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 220.127.116.11 Automotive 18.104.22.168 Banking Finance Services & Insurance 22.214.171.124 Consumer 126.96.36.199 Education 188.8.131.52 Enterprise 184.108.40.206 Government 220.127.116.11 Healthcare 18.104.22.168 Legal 22.214.171.124 Military 126.96.36.199 Retail 188.8.131.52 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 184.108.40.206 Increasing demand for voice biometric systems for user authentication 220.127.116.11 Growth of voice recognition in car infotainment systems 18.104.22.168 Ability to Streamline Workflow 22.214.171.124 Increasing use of voice recognition system for Electronic Health Record(EHR) applications 126.96.36.199 Availability of interactive tutorials 3.5.2 Market restraint analysis 188.8.131.52 Lack of accuracy in voice recognition systems 3.5.3 Market opportunities 184.108.40.206 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 220.127.116.11 Angee 18.104.22.168 Insteon Hub Pro 22.214.171.124 Ivee Sleek 126.96.36.199 TuxedoTouch 3.9.2 Home Security and Home Automation - Software 188.8.131.52 ADT Pulse Voice App 184.108.40.206 Vognition 220.127.116.11 CastleOS 18.104.22.168 VoicePod 3.9.3 Home Security and Home Automation - Complete Solution Providers 22.214.171.124 Apple's HomeKit 126.96.36.199 Homey 188.8.131.52 CastleHub 184.108.40.206 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.) 220.127.116.11 Company Overview 18.104.22.168 Funding Analysis 22.214.171.124 Product Benchmarking 126.96.36.199 Recent Developments 188.8.131.52 Investments 184.108.40.206 Key Strategies 220.127.116.11 Mergers and Acquisition and Strategic Partnership 18.104.22.168 Research and Development Initiatives 22.214.171.124 Resource Planning 5.1.7 Amazon.com, Inc. 126.96.36.199 Company Overview 188.8.131.52 Financial Performance 184.108.40.206 Product Benchmarking 220.127.116.11 Alexa Powered Devices 18.104.22.168 Recent Developments 22.214.171.124 Investments and related activities 126.96.36.199 Key Strategies 188.8.131.52 Mergers and Acquisition 184.108.40.206 Research and Development Initiatives 220.127.116.11 Resource planning 5.1.8 Keda Xunfei Co., Ltd. 18.104.22.168 Company Overview 22.214.171.124 Financial Performance 126.96.36.199 Product Benchmarking 188.8.131.52 Recent Developments 184.108.40.206 Investments Raised 220.127.116.11 Key Strategies 18.104.22.168 Mergers and Acquisition 22.214.171.124 Research and Development Initiatives 126.96.36.199 Resource Planning 5.1.9 Apple Inc. 188.8.131.52 Company Overview 184.108.40.206 Financial Performance 220.127.116.11 Product Benchmarking 18.104.22.168 Recent Development 22.214.171.124 Key Strategies 126.96.36.199 Mergers and Acquisitions 188.8.131.52 Research and Development Initiatives 184.108.40.206 Resource planning 5.1.10 Baidu, Inc. 220.127.116.11 Company Overview 18.104.22.168 Financial Performance 22.214.171.124 Product Benchmarking 126.96.36.199 Recent Development 188.8.131.52 Key Strategies 184.108.40.206 Mergers and Acquisition and Strategic Partnerships 220.127.116.11 Research and Development Initiatives 18.104.22.168 Resource planning 5.1.11 Google LLC 22.214.171.124 Company Overview 126.96.36.199 Financial Performance 188.8.131.52 Product Benchmarking 184.108.40.206 Recent Developments 220.127.116.11 Investment 18.104.22.168 Key Strategies 22.214.171.124 Mergers and Acquisition 126.96.36.199 Research and Development Initiatives 188.8.131.52 Resource planning 5.1.12 International Business Machines Corporation 184.108.40.206 Company Overview 220.127.116.11 Financial Performance 18.104.22.168 Product Benchmarking 22.214.171.124 Recent Developments 126.96.36.199 Investment and related activities 188.8.131.52 Key Strategies 184.108.40.206 Mergers and Acquisition 220.127.116.11 Research and Development Initiatives 18.104.22.168 Resource planning 5.1.13 M2Sys Technology 22.214.171.124 Company Overview 126.96.36.199 Product Benchmarking 188.8.131.52 Recent Development 184.108.40.206 Key Strategies 220.127.116.11 Resource Planning 5.1.14 LumenVox LLC 18.104.22.168 Company Overview 22.214.171.124 Product Benchmarking 126.96.36.199 Recent Development 188.8.131.52 Key Strategies 184.108.40.206 Mergers and Acquisition and Strategic Partnerships 220.127.116.11 Resource planning 5.1.15 Microsoft 18.104.22.168 Company Overview 22.214.171.124 Financial Performance 126.96.36.199 Product Benchmarking 188.8.131.52 Recent Developments 184.108.40.206 Investment 220.127.116.11 Key Strategies 18.104.22.168 Mergers and Acquisition, and related activities 22.214.171.124 Research and Development Initiatives 126.96.36.199 Resource planning 5.1.16 MModal, Inc. 188.8.131.52 Company Overview 184.108.40.206 Product Benchmarking 220.127.116.11 Recent Developments 18.104.22.168 Key Strategies 22.214.171.124 Mergers and Acquisition, and strategic partnerships 126.96.36.199 Research and Development Initiatives 188.8.131.52 Resource Planning 5.1.17 Nuance Communication, Inc. 184.108.40.206 Company Overview 220.127.116.11 Financial Performance 18.104.22.168 Product Benchmarking 22.214.171.124 Recent Developments 126.96.36.199 Investments and related activities 188.8.131.52 Key Strategies 184.108.40.206 Mergers and Acquisition 220.127.116.11 Research and Development Initiatives 5.1.18 Raytheon Company 18.104.22.168 Company Overview 22.214.171.124 Financial Performance 126.96.36.199 Product Benchmarking 188.8.131.52 Recent Developments 184.108.40.206 Key Strategies 220.127.116.11 Mergers and Acquisition 18.104.22.168 Research and Development Initiatives 22.214.171.124 Resource planning 5.1.19 Sensory Inc. 126.96.36.199 Company Overview 188.8.131.52 Product Benchmarking 184.108.40.206 Recent Development 220.127.116.11 Investment 18.104.22.168 Key Strategies 22.214.171.124 Mergers and Acquisition and Strategic Partnerships 126.96.36.199 Research and Development Initiatives 5.1.20 ValidSoft (ElephantTalk Communications Corp.) 188.8.131.52 Company Overview 184.108.40.206 Product Benchmarking 220.127.116.11 Recent Developments 18.104.22.168 Investments and related activities 22.214.171.124 Key Strategies 126.96.36.199 Mergers and Acquisition 188.8.131.52 Resource Planning 5.1.21 VoiceBox Technologies Corporation (Subsidiary of Nuance Communications, Inc.) 184.108.40.206 Company Overview 220.127.116.11 Funding Analysis 18.104.22.168 Product Benchmarking 22.214.171.124 Recent Developments 126.96.36.199 Investments Raised 188.8.131.52 Key Strategies 184.108.40.206 Mergers and Acquisition 220.127.116.11 Research and Development Initiatives 18.104.22.168 Resource Planning 5.1.22 Verint System Inc. 22.214.171.124 Company Overview 126.96.36.199 Product Benchmarking 188.8.131.52 Recent Developments 184.108.40.206 Investments Raised 220.127.116.11 Market Development 18.104.22.168 Mergers and Acquisition 22.214.171.124 Research and Development Initiatives 126.96.36.199 Resource Planning 5.1.23 Dialogflow 188.8.131.52 Company Overview 184.108.40.206 Product Benchmarking 220.127.116.11 Recent Developments 18.104.22.168 Investment 22.214.171.124 Key Strategies 126.96.36.199 Mergers and Acquisition 188.8.131.52 Research and Development Initiatives 5.1.24 CastleOS Software, LLC 184.108.40.206 Company Overview 220.127.116.11 Product Benchmarking 18.104.22.168 Recent Development 22.214.171.124 Investment 126.96.36.199 Key Strategies 188.8.131.52 Research and Development Initiatives 5.1.25 Facebook, Inc. 184.108.40.206 Company Overview 220.127.116.11 Financial Performance 18.104.22.168 Product Benchmarking 22.214.171.124 Recent Developments 126.96.36.199 Investment 188.8.131.52 Key Strategies 184.108.40.206 Mergers and Acquisition 220.127.116.11 Research and Development Initiatives 18.104.22.168 Resource Planning 5.1.26 J-STAR Co.Ltd. 22.214.171.124 Company Overview 126.96.36.199 Product Benchmarking 188.8.131.52 Recent Development 184.108.40.206 Investment 220.127.116.11 Key Strategies 18.104.22.168 Resource Planning 5.1.27 Nortek Holdings, Inc. 22.214.171.124 Company Overview 126.96.36.199 Financial Performance 188.8.131.52 Product Benchmarking 184.108.40.206 Recent Developments 220.127.116.11 Investment 18.104.22.168 Key Strategies 22.214.171.124 Mergers and Acquisition 126.96.36.199 Research and Development Initiatives 188.8.131.52 Resource Planning 5.1.28 Paragon Semvox 184.108.40.206 Company Overview 220.127.116.11 Product Benchmarking 18.104.22.168 Recent Development 22.214.171.124 Investments 126.96.36.199 Key Strategies 188.8.131.52 Research and Development Initiatives 184.108.40.206 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)
Our library has over 100000 reports on 1000s of topics
Over 100+ Fortune 500 companies rely on us
90,000+ people come to us for insights every month
Toll Free: 1-888-928-9744
Email: [email protected]
Speak to the report author to design an exclusive study to serve your research needs.
A testimonial for service excellence represented in the form of BBB "A" Accreditation.
Your personal and confidential information is safe and secure.