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Overview of the global voice controlled devices market
Voice-controlled devices use the voice recognition software to convert and decode the human voice into signals, which are easily understood by the devices. It acts as an authentication technology, where words or phrases spoken aloud are converted into electrical signals that are transformed into coding patterns and assigned meaning. The prospects for growth in this market are aggrandized by the augmented demand for voice-based user authentication in financial institutions, healthcare enterprises, and government organizations. Also, the high penetration of devices that operate on voice commands across various new end-user segments, such as communication, enterprise contact center, mobile devices, and automotive, will result in this market’s steady CAGR of nearly 8% by 2020.
In this market study, analysts have estimated eminent factors, such as the growing integration of voice verification with speech recognition, to foster market growth during the forecast period. Recently, it has been observed that instead of offering voice verification as a standalone product, vendors are offering the integrated functioning of voice verification and speech recognition in devices. The integration of voice verification with speech recognition will be extremely useful in smartphones and could replace existing security features like lock patterns, passwords, and facial recognition in the near future.
Application-based segmentation of the voice controlled devices market
- Smart bands
- Automobile infotainment systems
The smartphones application segment dominated this market during 2015 and is envisaged to retain its dominating hold over the market until 2020 owing to the high penetration rate of smartphones with voice recognition technology. In this segmentation analysis, Technavio’s market research analysts have estimated that the adoption rate of voice recognition technology will be largely dependent on the adoption rate of mobile operating systems like Android and iOS, in smartphones. This market segment will be singlehandedly responsible for a profound market share of more than 94% by the end of 2020.
Geographical segmentation of the voice controlled devices market
In this market study, analysts have estimated the Americas to account for a market share of almost 42% by 2020. The high demand for voice recognition applications among enterprises and non-business consumers will lead to the substantial growth of this market in the Americas during the forecast period. Furthermore, factors such as the growing need for authentication in the financial and automotive sectors will aid in the growth of this market in the Americas until the end of 2020.
Competitive landscape and key vendors
The global voice controlled devices market is competitive as many players are integrating voice recognition technology into their devices. The level of competition in this market is anticipated to become more intense due to the rising number of solution providers along with the growing market for smart devices like smartphones, smart bands, and smartwatches in the next few years. Due to the development of new innovative applications, many new players will enter this market. This will further enhance market competition, leading to price wars among the vendors.
Top vendors analyzed in this market research are -
- Nuance Communications
- VoiceBox Technologies
Key questions answered in the report include
- What will the market size and the growth rate be in 2020?
- What are the key factors driving the voice controlled devices market?
- What are the key market trends impacting the growth of the global voice controlled devices market?
- What are the challenges to market growth?
- Who are the key vendors in the global voice controlled devices market?
- What are the market opportunities and threats faced by the vendors in the global voice controlled devices market?
- Trending factors affecting the market shares of the Americas, APAC, and EMEA.
- What are the key outcomes of the five forces analysis of the global voice controlled devices market?