MarketResearchReports.Biz has announced addition of new report “Global Voice Controlled Devices Market 2016-2020” to its database.
Albany, NY -- (SBWIRE) -- 03/04/2016 -- MarketResearchReports.biz has announced the addition of a new report, titled "Global Voice Controlled Devices Market 2016-2020." According to this report, the global voice controlled devices market will expand at a CAGR of 7.84% during the forecast period from 2016 to 2020.
Voice-controlled devices deploy voice recognition software to convert human voice into signals that are understood by the devices. Voice recognition is the machine's ability to receive, comprehend, and dictate spoken commands. This technology is used for several purposes such as sending emails, sending text messages, opening locked devices, and initiating phone calls. These devices analyze the voice of a user and can subsequently deny or grant access to functions. Voice recognition technology is gaining popularity in areas such as mobile banking, which require users to identify themselves using spoken commands prior to making transactions.
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The global voice-controlled devices market is driven by the growing adoption of cloud-based voice recognition. The rising focus on safety regulations around the world will also fuel the global voice-controlled devices market. Moreover, the elevated demand for voice authentication in mobile banking will boost the global voice-controlled devices market. In addition to this, the expanding smartphone market and the growing need to improve customer value proposition will also have a positive impact on the global voice-controlled devices market. The research study on the global voice-controlled devices market offers a detailed impact analysis of these key trends on the market.
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Nevertheless, the global voice-controlled devices market will be challenged by the need for constant connectivity, lack of awareness, low use, inaccuracies in voice recognition, and limited availability of features in a majority of automobiles. Other key trends that will impact the global voice-controlled devices market include the emergence of self-driving cars, elevated use of apps in connected cars, and the growing demand for multi-factor authentication. Besides these trends, the report also covers the key opportunities in the global voice-controlled devices market.
On the basis of application, the global voice-controlled devices market is segmented into smartbands, remotes, smartwatches, automobile infotainment systems, and smartphones. The smartphones segment is leading the global voice-controlled devices market. This application segment benefits from the growing penetration of smartphones with voice recognition technology.
According to geography, the global voice-controlled devices market is segmented into the Americas, APAC, and EMEA. Presently, the Americas hold a massive share in the global voice-controlled devices market. This regional market is driven by the rising need for authentication in the automotive sector and the financial sector.
The key vendors operating in the global voice-controlled devices market are Sony, Samsung, Fitbit, Apple, Google, Pebble, Xiaomi, VoiceBox Technologies, and Nuance Communications. According to the report, the level of competition in the global voice-controlled devices market will become more intense in the coming few years. This will be impacted by the growing number of solution providers and the rising market for smart devices.
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