LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global speech recognition for consumer electronics market to grow at a staggering CAGR of more than 28% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global speech recognition for consumer electronics market for 2017-2021. The report considers the unit shipments of consumer electronic devices equipped with speech recognition technology and the cost of integration of speech recognition software with these devices to calculate the revenue.
Speech recognition technology gained acceptance in the consumer electronics market in 2016 due to the rise in demand for advanced technology and convenience features in the global consumer electronics market. In 2016, the global consumer electronics market witnessed steady growth in unit shipments of smartphones, tablets, smart TVs, and smart watches, and this trend will continue throughout the forecast period.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global speech recognition for consumer electronics market:
Rise in popularity of cloud-based speech recognition
In 2016, the existing speech recognition systems utilized cloud servers to track the user's usage patterns and provide accurate solutions. For instance, when a user directs Google Now to navigate to a certain place using voice command, the cloud servers would not only return the search results for that particular place but also record whether the user clicked it.
Chetan Mohan, a lead embedded systems research analyst at Technavio, says, “Processing and storing such large amount of data on the consumer electronic device would require more storage space in the devices, increasing their manufacturing costs. Instead, cloud storage provides higher computational power and efficiency.”
Growing stringency in road safety regulations
With the rise in the number of road accidents worldwide, regulations have been enforced in many countries to prevent the use of mobile devices while driving. This has paved the way for safer means of interaction with mobile devices such as voice recognition. Countries, such as Australia, the Philippines, the UK, the US, India, and Chile, have imposed strict restrictions on mobile use on the road.
“Speech recognition in mobile devices helps users to access their devices without the need to move their eyes off the road while driving. To meet the growing demand for voice recognition applications in mobile devices, vendors have accelerated their R&D operations on the lines of developing speech-related command options for mobile devices,” adds Chetan.
Steady growth of the smartphone and tablet market
Markets in the US, Japan, Germany, and the UK are saturated but still growing. Other economies, such as India, China, Indonesia, and Brazil, have great potential for smartphone sales. Smartphones are witnessing a hike in demand because of the increasing capabilities of these devices.
Technological advances in smartphones have made them irreplaceable and a part of daily life, something that we cannot live without. Standard mobile device users are shifting to smartphones, and it is no more limited to only a section of high-income individuals, thanks to the reducing ASPs of smartphones.
Top vendors:
- Apple
- Microsoft
- Nuance Communications
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