Global Speech Technology Market Research Report (2021 to 2026) - by Function, Application, Delivery Method and Region - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Speech Technology Market Research Report by Function, by Application, by Delivery Method, by Region - Global Forecast to 2026 - Cumulative Impact of COVID-19" report has been added to ResearchAndMarkets.com's offering.

The Global Speech Technology Market size was estimated at USD 11.66 Billion in 2020 and expected to reach USD 13.92 Billion in 2021, at a Compound Annual Growth Rate (CAGR) 19.76% to reach USD 34.41 Billion by 2026.

Competitive Strategic Window:

The Competitive Strategic Window analyses the competitive landscape in terms of markets, applications, and geographies to help the vendor define an alignment or fit between their capabilities and opportunities for future growth prospects. It describes the optimal or favorable fit for the vendors to adopt successive merger and acquisition strategies, geography expansion, research & development, and new product introduction strategies to execute further business expansion and growth during a forecast period.

FPNV Positioning Matrix:

The FPNV Positioning Matrix evaluates and categorizes the vendors in the Speech Technology Market based on Business Strategy (Business Growth, Industry Coverage, Financial Viability, and Channel Support) and Product Satisfaction (Value for Money, Ease of Use, Product Features, and Customer Support) that aids businesses in better decision making and understanding the competitive landscape.

Market Share Analysis:

The Market Share Analysis offers the analysis of vendors considering their contribution to the overall market. It provides the idea of its revenue generation into the overall market compared to other vendors in the space. It provides insights into how vendors are performing in terms of revenue generation and customer base compared to others. Knowing market share offers an idea of the size and competitiveness of the vendors for the base year. It reveals the market characteristics in terms of accumulation, fragmentation, dominance, and amalgamation traits.

The report provides insights on the following pointers:

1. Market Penetration: Provides comprehensive information on the market offered by the key players

2. Market Development: Provides in-depth information about lucrative emerging markets and analyze penetration across mature segments of the markets

3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments

4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players

5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments

The report answers questions such as:

1. What is the market size and forecast of the Global Speech Technology Market?

2. What are the inhibiting factors and impact of COVID-19 shaping the Global Speech Technology Market during the forecast period?

3. Which are the products/segments/applications/areas to invest in over the forecast period in the Global Speech Technology Market?

4. What is the competitive strategic window for opportunities in the Global Speech Technology Market?

5. What are the technology trends and regulatory frameworks in the Global Speech Technology Market?

6. What is the market share of the leading vendors in the Global Speech Technology Market?

7. What modes and strategic moves are considered suitable for entering the Global Speech Technology Market?

Market Dynamics

Drivers

• Rapid penetration of multifunctional and smart voice enabled IoT devices
• Growing healthcare, mobile banking, and smart home automation applications
• Increased demand for speech-based biometric systems for multifactor authentication
• Potential impact of AI on accuracy of speech and voice recognition

Restraints

• Associated high cost for implementation of speech technology system
• Potential parameters such as noise and uncertain environment affecting accuracy of speech recognition system

Opportunities

• Growing number of voice control-based smart assistive devices in enterprise verticals for the consumers
• Potential development of speech technology system for micro-linguistics and local languages
• Growing demand in autonomous cars, service robotics and education sector for disabled students

Challenges

• Standardized platform for developing customized speech recognition systems
• Geographies with low internet penetration rate

Companies Mentioned

• Acapela Group
• AIBrain
• Alphabet
• Amazon Web Services
• Anki
• Apple
• Baidu
• Biotrust Id
• Cantab Research
• Facebook
• Iflytek
• Lumenvox
• M2sys
• Microsoft
• Mmodal
• Nuance Communication
• Quantiphi, Inc.
• Raytheon BBN Technologies
• Sensory
• Siemens
• Speak2Web
• Uniphore Software
• Validsoft
• Vocalzoom
• Voicevault

For more information about this report visit https://www.researchandmarkets.com/r/pbww9g