Voice and Speech Recognition Market Worth $26.8 Billion by 2025 at a CAGR of 17.2% from 2019- Meticulous Research®

London, Feb. 06, 2020 (GLOBE NEWSWIRE) — The overall voice and speech recognition market is expected to grow at a CAGR of 17.2% from 2019 to 2025 to reach $26.8 billion by 2025. The growth in the speech and voice recognition market can be attributed to the rising acceptance of advanced technology together with increasing consumer demand for smart devices, a growing sense of personal data safety and security, and increasing usage of voice-enabled payments and shopping by retailers. Furthermore, consistent proliferation of advanced technologies, such as artificial intelligence and machine learning, speedy expansion of smart devices market, and increasing willingness to employ voice assistants at websites or physical shops are also encouraging consumers to adopt voice-enabled devices. However, although the adoption of voice-enabled devices is one a rise, there is still a certain level of reluctance towards adopting new technologies, mainly due to high cost of smart devices, low awareness for different functionalities of voice and speech-enabled devices, and lack of accuracy of voice-enabled devices in recognizing regional accents and dialects, which may restrain the growth of the voice and speech recognition market to some extent.Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5038Market SegmentationThe global voice and speech recognition market is segmented by function type (speech recognition, and voice recognition), end-user (automotive, healthcare, BFSI, education, hospitality, government and public services, manufacturing/enterprise, retail and e-commerce, legal, consumer electronics, and military and defense), and technology type (artificial intelligence, and non-artificial intelligence).Speech recognition technology is expected to command a larger share of the overall voice and speech recognition marketBased on function, the overall voice and speech recognition market is segmented into voice recognition and speech recognition technologies. Voice recognition platforms offer the ability to decode the humanoid voice; whereas, the speech recognition has the ability to recognize verbal words or phrases and then convert them into a machine-readable format. Speech recognition technology commanded the largest share of the overall voice and speech recognition market in 2019, owing to increasing demand for voice-enabled devices along with growing customer confidence in smart technologies, increasing usage of voice assistants particularly for purchasing products online, and consistent proliferation of advanced technologies.The automotive sector is expected to hold the largest share of the speech and voice recognition market throughout the forecast periodOn the basis of end-user, the overall voice and speech recognition market is segmented into automotive, healthcare, BFSI, education, hospitality, government & public services, manufacturing/enterprise, retail & e-commerce, legal, consumer electronics, and military and defense. The automotive sector commanded the largest share of the overall speech and voice recognition market in 2019, owing to continuous developments in the automobile industry as well as the rising integration of voice-enabled in-car infotainment systems such as voice-driven navigation and entertainment systems. On the other hand, voice and speech recognition market for the healthcare industry is slated to grow at the fastest CAGR during the forecast period, owing to easy integration of this technology with the various healthcare devices & platforms, rising demand of voice-enabled equipment in healthcare sector, and increasing investment in research and development for exploring and expanding voice-enabled healthcare applications.Have Any Query? Ask Our Experts: https://www.meticulousresearch.com/speak-to-analyst/cp_id=5038