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Is global speech recognition market valuable?

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As the business application market is growing over the time, so does the usage and its various products. Global speech recognition system, one of the AI products is scoring high in the worldwide market.

As per the survey by Tractica, the market was estimated to be worth 7,124.97 million US dollars in 2024. Over the time period from 2021 till 2024, the market volume has grown tremendously.

The summary of manufacturing of global speech recognition system,

Manufacturing of global speech recognition system

In every year, the revenue generated from this market is 1 million US dollar more from the last year. The top 5 manufacturers in the smart speaker industry recorded by Q4 2019 are Amazon, Google, Baidu, Alibaba and Xiaomi.

The manufacturing is done on a million scale. Even though, Siri by Apple is quite famous and being used more but nevertheless didn’t make it in the list of the survey result by Strategy Analytics. Usually, the main purpose of such a device is smartphones.

As with the revolutionary digital age, the production and evolution of technology are also increasing. The transition of mobile phones can also be seen increasing with the phones.

Being evolved into smartphones with multifaceted apps to make the experience more smooth and customer-friendly. The journey of the global speech assistant is quite a in demand and is definitely a progressive market.

Source: – Statista (Künstliche Intelligenz)

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