The U.S. voice recognition market size is projected to touch 733.3 million units by 2025. The market is estimated to expand over 16% of CAGR from 2019 to 2025. The increasing demand for self-service features in BFSI sector is triggering the demand for voice-based applications, which, in turn, driving voice recognition market growth. Further, the rising number of mobile banking users doing banking transactions is also augmenting the market growth. Voice-based applications offer enhanced security. The increasing number of frauds in the BFSI sector across the U.S is also encouraging service providers and users to adapt to voice recognition atechnologies.
Growing focus on automobile safety has led to a ban on the use of cell phones across the globe. It is predicted that almost half of the cars are expected to have voice recognition systems by 2020. These in-car voice recognition systems will assists users while calling or changing music. The U.S with the highest number of cars anywhere in the world is projected to witness this trend. This factor is anticipated to bode well for the U.S. voice recognition market growth from 2019 to 2025.
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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.
Voice commands assist drivers to concentrate on the road even when accessing various apparitions while driving. Speech entries help drivers in following the route correctly while concentrating on the road. On the other hand, manual entry of data can affect security. With safety concern gaining traction among car manufacturers and users, the demand for voice-based technologies are estimated to increase over the next few years.
Further key findings from the report suggest:
• The automotive category held a considerable share in the market in 2028 owing to increasing in-car infotainment popularity.
• The banking & finance system is anticipated to register the highest CAGR over the forecast period as voice-based recognition offer enhanced security.
• Owing to the growing application of voice-based recognition in consumer electronic devices, this segment is likely to register the significant growth rate over the forecast duration.
U.S. Voice Recognition Market: Key Players
Amazon.com, Inc., Baidu Inc., Apple Inc. and Google LLC
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