The Mobile Speech Recognition Software Market is projected to develop at a CAGR of 22.5% from 2022 to 2032, reaching a value of US$ 3.3 billion in 2022 and US$ 25.4 billion by 2032.
In enterprise application, increasing adoption of conversational user interface (CUI) as a more prolific way to communicate among mobile devices like smartphones, tablets etc. The proliferation of smartphones with advance features and development of voice based applications is penetrating the demand for mobile speech recognition technologies in a positive way.
Furthermore, a number of developments in the creation of cutting-edge algorithms and the processing capacity of modern smartphones will aid in providing effective voice recognition.
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Mobile Speech Recognition Software Market: Drivers and Restraints
Crucial requirement of biometric authentication in mobile banking is leading to the intensified integration of speech authentication, thus driving the market for Mobile Speech Recognition Software. Moreover, rising awareness of multi-functionality of mobile devices in speech recognition technologies is also turning up as another important factor driving the growth of market in positive manner.
Lack of accuracy in noisy working environment is an important restraint, faced by most of the vendors in Mobile Speech Recognition Software market.
Global Mobile Speech Recognition Software Market: Competitive Landscape
Key Players
The major player operating in 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 U.S. to develop and integrate biometric authentication into the finance platforms and digital banking. The main objective of this partnership was to enable integration of VoiceVault Inc. existing voice recognition software with BioConnect mobile platform in order 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, application, and industry.
Key Companies Profiled
- Nuance Communications Inc
- Alphabet Inc
- Apple Inc
- Baidu Inc
- Amazon Inc
- Microsoft Corporation
- VoiceBox Technologies Corporation
- LumenVox, LLC
- Pareteum Corporation, Sensory
- ReadSpeaker Holding B.V.
- VoiceVault Inc.
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Key Segments
By Vertical:
- Healthcare
- Military
- Automotive
- Retail
- Government
- Education
- BFSI
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
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