COVID-19 IMPACT SURVEY MAY 2020
Amid the COVID-19 crisis and the looming economic recession, the Voice and Speech Recognition Technology market worldwide will grow by a projected US$22.6 Billion, during the analysis period, driven by a revised compounded annual growth rate (CAGR) of 18.8%. Speech, one of the segments analyzed and sized in this study, is forecast to grow at over 17.1% and reach a market size of US$21 Billion by the end of the analysis period. An unusual period in history, the coronavirus pandemic has unleashed a series of unprecedented events affecting every industry. The Speech market will be reset to a new normal which going forwards in a post COVID-19 era will be continuously redefined and redesigned. Staying on top of trends and accurate analysis is paramount now more than ever to manage uncertainty, change and continuously adapt to new and evolving market conditions.
As part of the new emerging geographic scenario, the United States is forecast to readjust to a 16.4% CAGR. Within Europe, the region worst hit by the pandemic, Germany will add over US$789.2 Million to the region's size over the next 7 to 8 years. In addition, over US$715.3 Million worth of projected demand in the region will come from Rest of European markets. In Japan, the Speech segment will reach a market size of US$802.5 Million by the close of the analysis period. Blamed for the pandemic, significant political and economic challenges confront China. Amid the growing push for decoupling and economic distancing, the changing relationship between China and the rest of the world will influence competition and opportunities in the Voice and Speech Recognition Technology market. Against this backdrop and the changing geopolitical, business and consumer sentiments, the world's second largest economy will grow at 24.6% over the next couple of years and add approximately US$4 Billion in terms of addressable market opportunity. Continuous monitoring for emerging signs of a possible new world order post-COVID-19 crisis is a must for aspiring businesses and their astute leaders seeking to find success in the now changing Voice and Speech Recognition Technology market landscape. All research viewpoints presented are based on validated engagements from influencers in the market, whose opinions supersede all other research methodologies.
Competitors identified in this market include, among others, 7.ai; Acapela Group; Advanced Voice Recognition Systems Inc.; Apple Inc.; Applied Voice & Speech Technologies Inc.; BioTrust ID B.V.; Convergys Corp.; Genesys Telecommunications Laboratories Inc.; Google Inc.; Honeywell International, Inc.; IBM Corp.; LumenVox LLC; Microsoft Corp.; Nuance Communications Inc.; Sensory Inc.; Sestek; Voxware Inc.; Wizzard Speech LLC