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July 8, 2020, 12:13 p.m. EDT

Voice Recognition Market Analysis 2020-2026 by Size, Share Emerging Trends, Future Growth, Technology, Revenue Analysis, Impact Analysis of COVID-19, Demand Forecast

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Jul 08, 2020 (AmericaNewsHour) -- The Voice Recognition market is anticipated to reach over $150 billion by 2026 according to a new research published by Polaris Market Research. In 2017, the non-AI-Based voice recognition segment dominated the global market, in terms of revenue. North America is expected to be the leading contributor to the global market revenue during the forecast period.The increasing demand for intelligent virtual assistants at homes and enterprises primarily supports the growth of voice recognition market. Moreover, the growing need for automation in customer service, and integration of virtual assistants with smart home appliances drive the growth of the market. Furthermore, the increasing need to streamline enterprise communication to improve productivity further influence voice recognition market growth during the forecast period.

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Other driving factors include increased use in automobiles, mobile banking applications, and electronic health record applications. Also, increasing applications in biometric systems for user authentication would boost the market growth during the forecast period. Growing demand from emerging economies, and technological advancements are factors expected to provide numerous growth opportunities in the coming years.

North America generated the highest revenue in the market in 2017, and is expected to lead the global voice recognition market throughout the forecast period. Use of intelligent virtual assistants to replace traditional interactive voice response systems has supported market growth in the North America. Use of intelligent virtual assistants is proving effective by enhancing customer and brand experience, and providing a consumer-friendly environment. Similarly, the presence of established telecom and cloud infrastructure in this region, and growing trend of BYOD drive the voice recognition market growth in the region.

The growing demand of mobile devices, and technological advancements further support market growth in the region. The demand for voice recognition systems has increased significantly in BFSI, and healthcare sectors in the region. Increasing adoption of smart homes, and smart buildings would provide growth opportunities for voice recognition market during the forecast period.

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The major players operating in the voice recognition market include Google, Inc., Baidu, Inc., Facebook, Inc., Amazon.com, Inc., Advanced Voice Recognition Systems, Inc., Apple, Inc., CastleOS Software, LLC, International Business Machines Corporation, Microsoft Corporation, and Nuance Communications, Inc. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.

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Kenneth Research is a reselling agency providing market research solutions in different verticals such as Automotive and Transportation, Chemicals and Materials, Healthcare, Food & Beverage and Consumer Packaged Goods, Semiconductors, Electronics & ICT, Packaging, and Others. Our portfolio includes set of market research insights such as market sizing and market forecasting, market share analysis and key positioning of the players (manufacturers, deals and distributors, etc), understanding the competitive landscape and their business at a ground level and many more. Our research experts deliver the offerings efficiently and effectively within a stipulated time. The market study provided by Kenneth Research helps the Industry veterans/investors to think and to act wisely in their overall strategy formulation

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The post Voice Recognition Market Analysis 2020-2026 by Size, Share Emerging Trends, Future Growth, Technology, Revenue Analysis, Impact Analysis of COVID-19, Demand Forecast appeared first on America News Hour .

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