Voice Analyser Market 2018-2028: Market Segments, Dynamics, Size, Supply & Demand, Current Trends and Forecast 2028
Voice Analyser: Market Outlook
Increasing demand for voice-driven navigation systems and workstations is promoting growth in the hardware and software segments. Integration of voice-enabled in-car infotainment systems is gaining popularity across the globe as several countries initiate “hands-free” regulations that govern the use of mobile phones while driving. Developers of speech and Voice Analyser market are focusing on innovations, which are estimated to accelerate market growth over the forecast period. Use of Voice Analyser technology in smartphones enable doctors and clinicians to translate their voice into rich, detailed clinical description, which is recorded in electronic health record (EHR) system. Proliferation of voice-enabled IoT devices in smart home automation is expected to work in favor of the market in the near future. IoT-enabled devices would benefit a number of traditionally offline devices with innovative means of user interactions in addition to traditional means such as touch screens and buttons.
Voice Analyser and its Properties:
On the basis of functions, the market has been bifurcated into Voice Analyser and speech recognition. The Voice Analyser segment has further been divided into speaker identification and speaker verification. Meanwhile, the speech recognition segment has been sub-segmented into automatic Voice Analyser and text to speech. Further this technology has been assisting doctors and radiologists in maintaining records of patients. The AI-based technology segment is likely to register a higher CAGR during the forecast period, owing to their ability to recognize patterns of speech accurately. Artificial intelligence exceptionally converts speech into well-structured algorithms by undergoing certain stages, including representation of speech units, formulation, and development of recognition algorithms along with demonstration of correct inputs.
Rising development in machine learning and natural language processing is poised to supplement the growth of the AI-based technology segment. Rising number of AI-based digital assistants such as Alexa and Cortana are projected to stoke the growth of the Voice Analyser market during the forecast period. Integration of Voice Analyser with Virtual Reality (VR) is anticipated to trigger the growth of the overall market. In February 2017, Facebook enhanced its VR platform, Oculus rift, by adding Voice Analyser to the VR gear of the oculus rift.
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Global Voice Analyser Market: Segmentation
On the basis of function, the global Voice Analyser market has been segmented as:
- Voice Analyser
- Speech recognition
On the basis of end use, the global Voice Analyser market has been segmented as:
- Network equipment manufacturers (NEMS)
- Telecommunication service providers
- Mobile device manufacturers
Global Voice Analyser Market: Market Participants
Some of the market participants operating in the global Voice Analyser market identified across the value chain include Advanced Voice Analyser Systems, Inc.; Agnitio S.L.; Amazon, Inc.; Api.ai; Apple, Inc.; Anhui USTC iFlytek Co., Ltd.; Baidu, Inc.; BioTrust ID B.V.; CastleOS Software, LLC; Facebook, Inc.; Google, Inc.; International Business Machines Corporation; JStar; LumenVox LLC; M2SYSLLC; Microsoft Corporation; MModal, Inc.; Nortek Holdings, Inc.; Nuance Communications, Inc.; Raytheon Company; SemVox GmbH; Sensory, Inc.; ValidSoft U.K. Limited; VoiceBox Technologies Corporation; and VoiceVault, Inc. among the other Voice Analyser manufacturers.
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Opportunities for Participants in the Voice Analyser Market:
The automotive vertical commanded a sizeable share in the market in 2017 owing to increasing incorporation of voice-enabled technologies in car infotainment systems. Advanced automotive technologies such as connected devices update drivers about traffic conditions on the route and suggest alternative routes. In 2017, the healthcare sector was at the forefront of the market in terms of revenue. Voice Analyser market offers benefits such as reduced report turnaround time and assist doctors in record keeping. As a result, its demand in the sector is anticipated to remain high throughout the forecast horizon. The software is estimated to find increased application in the consumer and retail verticals over the same period owing to spiraling adoption of connected devices and growing penetration of personal assistants such as Google Home and Amazon Alexa in Europe and Asia Pacific.