Overview and Scope
Mobile speech recognition software is a technology that converts spoken language into text on mobile devices, enabling hands-free communication, voice commands, and text input through speech.
Sizing and Forecast
The mobile speech recognition software market size has grown exponentially in recent years. It will grow from $4.26 billion in 2023 to $5.29 billion in 2024 at a compound annual growth rate (CAGR) of 24.1%. The growth in the historic period can be attributed to advancements in natural language processing (nlp), proliferation of mobile devices, integration with virtual assistants, rising demand for hands-free operation, improved connectivity and network speeds.
The mobile speech recognition software market size is expected to see exponential growth in the next few years. It will grow to $12.35 billion in 2028 at a compound annual growth rate (CAGR) of 23.6%. The growth in the forecast period can be attributed to integration with augmented reality (AR) and virtual reality (VR), focus on multimodal interaction, rise of edge computing in mobile devices, enhanced security and privacy measures, expanding applications in healthcare and industry. Major trends in the forecast period include integration with 5g technology, multilingual speech recognition, voice biometrics for authentication, healthcare and accessibility applications, context-aware speech recognition.
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Segmentation & Regional Insights
The mobile speech recognition software market covered in this report is segmented –
1) By Type: Isolated Word Recognition, Keyword Spotting, Continuous Speech Recognition
2) By Technology: Artificial Intelligence Based, Non-Artificial Intelligence Based
3) By Vertical: Healthcare, Military, Automotive, Retail, Government, Education, Banking, Financial Services, And Insurance (BFSI), Other Verticals
North America was the largest region in the mobile speech recognition software market in 2023. The regions covered in the mobile speech recognition software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The proliferation of smartphones with advanced features is expected to propel the growth of the mobile speech recognition software market going forward. A smartphone is a mobile communication device that combines the functionality of a cellular phone with features typically found in computing devices. Mobile speech recognition software revolutionizes smartphones by enabling hands-free interaction and seamless voice input, significantly improving user convenience and accessibility. According to a report published by Cybercrew, a UK-based company developing and providing cybersecurity solutions for businesses of all sizes, the percentage of UK households using smartphones reached 91.43% in 2021, and this percentage is projected to increase to 98% in 2023. Therefore, the proliferation of smartphones with advanced features is driving the growth of the mobile speech recognition software market.
Key Industry Players
Major companies operating in the mobile speech recognition software market report are Amazon Inc., Apple Inc., Alphabet Inc., Microsoft Corporation, AT&T Inc., IBM Corp., Cisco Systems Inc., Baidu Inc., Raytheon BBN Technologies, OpenText Corporation, iFLYTEK Co. Ltd., Dragon Systems, ABBYY, VoiceVault Inc, Pareteum Corporation, Speechmatics, Acapela Group, VoiceBox Technologies Corporation, ReadSpeaker Holding B.V., CereProc Ltd., Uniphore, Sensory Inc., LumenVox LLC, Advanced Voice Recognition Systems Inc., LumenVox LLC, Voci Technologies, RAYVN AS, Yobe Inc
The mobile speech recognition software market report table of contents includes:
1. Executive Summary
2. Mobile Speech Recognition Software Market Characteristics
3. Mobile Speech Recognition Software Market Trends And Strategies
4. Mobile Speech Recognition Software Market – Macro Economic Scenario
5. Global Mobile Speech Recognition Software Market Size and Growth
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32. Global Mobile Speech Recognition Software Market Competitive Benchmarking
33. Global Mobile Speech Recognition Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Mobile Speech Recognition Software Market
35. Mobile Speech Recognition Software Market Future Outlook and Potential Analysis
36. Appendix
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