Lewes, DE -- (SBWIRE) -- 04/25/2016 -- Report forecast the global speech recognition software market to grow at a CAGR of 16.99% during the period 2016-2020.

A speech recognition software identifies words spoken by an individual or speaker into a microphone, converts them into a computer-readable format, and responds automatically. These software applications recognize speech in multiple languages. These applications are used both by individual consumers and enterprises in the healthcare; banking, financial services, and insurance; legal; and telecommunications sectors for a number of purposes including fraud management, speaker verification, speaker identification, biometrics, and vehicle telematics.

The biometrics segment is seeing a high demand for speech recognition software because of the growing instances of fraud. Vendors are developing easy-to-deploy and cost-effective speech recognition applications that help in fraud management.

The report covers the present scenario and the growth prospects of the global speech recognition software market for 2016-2020. To calculate the market size, the report considers the revenue generated from the sales of speech recognition solutions, including software, integrated solutions, and services.

The market is divided into the following segments based on geography:
- Americas
- APAC
- EMEA

According to the report, increased work pressure and busy schedules have forced people to resort to unhealthy eating habits, with no or little time for a workout. However, the increased awareness of the benefits of a healthy lifestyle is encouraging people to opt for healthy diets and daily exercise to remain healthy and avoid health issues. As a result, the demand for fitness equipment is on the rise.

Further, the report states that the rising interest among consumers toward yoga, high-intensity interval training (HIIT), aerobics, and swimming poses a challenge for the global cardiovascular training equipment market.

Global Speech Recognition Software Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

key players in the Global Cardiovascular Training Equipment Market: Cybex International, Inc., ICON Health and Fitness, Nautilus, Inc., Precor, Inc., Technogym.

Other Prominent Vendors in the market are: Accell Fitness, Asian Sports & Enterprises, Body Solid, Bullworker Enterprises, Fitness EM, Hudson Aquatic Systems, HydroWorx, Hydro Physio, Johnson Health Tech, Jerai Fitness, Life fitness, Rocky Mountain Fitness, Torque Fitness, and Vibrogym.

Market driver
- Increased use of biometrics
- For a full, detailed list, view our report

Market challenge
- Lack of accuracy
- For a full, detailed list, view our report

Market trend
- Increased use of voice passwords
- For a full, detailed list, view our report

Key questions answered in this report
- What will the market size be in 2020 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?

Spanning over 53 pages and 19 Exhibit "Global Speech Recognition Software Market 2016 - 2020" report covers Executive summary, Scope of the report, Market research methodology, Introduction, Market landscape, Five forces analysis, Market segmentation by application, Market segmentation by end-user, Geographical segmentation, Key leading countries, Buying Criteria, Market drivers, Impact of drivers, Market challenges, Impact of drivers and challenges, Market trends, Vendor landscape, Appendix.

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