USD 7.56 billion
Speech and Voice Recognition Market Size, Share, Growth Analysis, By Function(Voice recognition and Speech Recognition), By Technology(On Cloud and On Premise), By Deployment Mode(Solutions and Services), By Component(Automotive, BFSI, Consumer, Education), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45J2063 |
Region:
Global |
Published Date: July, 2024
Pages:
260
|Tables:
118
|Figures:
77
Speech and Voice Recognition Market Insights
Speech and Voice Recognition Market size was valued at USD 7.56 billion in 2019 and is poised to grow from USD 9.4 billion in 2023 to USD 53.94 billion by 2031, growing at a CAGR of 24.4% in the forecast period (2024-2031).
Pattern recognition is used in speech and voice recognition technology to translate speech into a series of words. By speaking to the systems instead of typing or scrolling the screen, users will be able to get quick answers with the aid of speech and voice software. The capacity to process voice at a larger scale has also exponentially increased as a result of ongoing developments in Automated Speech Recognition (ASR), Natural Language Processing (NLP), and Machine Learning (ML), as well as the enormous amount of data and accessibility of AI platforms. There are several applications for speech and voice recognition in a variety of fields, including contact centres, mobile phones, embedded devices, dictation and help software, among others. Smart speakers, smart automobiles, and other voice-controlled devices have already been introduced onto the market.
US Speech and Voice Recognition Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Non AI- Based
Fastest Growth
AI-Based
Growth Rate
24.4% CAGR
Global Speech and Voice Recognition Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Speech and Voice Recognition Market Segmental Analysis
Global Speech and Voice Recognition Market is segmented on the basis of function, technology, deployment mode, component, vertical, and region. According to function, the Speech and Voice Recognition Market is bifurcated into Voice Recognition and Speech Recognition. On the basis of technology, Speech and Voice Recognition Market is segmented into Artificial intelligence based and non-Artificial intelligence based. According to deployment mode, global Speech and Voice Recognition Market is bifurcated into On Cloud and On-Premises/Embedded. On the basis of component, the Speech and Voice Recognition Market is segmented into Solutions and Services. According to vertical, the Speech and Voice Recognition Market is divided into Automotive, BFSI, Consumer, Education, Enterprise, Government, Healthcare, Legal, Military, Retail and Others. Based on the region Speech and Voice Recognition Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Speech and Voice Recognition Market Analysis by Technology
In 2021, the speech and voice recognition market is dominated by the non-Artificial intelligence based technology segment and accounted for the largest global revenue share of approximately 72%. This segment is expected to maintain a steady CAGR during the forecast period. In nations like Brazil, South Korea, and South Africa, the use of non-AI technology solutions has improved the market picture. Compared to AI-based technology, non-AI voice recognition solutions are being adopted more slowly on the market because of their poor capacity to understand colloquialisms, acronyms, and abbreviations.
The artificial intelligence-based technology segment is anticipated to grow at fastest CAGR during the forecast period. As a result of the system's accuracy in recognising speech patterns, demand for artificial intelligence-based technologies is rising. By going through specific steps, such as representing speech units, formulating and developing recognition algorithms, as well as demonstrating proper inputs, artificial intelligence successfully transforms speech into well-structured algorithms. The growing fields of machine learning and natural language processing are anticipated to accelerate the development of the artificial intelligence-based technology sector.
Speech and Voice Recognition Market Analysis by Vertical
Healthcare segment registered the highest market share in the Global Speech and Voice Recognition Market and accounted for approximately 29% of global revenue in 2021. In EHR systems, speech recognition speeds up the data collection process. Through this approach, doctors are given the ability to communicate briefly with the system. Radiology, pathology, emergency medicine, and other areas of healthcare are among the areas where speech recognition is now being used. Many doctors now find the advancements in voice and recognition systems useful for creating data, recording, and writing information. Various medical devices and platforms can simply be combined with voice recognition technology to offer safe authentication. Similar to this, voice and speech recognition technology allow medical professionals to convert their words to text, which is subsequently recorded in sophisticated electronic health record systems. Currently, a number of businesses are working to create voice-enabled medical equipment. Because of this, it is anticipated that the healthcare sector would have the fastest growth in the voice and speech recognition market over the next few years due to the increasing adoption of voice- or speech-enabled EMRs.
Global Speech and Voice Recognition Market By Technology, 2021 (%)
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Speech and Voice Recognition Market Regional Insights
North America held the largest global speech and voice recognition market share in 2021. The region is anticipated to continue to grow at a constant CAGR and hold the leading market position during the forecast period. The market in the North American is anticipated to be driven by the increasing use of voice-enabled applications in smartphones and voice & speech recognition in mobile banking, consumer electronics, and IoT devices. According to Companies in the US, one third of Americans will use voice assistants on a monthly basis in the coming years. The U.S. market would be driven by growing use of cutting-edge technologies like AI and IoT as well as widespread deployment of smart devices.
Asia-Pacific region is anticipated to grow at the fastest CAGR during the forecast period. In China, Japan, and Singapore, there is a rising need for speech and voice recognition, which is anticipated to drive market expansion throughout the Asia Pacific region. The presence of numerous automakers would increase demand for speech and voice recognition technology. Due to the existence of highly populous nations like China and India, the use of mobile and cloud technologies is rapidly expanding, which has resulted in previously unheard-of technological improvements in computing. On the other hand, a number of government organisations are implementing voice biometrics for security and authentication, and the existence of several electronic device producers, including Sony, Samsung, and LG, is anticipated to boost the growth of the Asia Pacific market.
Global Speech and Voice Recognition Market By Geography, 2021-2028
- Largest
- Fastest
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Speech and Voice Recognition Market Dynamics
Speech and Voice Recognition Market Driver
- The expansion of the speech and voice recognition market will be fueled by increased voice-based authentication acceptance in mobile apps as well as rising demand for voice and speech biometric systems. The demand for these systems would be driven by the increased usage of advanced technologies like AI, IoT, and machine learning. The market will be driven by technologies used in self-driving and autonomous cars as well as speech and voice recognition in robots.
- Global adoption of voice-activated in-car infotainment systems is rising as more nations introduce "hands-free" laws that prohibit using mobile devices while driving. The advancements that voice and speech product developers are putting their attention on are predicted to boost market expansion over the course of the forecast period. Doctors and physicians can convert their speech into a comprehensive, in-depth clinical description that is stored in the Electronic Health Record (EHR) system by using voice recognition technology in smartphones.
Speech and Voice Recognition Market Restraint
- As voice technology advances, designers and engineers are working to overcome difficulties with speech systems. Background noise, punctuation, accent, fluency, speaker identification, and technical words/jargon are among the factors that frequently prevent speech recognition software from operating without interruption. The improvement in accuracy for languages other than American English is one of voice technology's biggest challenges. In 2021, concerns about accent and dialect will account for roughly 30.4% and 21.2% of all concerns, respectively, according to the Speechmatics Voice report.
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Speech and Voice Recognition Market Competitive Landscape
Global Speech and Voice Recognition Market is highly fragmented due to the presence of number of prominent players. Major players in the market adopt prominent strategies to overcome competition and maintain their market share globally. Key players include Apple, Microsoft, IBM, Alphabet, Amazon and Baidu. In order to create and implement new, more effective technologies in the market, industry participants are making significant investments in R&D to create voice and speech recognition-integrated AI technology.
Speech and Voice Recognition Market Key Player’s Company Profiles
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Amazon.com, Inc.
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Apple Inc.
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Google LLC
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Microsoft Corporation
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Nuance Communications, Inc.
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Sensory, Inc.
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LumenVox LLC
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iFLYTEK Co., Ltd.
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Advanced Voice Recognition Systems, Inc.
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Acapela Group SA
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Brainasoft
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Cognitivescale, Inc.
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Facebook, Inc.
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Hoya Corporation
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Kaizen Softworks
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OpenText Corporation
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ReadSpeaker Holding B.V.
Speech and Voice Recognition Market Recent Developments
- In October 2022, a new product called Speech Analyzer was released by ELSA, the English language learning app renowned for its speech recognition technology. The assessment platform integrates with communication platforms like Zoom and analyses natural speech to identify areas for development in vocabulary, pronunciation, and tempo.
- In October 2022, Whisper, an AI model with 1.6 billion parameters that can translate and annotate speech from 97 different languages, was released by OpenAI. Whisper has solid zero-shot performance on a variety of automated speech recognition (ASR) tasks. Whisper was trained on 680,000 hours of audio data that was gathered from the internet. Whisper breaks up audio processing into 30-second segments and use an encoder-decoder Transformer design.
Speech and Voice Recognition Key Market Trends
- The World Health Organization estimates that dementia affects approximately 10 million individuals worldwide each year. An easy voice recorder and a specialised computer algorithm are being used in new research to aid in the early diagnosis of dementia. Clinical staff must meticulously transcribe, review, and analyse each response during neurological tests to determine a person's cognitive capacity. But now, Boston University researchers have created a new tool that might automate the procedure. Without ever having to visit the doctor, a machine-learning computer model may identify cognitive impairment using audio recordings of neuropsychological testing. A more rapid and early diagnosis of Alzheimer's could lead to larger clinical trials that concentrate on patients with the illness in its early stages and possibly permit medicinal therapies that reduce cognitive deterioration.
Speech and Voice Recognition Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Speech and Voice Recognition Market analysis, in the near future, the market is anticipated to be driven by the growing adoption of voice-enabled IoT devices in smart home automation. Many conventionally offline gadgets might benefit from IoT-enabled devices because they offer cutting-edge user experiences in addition to more conventional ones like touch displays and buttons. The market is also expanding as a result of the constant development of cutting-edge technologies like artificial intelligence and machine learning, the rapid growth of the smart device market, and the growing popularity of voice assistants on websites and in physical stores.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 7.56 billion |
| Market size value in 2031 | USD 53.94 billion |
| Growth Rate | 24.4% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Speech and Voice Recognition Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Speech and Voice Recognition Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Speech and Voice Recognition Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Speech and Voice Recognition Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Speech and Voice Recognition Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Speech and Voice Recognition Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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