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

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.