U.S. Voice Recognition Market Size, Share, Market Research and Industry Forecast Report, 2019-2025 (Includes Business Impact of COVID-19)

                                          
Industry Insights, Market Size, CAGR, High-Level Analysis: U.S. Voice Recognition Market


The U.S. voice recognition market demand was pegged at 251.2 Million units in 2018 and is expected to register a CAGR of 16.5% from 2019 to 2025. The market is anticipated to be driven by technological advancements and the escalating use of voice recognition in advanced computer-controlled electronic devices. The growing use of the technology in biometric systems is also a key market driver. Voice-activated biometric systems used for security purposes help in providing access to authenticated users for performing a transaction.
The rising demand for voice-enabled biometrics in banking and enterprise applications is expected to fuel the growth of the U.S. market. Furthermore, the increasing usage of voice-driven in-car automotive infotainment systems is expected to drive market growth in the automotive sector.  Additionally, the increased usage of speech technology for navigation purposes in mobile map applications is expected to drive market growth.
 

As the Internet of Things (IoT) technology finds its use across an increasing range of industrial, commercial, and residential applications in the U.S., a rising number of consumers are interacting with connected devices. This paves the way for the integration of voice recognition technology with these connected devices, thus driving the demand for voice-enabled devices. This, in turn, is estimated to drive the U.S. market for voice recognition over the forecast period.
The technology is being increasingly adopted in consumer electronics devices such as smartphones, laptop, and other IoT-enabled devices. Industry players in the U.S. are focusing on providing services such as voice-enabled intelligent personal assistant through application programs and software. Home automation is another major application area that is expected to drive the demand for the technology. The use of verbal commands in smart homes for controlling entities such as lights, room temperature, and doors is remarkably contributing to the growth of the market.
The increased uptake of the technology in the banking sector is driven by the introduction of voice-enabled biometric systems for purposes such as accessing core credentials and customer logins. Furthermore, customers are preferring biometrics over conventional methods of authentication, which is projected to have a positive impact on market growth over the forecast period.
                                                                Vertical Insights
Based on vertical, the U.S. voice recognition market has been segmented into automotive; enterprise; consumer; banking, financial services & insurance; government; retail; healthcare; military; legal; education; and others. In 2018, the consumer segment accounted for the maximum market share and is likely to retain its dominance over the forecast period as well. The growing applications of the technology in home security applications and connected devices in the U.S. are likely to drive the growth of the segment over the forecast period.
The automotive segment is also expected to account for a significant share of the market in the U.S. over the forecast period. The increased use of the voice recognition technology in a variety of automotive applications such as remote control, car navigation, and verbal commands for in-car infotainment systems. The United Services Automobile Association (USAA) uses the technology for user authentication for users to access their USAA accounts on their mobile devices. Its biometrics system offers three quick logon types, fingerprint, face, or voice recognition.
 

Applications of voice recognition technology are also increasing in the field of home security and health monitoring. Advanced security and smart systems can monitor the surrounding conditions and interact with residents to process commands such as adjusting thermostats, turning on or turning off lights, identifying residents or employees, and reporting intruders, based on definite biological signs. These applications are expected to lead to new avenues of growth for the U.S. market for voice recognition over the forecast period.

Market Share Insights of U.S. Voice Recognition Market

Some of the leading solution providers in the U.S. are Advanced Voice Recognition System, Inc., Agnitio S.L. (a subsidiary of Nuance Communications Inc.), Amazon.com, Inc., Keda Xunfei Co., Ltd., Apple Inc., Baidu, Inc., Google LLC, International Business Machines Corporation, M2SYS Technology, LumenVox LLC, and Microsoft.
Leading companies in the U.S. market are aiming to acquire a larger market share by focusing on developing products with improved voice recognition accuracy. Companies are also focusing on leveraging their technical expertise and in-house R&D facilities to innovate existing offerings. Apple, Inc. offers voice recognition services through its application ‘Siri’ in iPhones, iPads, and iPods. The application works as a knowledge navigator and intelligent virtual assistant, which performs actions based on verbal commands. Amazon.com, Inc. offers a hands-free speaker known as Amazon Echo, which is a virtual assistant device capable of voice interaction, music playback, making to-do lists, and providing news and other real-time information.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of U.S. Voice Recognition Market Research Report
This report forecasts volume growth at the country level and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For this study, this market research report has segmented the U.S. voice recognition market report based on vertical.


Vertical Outlook (Volume, Million Units, 2019 - 2030)


Automotive


Enterprise


Consumer


Banking, Financial Services, & Insurance


Government


Retail


Healthcare


Military


Legal


Education


Others