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

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.