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Published: Sep, 2019 | Pages:
144 | Publisher: Grand View Research
Industry: Technology & Media | Report Format: Electronic (PDF)
The U.S. voice recognition market demand is expected to reach 733.3 million units by 2025, registering a 16.5% CAGR from 2019 to 2025 according to a new study by Grand View Research, Inc. The growing demand for self-service applications such as voice-based biometric identification in the banking sector is anticipated to drive market growth in the near future. The increasing number of users of mobile banking applications for banking transactions is also expected to positively influence the growth of the U.S. market in the near future. An alarming rise in fraudulent banking activities in the U.S. is a major factor driving the adoption of high-end security measures, such as voice-based biometrics, in banking organizations. The integration of the technology in automobiles is gaining popularity across the globe as numerous countries are developing stringent driving regulations such as banning the use of cell phones while driving vehicles. It is estimated that by 2020, more than 50% of the world's cars would be equipped with in-car voice recognition systems with features such as placing a call or changing music using verbal commands. The trend is also likely to be strong in the U.S., thus driving the U.S. market for voice recognition. In addition to this, voice commands help drivers keep their eyes on the road even when accessing applications such as car navigation or in-car infotainment system while driving. Whereas, speech destination entry helps drivers to follow the route correctly while keeping their eye on the road, manually entering data into a navigation system can result in significant safety risks. Owing to the rising demand globally, manufacturers of consumer devices are focusing on innovating their products by enabling verbal commands in them. This trend is expected to accelerate the growth of the U.S. voice recognition market over the forecast period. Further key findings from the report suggest: • The automotive vertical accounted for a significant market share in the U.S. market for voice recognition in 2018 owing to rising popularity of in-car infotainment systems enabled by verbal commands. The technology is also being increasingly used in the automotive industry to improve verbal navigation systems, such as updating the car driver with traffic conditions on the route and also suggesting alternative routes • The banking and financial vertical is expected to register the highest CAGR over the forecast period owing to the rising adoption of voice-based biometric authentication for performing banking transactions. Several financial institutes such as HSBC and Wells Fargo are in the process of enabling verbal command features in their banking applications • Applications in the consumer vertical are gaining traction and the vertical is likely to witness promising growth prospects over the forecast period. Advanced security systems are increasingly being integrated with voice recognition technology to help the user give verbal commands for activities such as adjusting thermostats, turning on and turning off lights, and identifying residents and reporting intruders • Some of the leading U.S. voice recognition solution providers are Advanced Voice Recognition System, Inc., Agnitio S.L. (subsidiary of Nuance Communications Inc.), Amazon.com, Inc., Apple Inc., and Baidu, Inc.
Table of Contents
Chapter 1 Methodology and Scope
1.1 Research Methodology
1.2 Research Scope and Assumptions
1.3 List of Data Sources
Chapter 2 Executive Summary
2.1 U.S. Voice Recognition - Industry Snapshot and Key buying Criteria, 2014 - 2025
2.2 Industry Trends
2.2.1 Verticals
Chapter 3 U.S. Voice Recognition Market: Industry Outlook
3.1 Market Segmentation
3.2 Market Definition
3.2.1 Verticals
3.2.1.1 Automotive
3.2.1.2 Banking Finance Services & Insurance
3.2.1.3 Consumer
3.2.1.4 Education
3.2.1.5 Enterprise
3.2.1.6 Government
3.2.1.7 Healthcare
3.2.1.8 Legal
3.2.1.9 Military
3.2.1.10 Retail
3.2.1.11 Other
3.3 Market Shipment and Growth Prospects
3.4 U.S. Voice Recognition Market - Value Chain Analysis
3.5 U.S. Voice Recognition Market Dynamics
3.5.1 Market driver analysis
3.5.1.1 Increasing demand for voice biometric systems for user authentication
3.5.1.2 Growth of voice recognition in car infotainment systems
3.5.1.3 Ability to Streamline Workflow
3.5.1.4 Increasing use of voice recognition system for Electronic Health Record(EHR) applications
3.5.1.5 Availability of interactive tutorials
3.5.2 Market restraint analysis
3.5.2.1 Lack of accuracy in voice recognition systems
3.5.3 Market opportunities
3.5.3.1 Voice Control in Internet of Things (IoT) Devices
3.6 Industry Analysis - Porter's
3.7 U.S. Voice Recognition - PEST analysis
3.8 Technology Overview
3.8.1 Audio Mining (Speech analytics)
3.8.2 Automatic Speech Recognition
3.8.3 Cloud Computing
3.8.4 Far-Field Microphone
3.8.5 Interactive Voice Response
3.8.6 Noise Abatement
3.8.7 Speech Biometrics
3.8.8 Text-to-speech
3.8.9 Voice-Over-IP (VoIP)
3.8.10 Voice Activated Dialling
3.8.11 VoiceXML
3.8.12 Natural Language Processing
3.9 Voice recognition technology - Home Security and Home Automation
3.9.1 Home Security and Home Automation - Hardware Solutions
3.9.1.1 Angee
3.9.1.2 Insteon Hub Pro
3.9.1.3 Ivee Sleek
3.9.1.4 TuxedoTouch
3.9.2 Home Security and Home Automation - Software
3.9.2.1 ADT Pulse Voice App
3.9.2.2 Vognition
3.9.2.3 CastleOS
3.9.2.4 VoicePod
3.9.3 Home Security and Home Automation - Complete Solution Providers
3.9.3.1 Apple's HomeKit
3.9.3.2 Homey
3.9.3.3 CastleHub
3.9.3.4 Ubi
3.10 Enhanced Devices Sales Volume, 2014-2018 (Million units)
3.10.1 Amazon Echo Family
3.10.2 Google Family
3.10.3 Others
Chapter 4 U.S. Voice Recognition Market: Vertical Outlook
4.1 U.S. Voice Recognition Market: Vertical Outlook
4.1.1 Automotive
4.1.2 Banking Finance Services & Insurance
4.1.3 Consumer
4.1.4 Education
4.1.5 Enterprise
4.1.6 Government
4.1.7 Healthcare
4.1.8 Legal
4.1.9 Military
4.1.10 Retail
4.1.11 Other
Chapter 5 U.S. Voice Recognition: Competitive Landscape
5.1 Advanced Voice Recognition Systems, Inc.
5.1.1 Company Overview
5.1.2 Financial Performance
5.1.3 Recent Developments
5.1.4 Key Strategies
5.1.5 Research and Development Initiatives
5.1.6 Agnitio S.L. (subsidiary of Nuance Communications Inc.)
5.1.6.1 Company Overview
5.1.6.2 Funding Analysis
5.1.6.3 Product Benchmarking
5.1.6.4 Recent Developments
5.1.6.5 Investments
5.1.6.6 Key Strategies
5.1.6.7 Mergers and Acquisition and Strategic Partnership
5.1.6.8 Research and Development Initiatives
5.1.6.9 Resource Planning
5.1.7 Amazon.com, Inc.
5.1.7.1 Company Overview
5.1.7.2 Financial Performance
5.1.7.3 Product Benchmarking
5.1.7.4 Alexa Powered Devices
5.1.7.5 Recent Developments
5.1.7.6 Investments and related activities
5.1.7.7 Key Strategies
5.1.7.8 Mergers and Acquisition
5.1.7.9 Research and Development Initiatives
5.1.7.10 Resource planning
5.1.8 Keda Xunfei Co., Ltd.
5.1.8.1 Company Overview
5.1.8.2 Financial Performance
5.1.8.3 Product Benchmarking
5.1.8.4 Recent Developments
5.1.8.5 Investments Raised
5.1.8.6 Key Strategies
5.1.8.7 Mergers and Acquisition
5.1.8.8 Research and Development Initiatives
5.1.8.9 Resource Planning
5.1.9 Apple Inc.
5.1.9.1 Company Overview
5.1.9.2 Financial Performance
5.1.9.3 Product Benchmarking
5.1.9.4 Recent Development
5.1.9.5 Key Strategies
5.1.9.6 Mergers and Acquisitions
5.1.9.7 Research and Development Initiatives
5.1.9.8 Resource planning
5.1.10 Baidu, Inc.
5.1.10.1 Company Overview
5.1.10.2 Financial Performance
5.1.10.3 Product Benchmarking
5.1.10.4 Recent Development
5.1.10.5 Key Strategies
5.1.10.6 Mergers and Acquisition and Strategic Partnerships
5.1.10.7 Research and Development Initiatives
5.1.10.8 Resource planning
5.1.11 Google LLC
5.1.11.1 Company Overview
5.1.11.2 Financial Performance
5.1.11.3 Product Benchmarking
5.1.11.4 Recent Developments
5.1.11.5 Investment
5.1.11.6 Key Strategies
5.1.11.7 Mergers and Acquisition
5.1.11.8 Research and Development Initiatives
5.1.11.9 Resource planning
5.1.12 International Business Machines Corporation
5.1.12.1 Company Overview
5.1.12.2 Financial Performance
5.1.12.3 Product Benchmarking
5.1.12.4 Recent Developments
5.1.12.5 Investment and related activities
5.1.12.6 Key Strategies
5.1.12.7 Mergers and Acquisition
5.1.12.8 Research and Development Initiatives
5.1.12.9 Resource planning
5.1.13 M2Sys Technology
5.1.13.1 Company Overview
5.1.13.2 Product Benchmarking
5.1.13.3 Recent Development
5.1.13.4 Key Strategies
5.1.13.5 Resource Planning
5.1.14 LumenVox LLC
5.1.14.1 Company Overview
5.1.14.2 Product Benchmarking
5.1.14.3 Recent Development
5.1.14.4 Key Strategies
5.1.14.5 Mergers and Acquisition and Strategic Partnerships
5.1.14.6 Resource planning
5.1.15 Microsoft
5.1.15.1 Company Overview
5.1.15.2 Financial Performance
5.1.15.3 Product Benchmarking
5.1.15.4 Recent Developments
5.1.15.5 Investment
5.1.15.6 Key Strategies
5.1.15.7 Mergers and Acquisition, and related activities
5.1.15.8 Research and Development Initiatives
5.1.15.9 Resource planning
5.1.16 MModal, Inc.
5.1.16.1 Company Overview
5.1.16.2 Product Benchmarking
5.1.16.3 Recent Developments
5.1.16.4 Key Strategies
5.1.16.5 Mergers and Acquisition, and strategic partnerships
5.1.16.6 Research and Development Initiatives
5.1.16.7 Resource Planning
5.1.17 Nuance Communication, Inc.
5.1.17.1 Company Overview
5.1.17.2 Financial Performance
5.1.17.3 Product Benchmarking
5.1.17.4 Recent Developments
5.1.17.5 Investments and related activities
5.1.17.6 Key Strategies
5.1.17.7 Mergers and Acquisition
5.1.17.8 Research and Development Initiatives
5.1.18 Raytheon Company
5.1.18.1 Company Overview
5.1.18.2 Financial Performance
5.1.18.3 Product Benchmarking
5.1.18.4 Recent Developments
5.1.18.5 Key Strategies
5.1.18.6 Mergers and Acquisition
5.1.18.7 Research and Development Initiatives
5.1.18.8 Resource planning
5.1.19 Sensory Inc.
5.1.19.1 Company Overview
5.1.19.2 Product Benchmarking
5.1.19.3 Recent Development
5.1.19.4 Investment
5.1.19.5 Key Strategies
5.1.19.6 Mergers and Acquisition and Strategic Partnerships
5.1.19.7 Research and Development Initiatives
5.1.20 ValidSoft (ElephantTalk Communications Corp.)
5.1.20.1 Company Overview
5.1.20.2 Product Benchmarking
5.1.20.3 Recent Developments
5.1.20.4 Investments and related activities
5.1.20.5 Key Strategies
5.1.20.6 Mergers and Acquisition
5.1.20.7 Resource Planning
5.1.21 VoiceBox Technologies Corporation (Subsidiary of Nuance Communications, Inc.)
5.1.21.1 Company Overview
5.1.21.2 Funding Analysis
5.1.21.3 Product Benchmarking
5.1.21.4 Recent Developments
5.1.21.5 Investments Raised
5.1.21.6 Key Strategies
5.1.21.7 Mergers and Acquisition
5.1.21.8 Research and Development Initiatives
5.1.21.9 Resource Planning
5.1.22 Verint System Inc.
5.1.22.1 Company Overview
5.1.22.2 Product Benchmarking
5.1.22.3 Recent Developments
5.1.22.4 Investments Raised
5.1.22.5 Market Development
5.1.22.6 Mergers and Acquisition
5.1.22.7 Research and Development Initiatives
5.1.22.8 Resource Planning
5.1.23 Dialogflow
5.1.23.1 Company Overview
5.1.23.2 Product Benchmarking
5.1.23.3 Recent Developments
5.1.23.4 Investment
5.1.23.5 Key Strategies
5.1.23.6 Mergers and Acquisition
5.1.23.7 Research and Development Initiatives
5.1.24 CastleOS Software, LLC
5.1.24.1 Company Overview
5.1.24.2 Product Benchmarking
5.1.24.3 Recent Development
5.1.24.4 Investment
5.1.24.5 Key Strategies
5.1.24.6 Research and Development Initiatives
5.1.25 Facebook, Inc.
5.1.25.1 Company Overview
5.1.25.2 Financial Performance
5.1.25.3 Product Benchmarking
5.1.25.4 Recent Developments
5.1.25.5 Investment
5.1.25.6 Key Strategies
5.1.25.7 Mergers and Acquisition
5.1.25.8 Research and Development Initiatives
5.1.25.9 Resource Planning
5.1.26 J-STAR Co.Ltd.
5.1.26.1 Company Overview
5.1.26.2 Product Benchmarking
5.1.26.3 Recent Development
5.1.26.4 Investment
5.1.26.5 Key Strategies
5.1.26.6 Resource Planning
5.1.27 Nortek Holdings, Inc.
5.1.27.1 Company Overview
5.1.27.2 Financial Performance
5.1.27.3 Product Benchmarking
5.1.27.4 Recent Developments
5.1.27.5 Investment
5.1.27.6 Key Strategies
5.1.27.7 Mergers and Acquisition
5.1.27.8 Research and Development Initiatives
5.1.27.9 Resource Planning
5.1.28 Paragon Semvox
5.1.28.1 Company Overview
5.1.28.2 Product Benchmarking
5.1.28.3 Recent Development
5.1.28.4 Investments
5.1.28.5 Key Strategies
5.1.28.6 Research and Development Initiatives
5.1.28.7 Resource Planning
List of Tables TABLE 1 U.S. voice recognition - Industry snapshot and key buying criteria, 2014 - 2025 TABLE 2 U.S. voice recognition market, by shipment, 2014 - 2025 (Million Units) TABLE 3 U.S. voice recognition - Key market driver impact TABLE 4 U.S. voice recognition - Key market restraint impact TABLE 5 U.S. voice recognition - Key market opportunity impact TABLE 6 Voice recognition - Automatic speech recognition TABLE 7 Voice recognition - Voice-over-IP TABLE 8 Voice recognition - Voice activated dialing TABLE 9 Voice recognition - Natural language processing TABLE 10 Home security and home automation - Hardware solutions TABLE 11 Home security and home automation - Software providers TABLE 12 Home security and home automation - Complete solution providers TABLE 13 Amazon Echo devices sales volume, 2014 - 2018 (Million Units) TABLE 14 Amazon Echo devices TABLE 15 Google Home devices sales volume, 2014 - 2018 (Million Units) TABLE 16 Google Home devices TABLE 17 U.S. voice recognition market shipment by vertical, 2014 - 2025 (Million Units)
List of Figures FIG. 1 U.S. voice recognition market segmentation and scope FIG. 2 U.S. voice recognition market, 2014 - 2025 (Million Units) FIG. 3 U.S. voice recognition market value chain analysis FIG. 4 U.S. voice recognition market dynamics FIG. 5 U.S. voice recognition market - Porter's analysis FIG. 6 U.S. voice recognition market - PEST Analysis FIG. 7 U.S. enhanced devices sales 2014 - 2025 (Million Units) FIG. 8 U.S. voice recognition market: vertical outlook, 2018 & 2025 (Million units)
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