Global language technology industry expected to reach $44.4 billion by 2027 – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–Added the Global Speech Technology Market (2022-2027) by Features, Deployment Methods, Deployment, Industries and Geography, Competitive Analysis and the Impact of Covid-19 with Ansoff Analysis report ResearchAndMarkets.com Offer.

The global voice technology market is valued at US$17.33 billion in 2022 and is projected to reach US$44.47 billion by 2027, growing at a CAGR of 20.74%.

Market dynamics are forces affecting prices and stakeholder behavior. These forces create price signals resulting from the changes in the supply and demand curves for a particular product or service. Market dynamics forces can be related to macroeconomic and microeconomic factors. There are other dynamic market forces than price, demand and supply. Human emotions can also drive decisions, influence the market and create price signals.

As market dynamics affect the supply and demand curves, decision makers are trying to figure out the best way to deploy different financial tools to curb different strategies to accelerate growth and reduce risk.

countries studied

  • Americas (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of America)

  • Europe (Austria, Belgium, Denmark, Finland, France, Germany, Italy, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, UK, rest of Europe)

  • Middle East and Africa (Egypt, Israel, Qatar, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)

  • Asia Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia Pacific)

Competitive Quadrant

The report includes the Competitive Quadrant, a proprietary tool used to analyze and rank companies’ position based on their industry position score and market performance score. The tool uses various factors to classify players into four categories. Some of these factors considered for the analysis are financial performance over the past 3 years, growth strategies, innovation assessment, new product launches, investments, market share growth, etc.

Ansoff analysis

The report provides detailed Ansoff matrix analysis for the global speech technology market. The Ansoff Matrix, also known as the Product/Market Expansion Grid, is a strategic tool used to develop strategies for business growth. The matrix can be used to evaluate approaches in four strategies viz. Market development, market penetration, product development and diversification. The matrix is ‚Äč‚Äčalso used for risk analysis to understand the risk associated with each approach.

The analyst analyzes the global voice technology market using the Ansoff matrix to identify the best approaches a company can take to improve its market position.

Based on the SWOT analysis of the industry and the industry players, the analyst has made appropriate strategies for the market growth.

Why buy this report?

  • The report offers a comprehensive assessment of the global voice technology market. The report provides in-depth qualitative analysis, verifiable data from authentic sources and forecasts on the market size. The forecasts are calculated using proven research methods.

  • The report was compiled through extensive primary and secondary research. The primary research is done through interviews, surveys and observations by well-known people in the industry.

  • The report provides in-depth market analysis using Porter’s 5 Forces model and Ansoff matrix. Additionally, the impact of Covid-19 on the market is also covered in the report.

  • The report also includes the regulatory scenario in the industry to help you make an informed decision. The report discusses major regulators and important rules and regulations imposed on this sector in different regions.

  • The report also includes competitive analysis using Positioning Quadrants, the analyst’s competitive positioning tool.

market dynamics

driver

  • Increasing demand for speech-based biometric systems for multi-factor authentication

  • Increasing applications for healthcare, mobile banking and smart home automation

  • Possible impact of AI on the accuracy of speech and speech recognition

limitations

  • Associated high cost of implementing the language technology system

  • Lack of accuracy in harsh environments

occasions

  • Growing number of voice controlled smart assistive devices

  • Possible development of a language technology system for microlinguistics and local languages

challenges

  • Standardized platform for developing customer-specific speech recognition systems

market segmentation

The global voice technology market is segmented on the basis of features, delivery methods, deployment, verticals, and geography.

  • By function, the market is segmented into Interactive Voice Response (IVR), Real-time Speech-to-Text Conversion, Speech Analysis, Speech Recognition, Speech Synthesis, and Speech Verification.

  • By delivery methods, the market is segmented into artificial intelligence and non-artificial intelligence.

  • After deployment, the market is classified into on-cloud and on-premise.

  • By industry, the market is segmented into Aerospace & Defense Security, Automotive, Government & Public Sector, Healthcare & Life Science, IT & Telecommunication, Personal Assistance and Retail.

  • Geographically, the market is divided into America, Europe, Middle East and Africa, and Asia-Pacific.

companies mentioned

  • Acapela group

  • Amazon Web Services, Inc.

  • Anki

  • apple inc

  • Baidu, Inc.

  • Google LLC

  • iFlytek

  • IBM Corp.

  • LumenVox

  • Meta Platforms, Inc.

  • microsoft corp

  • Nuance Communications, Inc.

  • Qualcomm Technologies, Inc.

  • Quantiphi, Inc.

  • Raytheon BBN technologies

  • Sensory Inc.

  • Siemens AG

  • speak2web

  • Speechmatics (Cantab Research Ltd.)

  • Uniphore software

  • Validsoft

  • Voicevault Inc.

For more information about this report, visit https://www.researchandmarkets.com/r/yqsfxv

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