A speech recognition software identifies words spoken by an individual or speaker into a microphone, converts them into a computer-readable format, and responds automatically. These software applications recognize speech in multiple languages. These applications are used both by individual consumers and enterprises in the healthcare; banking, financial services, and insurance; legal; and telecommunications sectors for a number of purposes including fraud management, speaker verification, speaker identification, biometrics, and vehicle telematics. The biometrics segment is seeing a high demand for speech recognition software because of the growing instances of fraud. Vendors are developing easy-to-deploy and cost-effective speech recognition applications that help in fraud management.
Technavio’s analysts forecast the global speech recognition software market to grow at a CAGR of 16.99% during the period 2016-2020.
Covered in this report The report covers the present scenario and the growth prospects of the global speech recognition software market for 2016-2020. To calculate the market size, the report considers the revenue generated from the sales of speech recognition solutions, including software, integrated solutions, and services.
The market is divided into the following segments based on geography: - Americas - APAC - EMEA
Technavio's report, Global Speech Recognition Software Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the Key vendorsoperating in this market.
Key vendors - AT&T - IBM - Microsoft - Nuance Communications
Other prominent vendors - Dolby Systems - LumenVox - OnMobile Global - Raytheon BBN Technologies - Sensory - Tellme Networks - Voxeo
Market driver - Increased use of biometrics - For a full, detailed list, view our report
Market challenge - Lack of accuracy - For a full, detailed list, view our report
Market trend - Increased use of voice passwords - For a full, detailed list, view our report
Key questions answered in this report - What will the market size be in 2020 and what will the growth rate be? - What are the key market trends? - What is driving this market? - What are the challenges to market growth? - Who are the key vendors in this market space? - What are the market opportunities and threats faced by the key vendors? - What are the strengths and weaknesses of the key vendors?
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