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U.S. Voice Recognition Market Size & Share, 2025 | Industry Report

U.S. Voice Recognition Market Analysis Report By Vertical And Segments Forecasts From 2019 To 2025

Report ID: MN17619932  |  Published: July 2020  |  No of Pages: 144
Format: Electronic (PDF)  |  Industry: Computing & Technology  |  Publisher: Grand View Research

Industry Insights

The U.S. voice recognition market size was valued at 251.2 million units in 2018. The market is estimated to exhibit the CAGR of over 16% from 2019 to 2025. The growing use of voice recognition technologies in advanced electronic devices and technological advancements are paving the way for the growth of the market. Increasing the use of voice recognition in biometric is a major driver. Voice-enabled biometric ensures security in offering access to genuine users while doing transactions.

The growing demand for voice-based biometrics in enterprise applications and BFSI is likely to attribute to the growth of the market. Further, increasing use of voice-based in-car infotainment systems is estimated to augment the demand in the automotive sector. In addition, the growing use of speech-based technology in the mobile map for navigation is estimated to fuel the market growth.

U.S. voice recognition market

With the growing use of IoT in residential, commercial and industrial applications across the U.S, there has been a significant rise in the number of consumers using connected devices. This has resulted in the integration of various connected devices with voice recognition technique, thereby, supplementing the growth of the market.

Voice recognition is rapidly adopted in various consumers’ devices such as laptop, smartphone and IoT-enabled equipment. Major market players in the U.S are emphasizing on offering services including voice-based intelligent personal assistant software and application. The growing trend of smart home automation is the other factor projected to drive market growth. Such homes use voice commands to control room temperature, lights and doors, thereby, attributing to the growth of the market.

Growing technology adoption and use of voice-based biometric systems to access core credentials are augmenting the market growth. Further, consumers prefer voice-based biometrics to other conventional authentication methods, which, in turn, is proliferating the growth of the market.

Vertical Insights

On the basis of vertical, the U.S. voice recognition market is categorized into legal, automotive, BFSI, education, consumer, healthcare, retail, military and others. Among them, consumer category held the largest share in the market in 2018. The increasing technology application in home security and different connected devices across the U.S are anticipated to augment market growth.

The automotive category is anticipated to hold a considerable share in the U.S market over the forecast period. Different automotive applications like car navigation, verbal commands and remote control for the infotainment system are attributing to this growth. To authenticate users, The United Services Automobile Association (USAA) usage biometric systems that offer voice, face and fingerprint recognition. USAA users can access their accounts using mobile. Thus, growing penetration of such technology is fueling market growth.

U.S. voice recognition market share

Other verticals such as health monitoring and home security are also deploying a voice recognition technique. Smart systems and advanced security help in monitoring surrounding and establishing communications with individuals to process features such as turning on/off lights, reporting intruders and adjusting thermostats. With the growing number of smart home in the U.S, these applications are projected to offer new growth opportunity for the market.  

Impact of COVID-19

The recent COVID-19 outbreak has led to a decline in demand for consumer electronics and automotive, thereby, adversely affecting the market growth. With decreasing consumer spending on non-essential things, voice-based technology adoption has delayed to some extent in consumer segment.

However, voiced recognition technologies significantly contribute while responding to the ongoing COVID-19 pandemic. As coronavirus spreads by contact and through the air, technologies offering security through direct touch are not being used at public places. Since voice recognition offers enhanced security without any direct contact, thus, its demand on public places are expected to gain traction over the next years.

U.S. Voice Recognition Market Share Insights

Major players in the market are Amazon.com, Inc., Google LLC, M2SYS Technology, Microsoft, Baidu, Inc., Apple Inc., Agnitio S.L and LumenVox LLC among others. These players are emphasizing on developing improved voice recognition technology to gain a competitive edge in the market and acquire the largest market share. Additionally, there focusing on increasing their expenditure on research & development programs to innovate through the existing offering. Apple offers ‘Siri’ in its products iPads, iPods and iPhones. This application performs various actions based on voice commands. On the other hand, Amazon provides ‘Amazon Echo’, a hand-free virtual assistant capable in music playback, along with offering new and several other information in real-time.

Report Scope

Attribute

Details

Base year for estimation

2018

Actual estimates/Historical data

2014 - 2017

Forecast period

2019 - 2025

Market representation                                   

Volume in Million Units and CAGR from 2019 to 2025

Country scope

U.S.

Report coverage        

Volume forecast, company share, competitive landscape, growth factors, and trends

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Segments Covered in the Report

This report forecasts revenue growth at the U.S country levels, and provides an analysis on latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Million Insights has segmented the U.S. voice recognition market report based on vertical:

• Vertical Outlook (Volume, Million Units, 2014 - 2025)
    • Automotive
    • Enterprise
    • Consumer
    • Banking, Financial Services, & Insurance
    • Government
    • Retail
    • Healthcare
    • Military
    • Legal
    • Education
    • Others

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Ryan Manuel

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