Global Automatic Speech Recognition Software Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, And Growth Forecast To 2029

                                          
Global Automatic Speech Recognition Software Market 2021: By Product Type (Naturally Processed Language, Directed Dialogue Conversation), By Technology (Speech Recognition, Voice Recognition), By Deployment (On-cloud, On-premise), By Application (Healthcare, IT and Telecommunications, Automotive, BFSI, Government, Legal, Retail, Travel and Hospitality, Others)

Global Automatic Speech Recognition Software Market is the title of an upcoming market research report at Trusted Business Insights. Key factors have been considered, studied, and researched in detail and the results will be presented in the report. Information and data points are presented in the report as well as key trends, market growth driving factors, restraints, along with potential revenue opportunities in untapped economies. The report also contains details regarding threats and challenges. The company profile section contains detailed information regarding the key players operating in the target market. major and recent developments, strategies, and acquisitions and mergers etc., are also included. The global automatic speech recognition software market is segmented based on type, technology, deployment application, and region. In order to offer a more detailed and accurate outlook, data and revenues etc., is presented country-wise in the respective regions.Request Covid - 19 Impact

Global Automatic Speech Recognition Software Market: Overview

Automatic Speech Recognition (ASR) is a technology that allows identification and processing of the human voice. It helps to identify speech/voice of a person and enables end-users to authenticate the identity of the person speaking into the system. It employs techniques that are programmed in the computer, and is software based. This software based technology also allows human interaction with an Artificial Intelligence (AI) or a computer interface, similar to a human conversation. Automatic speech recognition software come in two variants such as directed dialogue conversations and natural language conversations or Natural Language Processing (NLP).

Directed Dialogue conversations are the simplified versions of ASR that are mostly used at the workplace, and consist of machine interfaces that verbally prompts end-users to respond using characters, word or digits from a limited list of choices, and in turn provides responses based on the defined request. Automated telephone banking and other customer service interfaces are some examples that function on directed dialogue ASR software.

Natural Language Conversations/Natural Language Processing (NLP) are more sophisticated variants of ASR, and instead of heavily limited menus of words a user may use, NLP tries to simulate real conversations by allowing users to use an open-ended chat format with them. The Siri interface on the iPhone is a highly advanced example of these systems.

Global Automatic Speech Recognition Software Market: Dynamics

Growing dependency of end-users on AI-enabled devices that are programmed to offer assistance such as Siri has been leading to increasing production of more technologically advanced devices, including smarter smartphones. Programs such as Siri are used by consumers for assistance in their day to day tasks. In addition, increasing adoption of AI in the automobile sector and in corporate sectors, and rising adoption of biometrics systems for security purposes are expected to drive growth of the global automatic speech recognition market.

Moreover, research & development initiatives are being undertaken for improvement of accuracy of these systems are other key factors projected to further boost market growth.

Global Automatic Speech Recognition Software Segment Analysis

By Product Type: Among the product type segments, the naturally processed language system segment is expected to account for majority revenue share in the global market.

By Technology:  Among the technology segments, the speech segment is projected to account for majority revenue share.

By Deployment: Among the technology segments, the cloud segment is expected to register highest revenue share.

By Application:  Among the application segments, the health care segment is expected to account for majority revenue share among the other application segments such as IT and telecommunications, automotive, BFSI, government, legal, retail, travel and hospitality.

Global Automatic Speech Recognition Software Market: Regional Analysis

Market in North America is projected to register significant revenue share in the global market owing to increasing improvements in AI-based technologies, as well as increasing adoption of Internet of Things (IoT) and large scale adoption of smart devices in countries in the region.

The market in Europe is expected to account for a major revenue share in the global automatic speech recognition software market during the forecast period due to high adoption of voice and speech recognition systems in countries in the region. The Asia Pacific market is also projected to register a comparatively higher revenue CAGR over the forecast period due to increasing production and sales of smartphones in countries such as China and India.

Below are the leading companies profiled in this Automatic Speech Recognition Software Market Report:

  
Google
  
Baidu, Inc.
  
Facebook
  
com, Inc.
  
Advanced Voice Recognition Systems, Inc.
  
Apple Inc.
  
IBM
  
Microsoft
  
Brianasoft
  
Voicebox Technologies Corporation
  
Fulcrum Biometrics, LLC.
  
Neurotechnology
  
M2SYS Technology - KernellÓ Inc.
  
Sensory Inc.
  
VoiceBase, Inc.
  
Auraya
  
VoiceTrust
  
Nuance Communications, Inc.
  
Raytheon Company

Global Automatic Speech Recognition Market Segmentation:

By Product Type

  
Naturally Processed Language
  
Directed Dialogue Conversation

By Technology

  
Speech Recognition
  
Voice Recognition

By Deployment

  
On-cloud
  
On-premise

By Application

  
Healthcare
  
IT and Telecommunications
  
Automotive
  
BFSI
  
Government
  
Legal
  
Retail
  
Travel and Hospitality
  
Others
This research comprehensively answers the following 9 important questions:

  
Q.1. What are some of the most promising growth trends in the Automatic Speech Recognition Software market worldwide?
  
Q.2.Which segments and sub-segments will grow at a faster pace and why? Which segment is nearing the peak and demand saturation?
  
Q.3.Which region will witness a higher growth rate and why? Which region might see a slower or negative growth region?
  
Q.4.What are the key factors affecting market dynamics? What are the drivers, challenges, and business risks in Automatic Speech Recognition Software market?
  
Q.5.What are the business risks and who pose challenges to the global leaders and are competitive threats in this Automatic Speech Recognition Software market?
  
Q.6.What are the emerging trends post COVID-19 reshuffle in this Automatic Speech Recognition Software market and the what are reasons behind these trends and do they translate in global exploration?
  
Q.7. Who are the major global and regional players in the Automatic Speech Recognition Software market? Which are the strategic initiatives key players are pursuing for business growth?
  
Q.8.Which are the competing products in Automatic Speech Recognition Software market and how big of a threat do they pose for loss of market share by material or product substitution?
  
Q.9.What M & A activity has occurred in the last 5 years and what is its impact on the Automatic Speech Recognition Software industry?