The global speech recognition market was valued at $6.39billion in 2018, and is projected to reach $29.28 billion by 2026, registering a CAGR of 19.9% from 2019 to 2026.Speech recognition technologyenables system to identify the sound of spoken words and convert them into machine readable form. Itis majorly used in various devices such as smartphones, cars, and computers. This technology uses linguistic units for speech and audio signals, which are measured by word error rate (WER) and help to identify the inaccuracies occurred while processing.
Factors such as increasing demand for speech recognition in automotive, rising demand for voice biometric systems for user authentication and high growth potential in healthcare application has boosted the growth of the global Speech recognition market. However, lack of accuracy in harsh environments and high installation cost, act as a major restraint hampering the market growth. Furthermore, rising adoption of speech recognition in the consumer verticals and emergence of speech recognition in robotics offers lucrative opportunities for the Speech recognition market growth globally
The global Speech recognition market is analyzed by deployment mode, end use, and region. Based on deployment, the market is analyzed across on cloud and on premise. On the basis of end use, the market is divided into automotive, consumer electronics, healthcare, enterprise and others. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA along with their prominent countries.
The key players profiled in the report includeincludeGoogle Inc., Naunce Communication, IBM, Baidu, Amazon, Microsoft, Raytheon BBN Technologies, Sensory, Iflytek, and Speak2web. These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations, to enhance their market penetration.

GLOBAL SPEECH RECOGNITION MARKET SEGMENTATION
By Deployment Mode
- On Cloud
- On Premise
By End Use
- Automotive
- Consumer Electronics
- Healthcare
- Enterprise
- Others
By Region
- North America
o U.S.
o Canada
o Mexico
- Europe
o UK
o Germany
o France
o Russia
o Rest of Europe
- Asia-Pacific
o China
o Japan
o India
o Australia
o Rest of Asia-Pacific
- LAMEA
o Latin America
o Middle East
o Africa

KEY MARKET PLAYERS
o Google Inc.
o Naunce Communication
o IBM
o Baidu
o Amazon
o Microsoft
o Raytheon
o BBN Technologies
o Sensory
o Iflytek
o Speak2web