recognition software is sub segmented into back end, front end and end to end. Voice recognition software is sub segmented into voice verification software and voice identification software. The speech and voice recognition market is dominated by speech recognition software with 84.0% market share in 2017 and is expected to grow at the highest CAGR of 26.0% in the forecast period.
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