In the present year 2022, the net worth of the global voice to text on mobile device market is figured to be around US$ 11.8 Billion. The overall voice to text on mobile device market size is expected to register an astounding CAGR of 23.5% throughout the forecast years from and reach a market value of US$ 97.5 Billion by 2032.
| Attributes | Details |
|---|---|
| Market Size Value (2022) | US$ 11.8 Billion |
| Market Size Value (2032) | US$ 97.5 Billion |
| Market Growth Rate (2022 to 2032) | 23.5% |
The continuing growth of the voice to text on mobile device market size can be attributed to the greater prevalence rate of speech & voice recognition technology in modern consumer electronic gadgets like as Smartphone, smart watches, tablets, and laptops.
The increased occurrences of fraud cases in numerous end-user business areas such as financial enterprises, healthcare insurance, mobile payment adoption, and even by e-commerce or online retail merchants are pushing the demand for the speech and voice recognition industry. Consequently, the global voice to text on mobile device market is poised to find immense opportunities as voice and speech recognition software is being pushed by all technological companies.
Reducing the price of electronic gadgets as well as affordable pricing of the data services has created a very favorable time for the voice of text on mobile device market growth. Additionally, a general increase in the sales of smart devices around the world and the improvement of technical knowledge of common people to use a Smartphone or any other smart device are some of the other reasons for the same.
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Because of the vast scale implementation of biometric systems in the United States in comparison to any other countries, this segment dominates the global speech and voice recognition industry so far. Thus the growing need for security in other countries as well is further projected to widespread the use of biometric systems indirectly boosting the market.
Moreover, advancements in computational linguistics, which aid in improving automatic speech recognition accuracy and its functional usage in many industrial, commercial, as well as household applications are predicted to strengthen the market during the forecast years.
Voice and speech recognition solutions are also expected to increase the most in the next few years for user identification applications for mobile device authentication and wearable device administration. Such advancements are also expected to bring in sufficient growth opportunities for the market players during the latter part of the forecast years.
Unfortunately, the growing concern over personal data theft and data privacy regulations is a major impeding factor for the market growth, Giant tech corporations, including Google, Apple, and Microsoft, are utilizing their enormous customer bases and marketing networks to process, comprehend, and act on real-time speech inputs from users for which they were accused at some point.
Mobile electronic devices such as smartphones and tablets are rapidly overtaking the desktop, laptop computers as the primary computing devices for more than 50% of the worldwide customers. Users are increasingly getting used to access the web, read and write messages and interact on social networks.
Input of text on mobile devices is popular despite the fact that it is significantly more difficult by using an on-screen keyboard. Automatic speech recognition (ASR) is a solution to the text input on mobile devices which is gaining popularity as an alternative to typing on mobile services.
Google offers the ability to search by voice on Android, iOS, and Chrome while Apple’s iOS mobile devices come with Siri, similar to a conversation assistant. On both Android and iOS mobile devices, users can also speak to fill in any text field where they can type, a feature used to dictate SMS messages and e-mail.
Voice to text on mobile devices capabilities enhance the missed-call and voicemail offerings across VAS (value added service) and network services. Voice-to-text on mobile devices improves customer satisfaction and generates revenue for various mobile network providers.
A major limitation of the global voice to text mobile devices is that speech recognition is performed on a server. Mobile network connections are often slow which further limits the penetration of the voice to text mobile devices. The global voice to text mobile devices market has opportunities to invent techniques for building an accurate, small-footprint speech recognition system that can run in real-time on modern mobile devices.
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With Voice-to-text on mobile devices, one can send and receive text messages, post Facebook and Twitter updates, emails, all hands-free. Voice-to-text has an incredibly accurate voice recognition technology. Other applications of Voice-to-text on mobile devices include setting reminders, making appointments, and searching the internet without lifting a finger.
Currently, a new application is available for deaf people who excel at lip reading. In meetings or group conversations wherein it gets difficult to follow a conversation when many people speak together, the applications aid in translating the speech into written words and transcribing it on screen in near real time.
As a result, the global Voice-to-text on mobile device market growth is expected to be boosted by growing prominence of social networking websites and its hands-free feature.
Geographically, global voice to text on mobile devices market is classified into regions viz. North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan, Middle East and Africa (MEA). Broad language coverage in Voice-to-text, with language detection for multi-language solutions is an important feature on mobile devices.
The most common languages available for Voice-to-text are English (US, UK, Canada, Australia), Spanish (Latin American variations), German, French, Italian and Portuguese. Therefore, countries in America and Europe are expected to hold more than half the share in the global voice to text on mobile devices market.
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The key players in global Voice-to-text on mobile devices market are Nuance Communications, Inc., SingTel Optus Pty Limited, iSpeech, Inc., Apple Inc., Microsoft Corporation, Google Inc., to name a few.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, accessories and applications.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
The global voice to text on mobile devices market is classified on the basis of type of mobile device platform and region.
On the basis of mobile device platform type segmentation, the global voice to text on mobile devices market is classified as follows:
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Voice to Text on Mobile Devices Market
