Voice Recognition Market Size, Industry Growth and Overview to 2024: Hexa Reports

Hexa Reports

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Voice Recognition Market Analysis, Share and Size,

Emerging Trends, Growth, Overview And Segment

Forecasts To 2024

The global voice recognition market is expected to reach USD 127.58 billion by 2024, according to a new

study conducted by Grand View Research, Inc. The increasing number of benefits offered by the voice

recognition technology, including the easy accessibility, better productivity, and flexibility are

anticipated to drive the demand for speech recognition solutions over the next eight years. The

increased demand for high comfort and convenience is also expected to propel the demand. The voice

recognition technology exhibits vast potential in various application areas, especially in the home

automation system, due to advantages such as convenience and lower energy consumption.

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Voice recognition is also a core technology leveraged in the semi-autonomous and autonomous vehicles.

The autonomous car industry is expected to witness an explosive growth, which is anticipated to

subsequently drive the market growth over the forecast period. However, the high price of AI-based

voice control system is anticipated to pose a challenge to market expansion. Additionally, the inability to

accurately recognize speech in the regional accent is a key challenge to the market.

Further key findings from the study suggest:

Enhanced device dominated the market in 2015with over 50% of the total market share. This is

attributed to the increasing usage of voice recognition solutions in home automation and consumer

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electronics application areas. The software segment is anticipated to grow significantly over the forecast

period as several prominent players have open sourced their software development kit code.

The growing trend toward the...