Speech recognition is the ability of a machine or program to identify words and phrases in spoken language and convert them to a machine-readable format. In contrast, voice recognition aims to identify the person who is speaking, by identifying the unique features of speech that differ between individuals. Speech and voice recognition is the technology by which sounds, words, or phrases spoken by human beings are converted into electrical signals. These signals are then transformed into coding patterns. "

Visionary leaders are the leading market players in terms of product portfolio, geographic reach, innovative technologies, and adoption of growth strategies. The SWIR market is moderately dominated by the players covering a major share of the market. These players have a broad product portfolio that caters to most of the regions globally. Visionary leaders primarily focus on acquiring the leading market position through their strong financial capabilities and well-established brand equity.

Dynamic differentiators refer to established vendors with very strong business strategies. However, they have a weaker service portfolio. They generally focus on a specific type of technology related to the product.

The speech and voice recognition market is also dependent on innovators as they demonstrate substantial product innovations compared to their competitors. They also have very focused product portfolio. However, they do not have very strong growth strategies for their speech and voice recognition business.

Emerging vendors are those that have niche service offerings and are starting to gain position in the market. They do not have strong business strategies unlike other established vendors. They might also be new entrants in the market and would require some more time before gaining significant traction in the market. Due to the moderate threat to new entrants in the market for establishing their footprint, there are many players who are providing products related to speech and voice recognition technology to diverse client groups globally.