Voice technology market and impact of COVID-19

The market for voice recognition systems and voice technologies, in general, is expected to rise from USD 6.9 billion in 2018 to USD 28.3 billion by 2026, with an annual growth rate of 19.8% during the expected period.

Sensitive growth is also expected for the European market: in 2018 the voice technology market produced USD 1.7 billion and is expected to grow significantly over the period considered.

One of the determining factors in the growth of voice technologies is certainly the ease of use of voice-type interfaces, but post-COVID has also reinforced the idea that a contactless interface with touch screens and buttons is also useful for preventing contagions.

The increase in the use of voice in the technological systems of different sectors such as healthcare, the banking sector, and others, is promoting the growth of the global voice technology market.

According to the study of the influential economic magazine Fortune, the cloud-based segment of the sector will dominate the market in the future, because it is considered an advanced tool for business.

The cloud service offers the possibility of providing multiple functions, such as multilingual technology for audio segmentation, voice recognition, speaker digitization, switching of raw audio data and audiovisual data in the desired format, together with language identification and other.

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