Farukh Kitchlew | Feb 19, 2024 | 0
Voice Recognition Market to Hit $14.9M by 2027 – Technavio
The global voice speech recognition software market is expected to grow at a CAGR of 13.72% from 2022 to 2027. The market is projected to increase by USD 14,859.93 million during this period. The adoption of advanced mobile devices is a significant growth driver. Growing mobile subscribers worldwide are opting for high-tech devices, boosting the use of voice assistants and biometrics. The market’s expansion is also leading to more mobile voice recognition users. The increasing number of connected devices globally further fuels the demand for speech recognition software. In countries like India, mobility aids e-government initiatives in areas with limited IT infrastructure and internet access, contributing to market growth.
AI-Integrated Analytics in the Voice Recognition Market
A significant market trend is the increasing adoption of AI-integrated voice and speech analytics. This trend stems from the potential of machine learning to enhance the classification of speech and language data, leading to more efficient analysis.
Applying AI makes it feasible to automatically assess words, sounds, and emotional nuances within voice data, unveiling concealed opinions and sentiments. This amplified analysis capability addresses the challenge of interpreting unstructured speech and language data, making classification a crucial process.
Integrating AI into analytics platforms further streamlines the identification of patterns encompassing words, sounds, and intonations across extensive speech and audio datasets. Consequently, a comprehensive categorization of such data can offer proactive, real-time, and decisive insights, especially relevant in customer management domains.
This growing reliance on AI integration significantly propels the market’s growth trajectory throughout the forecast period.
Multiexperience Development Platforms (MXDP) Market – Vendor Landscape
As market competition escalates, vendors are pressured to devise effective growth strategies. To bolster the visibility of their services, they are increasingly turning to promotional activities and investing in targeted advertisements. The objective is to capture the attention of potential customers and stand out in a crowded landscape.
In multi-experience development platforms, the market’s landscape is marked by fragmentation. To gain an edge in this competitive environment, vendors strategically employ organic and inorganic growth strategies.
Organic growth strategies involve expanding through internal developments, such as refining existing products or introducing new features that cater to evolving customer needs. This approach allows vendors to naturally evolve and adapt to changing market dynamics.
On the other hand, inorganic growth strategies involve external actions like mergers, acquisitions, partnerships, or collaborations. These tactics enable vendors to swiftly expand their offerings, access new technologies or markets, and leverage synergies with other players in the industry.
In dynamic market conditions, vendors’ agility in embracing organic and inorganic strategies proves crucial. Such a comprehensive approach equips them to survive and thrive in the fiercely competitive multi-experience development platforms market.
- 3M Co.: Offers voice speech recognition software, including 3M Modal Fluency Direct.
- Alphabet Inc.: Provides automatic speech recognition systems for voice speech recognition.
- Amazon.com Inc.: Presents voice speech recognition software solutions like Google Dialogflow.