LONDON--(BUSINESS WIRE)--The global voice recognition software market is expected to register a CAGR of nearly 8% during the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the market’s growth is the growing penetration of Internet and rising number of smartphone users. The adoption of smartphones among consumers is increasing. In 2017, more than 60% of the people in countries such as the US, Germany, China, India, Ukraine, and Columbia owned a smartphone. The penetration of smartphone ownership is expected to grow further in the future.
This market research report on the global voice recognition software market 2018-2022 provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio predicts an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the growing focus toward R&D of new languages as one of the key emerging trends in the global voice recognition software market:
Global voice recognition software market: Growing focus toward R&D of new languages
Only a limited number of people can speak English in the world. For instance, around 18%-22% of the world population can speak English. However, approximately only 5% of the world population has English as a first language or are native English speakers. Hence, many companies are concentrating on developing voice recognition software in local languages or different native languages.
“In August 2017, a major vendor expanded its voice recognition capabilities to support 30 additional languages and locales around the world, particularly in emerging markets such as India. The new voice recognition update will be initially supported in Android and voice search. The increasing focus companies to develop solutions for voice recognition software in local languages will drive the global voice recognition software market in the future,” says a senior analyst at Technavio for research on enterprise application.
Global voice recognition software market: Segmentation analysis
This market research report segments the global voice recognition software market into the following end-users (healthcare, consumer products, automotive, and enterprise contact centers) and key regions (the Americas, APAC, and EMEA).
The healthcare segment held the largest market share in 2017, accounting for nearly 33% of the market. However, during the forecast period, the consumer products segment will surpass this segment to become the dominant end-user segment.
The Americas held the highest share of the global voice recognition software market in 2017, accounting for a market share of more than 45%. The market share occupied by this region is anticipated to decrease by almost 2% during 2018-2022. However, the Americas is anticipated to dominate the global market throughout the forecast period.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market sizing
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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