The market for mobile speech recognition software is anticipated to grow to a value of US$ 3.3 billion in 2022 and to US$ 25.4 billion by 2032, with a CAGR of 22.5% over the five-year forecast period.Mobile speech recognition software is in high demand in the market thanks to the growing adoption of conversational user interface (CUI) as a more effective method of communication among mobile devices like smartphones and tablets.
The development of voice-based applications and the spread of smartphones with advanced features are positively impacting the demand for mobile speech recognition software technologies, which is expected to increase the market share for mobile speech recognition software over the course of the forecast period.
Some of the dynamic key competitor companies who are always on the front door to keep boosting the mobile speech recognition software market key trends & opportunities are mentioned below.
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Mobile Speech Recognition Software Market: Drivers and Restraints
Crucial requirement of biometric authentication in mobile banking is leading to the intensified integration of speech authentication, thus driving the market for Mobile Speech Recognition Software. Moreover, rising awareness of multi-functionality of mobile devices in speech recognition technologies is also turning up as another important factor driving the growth of market in positive manner.
Lack of accuracy in noisy working environment is an important restraint, faced by most of the vendors in Mobile Speech Recognition Software market.
The major player operating in the mobile speech recognition software market includes
- Nuance Communications Inc.,
- Alphabet Inc.,
- Apple Inc.,
- Baidu Inc.,
- Amazon Inc.,
- Microsoft Corporation,
- VoiceBox Technologies Corporation,
- LumenVox, LLC.,
- Pareteum Corporation,
- Sensory, Inc.
- ReadSpeaker Holding B.V., and
- VoiceVault Inc. among others.
These industries are contributing a huge role in th adoption of mobile speech recognition software all around the regions during the forecast period from 2022 to 2032.
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Recent Development in Mobile Speech Recognition Software Market are
In October 2016, VoiceVault Inc. partnered with BioConnect based in the USA to develop and integrate biometric authentication into finance platforms and digital banking. The main objective of this partnership was to enable the integration of VoiceVault Inc.’s existing voice recognition software with the BioConnect mobile platform to offer biometric authentication solutions with eye scanning technology and voice.
Global Mobile Speech Recognition Software Market: Regional Outlook
On the basis of geography, Mobile Speech Recognition Software market can be segmented into seven key regions namely North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan and Middle East & Africa. Among various regions, the Mobile Speech Recognition Software market in North America is expected to dominate the market during the forecast period. Asia pacific region will witness high growth, as increasing awareness among consumers and low cost of biometric devices will boost the demand for Mobile Speech Recognition Software in positive manner.
Key Segments
By Vertical:
- Healthcare
- Military
- Automotive
- Retail
- Government
- Education
- BFSI
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
- Europe
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Table of Content
1. Executive Summary | Mobile Speech Recognition Software Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
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