The market for mobile voice 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% during the five-year forecast period.
Conversational user interfaces (CUI) are being used by an increasing number of business applications as a more efficient method of communication between mobile devices like smartphones and tablets. The need for mobile speech recognition technology is being positively impacted by the rise of voice-based applications and the spread of smartphones with cutting-edge capabilities.
Effective voice recognition will also be aided by a number of advancements in the development of cutting-edge algorithms and the processing power of contemporary smartphones.
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Mobile Speech Recognition Software Market: Drivers and Restraints
The critical requirement for biometric authentication in mobile banking, which has strengthened the integration of speech authentication, is what is driving the market for mobile voice recognition software. Another important factor supporting the market’s growth is rising customer knowledge of the adaptability of mobile devices’ speech recognition capabilities.
The lack of accuracy in noisy working situations is a significant challenge that the majority of producers in the market for mobile voice recognition software must address.
Global Mobile Speech Recognition Software Market: Regional Outlook
Based on geography, the Mobile Speech Recognition Software market can be segmented into seven key regions namely North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan, and the 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 the low cost of biometric devices will boost the demand for Mobile Speech Recognition Software positively.
Global Mobile Speech Recognition Software Market: Competitive Landscape
Key Players
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.
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Key development
In October 2016, VoiceVault Inc. partnered with BioConnect based in the U.S. 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.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, applications, and industries.
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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