Nuance Communications, Inc. and Microsoft Are Dominating the Market for Global Speech and Voice Recognition Market in 2017

Global Speech and Voice Recognition Market is expected to reach USD 6,770.21 Million by 2025 from USD 1,095.00 Million in 2017, at a CAGR of 25.7% in the forecast period 2018 to 2025 in the forecast period 2018 to 2025. The new market report contains data for historic years 2016, the base year of calculation is 2017 and the forecast period is 2018 to 2025. Speech recognition software market has the largest market segment in speech an voice recognition market.

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The global speech and voice recognition market is highly concentrated to a few big players and rest to local players who cater to domestic markets only. Nuance Communications, Inc. dominates speech and voice recognition market, accounting for the highest market share in 2017, followed by Microsoft and IFLYTEK CO. LTD. Other players in this market include HOYA Corporation, Raytheon, Advanced Voice Recognition Systems, Inc., Pareteum, Sensory, Inc., VoiceVault Inc., LumenVox, LLC., Acapela Group SA, VocalZoom, BioTrust, Uniphore, Voicebox Technologies Corporation and Cantab Research Limited among others holds 24.2% of the global speech and voice recognition in 2017.

Nuance Communications, Inc.:

Founded in 1992 and headquartered in Burlington, U.S. Nuance Communications, Inc. is engaged in providing voice recognition and natural language understanding solutions. The company operates through four segments namely healthcare, mobile, enterprise and imaging. The voice and speech recognition related products lie in healthcare sector and mobile application. The healthcare sector offers documentation process with the help of artificial intelligence, cloud application and other related solutions. In mobile application segment the services are provided in the form of applications such as, voice recognition, and text-to-speech and among others.

Recent Developments:

In March, 2017, Nuance Communications, Inc. unveiled the latest version of Dragon Software for better accuracy, and timely detailed information.

In October, 2017, Nuance Communications, Inc. has been ranked 1St for the end-to-end healthcare coding, clinical documentation improvement (CDI), transcription and speech recognition technology in black book.

In September, Nuance Communications, Inc. announced that clinical speech recognition through the Nuance Dragon Medical One cloud platform will be supported by Imprivata Cortext, for the secured communications platform.

Microsoft :

Founded in 1975 and headquartered in Washington, United States. Microsoft is the global leader in providing and also developing software products, services, and devices globally. The company’s operates through various segments Office, Exchange, SharePoint, Skype, and Office 365 consumer services, such as Skype, Outlook.com, and OneDrive; Dynamics business solutions. Microsoft Cloud segment licenses server includes products such as Microsoft SQL Server, Windows Server, Visual Studio, System Center, and related CALs, as well as Azure, a cloud platform..

IFLYTEK CO. LTD.:

Founded in 1999 and headquartered in Hefei City, China. IFLYTEK CO. LTD. is engaged in developing and providing the software and chip products, information technology (IT) service. The company operates across various segments namely speech engine, education product, mobile application, interactive music among others. The voice and speech recognition lie under speech engine and mobile application. The company’s’ software and solution are widely applicable in enormous industries such as, telecommunication, bank, electricity, social security, agriculture, securities, insurance, post and other industries.

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