USD 3.5 billion
Voice Recognition Market Size, Share, Growth Analysis, By Deployment model(Cloud, on-premise), By Technology(Artificial intelligence based and non-artificial intelligence based), By Vertical(Automotive, healthcare), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45A2038 |
Region:
Global |
Published Date: August, 2024
Pages:
274
|Tables:
90
|Figures:
71
Voice Recognition Market Insights
Voice Recognition Market size was valued at USD 4.07 Billion in 2022 and is poised to grow from USD 4.74 Billion in 2023 to USD 15.98 Billion by 2031, growing at a CAGR of 16.4 % in the forecast period (2024-2031).
The voice recognition market share is primarily boosted by technological development and increasing adoption of innovative electronic devices. Voice-activated biometrics are utilized for security reasons helping in offering access to authenticated users for conducting a transformation. One of the major factors boosting the growth of the market is the growing utilization of voice biometrics. The rising demand for voice-driven navigation systems and workstations is accelerating growth in the hardware and software segment. The incorporation of voice-enabled in-car infotainment systems are also gaining immense popularity worldwide. The developers of voice products are emphasizing on innovations that are accelerating market growth. Using voice recognition technology in smartphones allows doctors and physicians to translate their voice into a detailed clinical description recorded in the Electronic Health Record (EHR) system. The implementation of voice-enabled IoT devices in smart home automation is also driving the market growth.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Actuators
Fastest Growth
Actuators
Growth Rate
more than 16.4% CAGR
Global Voice Recognition Market ($ Bn)
Country Share for North America Region (%)
To get more reports on the above market click here to Buy The Report
Voice Recognition Market Segmental Analysis
The Market is segmented into Deployment Model, Technology, Vertical and Region. Based on Deployment Model, the market is divided into Cloud and On-Premises. Based on Technology, the market is segmented into Artificial Intelligence-based and Non-artificial Intelligence-based Voice Recognition. Based on Vertical, the market is divided into Automotive and Health. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
Analysis by Technology
Based on technology the market is divided into artificial intelligence-based and non-artificial intelligence-based voice recognition. The artificial intelligence-based voice recognition segment is witnessing the maximum growth. The AI-powered voice recognition has massively evolved the way people communicate with devices and technologies. These systems can precisely interpret and react to the spoken commands, making them highly popular in different sectors. One of the major factors contributing to the development of AI-based voice recognition is the increasing popularity of intelligent virtual assistants. Prominent businesses like Apple, Amazon, and Google have created virtual assistants like Alexa, Siri, and Google Assistant. These devices use AI and voice recognition technology to offer users personalized assistance and conducts tasks on their behalf. The medical sector has also adopted AI-based voice recognition solutions for transcription and documentation purposes. These devices allow physicians to dictate patient information, clinical notes, and related data, which are then transcribed and stored in EHR efficiently.
The non-artificial intelligence-based voice recognition segment is growing at the fastest rate. This is primarily owing to the constant technological innovations and increasing adoption of advanced electronic devices. Furthermore, the growing demand for voice in biometric systems, increasing usage of voice-based authentication in mobile apps, and the rising emphasis on product innovations are pushing the progress of this non-AI-based method.
Analysis by Vertical
Based on vertical the market is segmented into automotive and healthcare. The automotive sector is witnessing the largest growth in the market. The improvements in automotive technologies like connected devices will have the potential to update any kind of information to the driver. For example, it can convey the traffic conditions of the routes and alternate routes that can be taken. These solutions can also minimize human errors and enhance the efficiencies of the vehicles, contributing to the growth of the market. There are many motor vehicles that demand advanced and improved vehicle infotainment systems. These solutions include parking assistance, navigation, audio or video interfaces, touchscreen displays, adaptive cruise control, and anti-locking systems. These systems have voice recognition software processors as they offer dependable, safer functions, and real-time solutions. Furthermore, the popularity of voice-enabled in-car infotainment systems is increasing as more nations are implementing hands-free laws restricting the use of mobile devices when driving. These factors are boosting the growth of the voice recognition market.
The healthcare sector is the fastest growing segment in the this market. Speech recognition is boosting the processes of gathering data in the EHR systems. The procedures strengthen physicians to communicate with the system by speaking a few words. Even though speech recognition is still in the nascent stage, it is still utilized in various parts of medical care like radiology, pathology, emergency medicine, and more. The popularity of voice recognition is also increasing as it can be smoothly integrated into the medical equipment and platforms for secure authentication. It is also utilized by physicians for translating their voices into text that can be documented in an innovative EHR system.
To get detailed analysis on other segments, Request For Free Sample Report
Voice Recognition Market Regional Insights
North America is dominating the global voice recognition market forecast. This is mainly because the region has experienced massive adoption of voice recognition technology throughout various industries. It is mostly seen in sectors like automotive, healthcare, consumer electronics, and enterprise applications. The presence of prominent market players, technological innovations, and robust infrastructure has fueled the progression of the market. The automotive sector is also growing rapidly in this region and voice recognition systems have become a vital part of vehicles. This helps the drivers to manage various functions hands-free, guaranteeing safer and convenient driving experiences, boosting the growth of the market.
The Asia-Pacific region is witnessing the fastest growth in the voice recognition market. The market is primarily boosted by factors like increasing technological developments, growing awareness about the advantages of these devices, and the cost-efficient nature of the products. The diverse applications like smart home appliances and voice assistants in various sectors in banking, medical care, and automotive is rising the demand of the market. China is experiencing substantial growth due to the advancement of multilingual and dialect recognition abilities. The extension of sectors like healthcare and finance along with the rising adoption of voice biometrics for improved security are fueling the market growth. Furthermore, the Chinese government is recently taking many initiatives for promoting technological innovations and digitalization, propelling market growth of the country.
Global Voice Recognition Market By Geography
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Voice Recognition Market Dynamics
Drivers
Rising Technological Advancements
-
Massive advancements in technologies like artificial intelligence (AI) and natural language processing (NLP) have immensely enhanced the precision and dependability of voice recognition systems. These types of innovations help in better speech understanding, voice authentication, and real-time language translation, boosting the adoption of voice recognition devices.
Growing Demand for Voice-Enabled Devices
-
The growing popularity of voice-controlled smart speakers, virtual assistants, and mobile applications have massively increased the demand for voice recognition technologies. In recent times, consumers are constantly using voice commands for interacting with their devices, accessing information, and perform tasks. These factors are resulting in the widespread adoption of voice recognition solutions.
Restraints
Restricted Vocabulary and Contextual Understanding
-
Many times, voice recognitions systems find it challenging to understand and translate complex vocabulary, industry-specific terminologies, or context-specific information. These devices can also find it difficult to understand subtle nuances and slang. It has become vital for the market to expand its vocabulary and improve contextual understanding to overcome these difficulties.
Lack of Skilled Workforce
-
The primary factors that are restraining market growth are the requirement for skilled people who can analyze voice data with the help of analytics solutions and platforms. Voice analysis is a complex technical procedure that needs skilled workforce that can mix knowledge of language along with advanced analytics software platforms. The shortage of such a workforce is hindering market growth.
Request Free Customization of this report to help us to meet your business objectives.
Voice Recognition Market Competitive Landscape
In this market the prominent companies are emphasizing the customer base for gaining a competitive edge. They are going through various strategic initiatives like mergers & acquisitions and partnerships. These collaborations are focusing on developing innovative voice assistance platforms with advanced abilities. Many of these latest solutions include sentiment analysis, dialect comprehension, and workflow-based responses. These innovations are leading to enhanced voice bot solutions for businesses across industries and better consumer experiences.
Top Player’s Company Profile
-
IBM (US)
-
Google (US)
-
Amazon (US)
-
Baidu (China)
-
iFlytek (China)
-
SESTEK (Turkey)
-
speak2web (US)
-
Verint (US)
-
Advanced Voice Recognition Systems, Inc. (US)
-
Raytheon Company (US)
-
SemVox GmbH (Germany)
-
CastleOS Software, LLC (US)
-
Meta Inc. (US)
-
Sensory, Inc. (US)
Recent Developments
-
Google AI launched the latest update to its Universal Speech Model (USM) for supporting 1,000 language initiatives in March 2023. This model is a machine learning algorithm developed for interpreting spoken language across diverse accents.
-
Apple introduced a line of innovative cognitive accessibility features in May 2023. These features include live speech, personal voice, and point & speak in magnifier, designed for improving usability and accessibility for individuals with disabilities.
-
In January 2024, RAZ Mobility incorporated speech recognition technology into its Memory cell phone. It will help in recognizing nonstandard spoken language. This will also help people with speech impairment.
-
Assembly Software unveiled Neos case management platform with cloud-based Nuance Dragon Legal Anywhere speech recognition solution in November 2023. With this legal practitioner can smoothen their process and easily dictate to the platform.
Voice Recognition Key Market Trends
Technological Developments and Innovations
- The growing adoption of virtual assistants and smart speakers in several sectors is creating demand for advanced voice recognition technologies. The constant development in technologies like artificial intelligence, machine learning, and sensor technologies are creating immense opportunities for the market. These advancements allow robots to become more smart, versatile, and efficient in managing complex tasks. This is increasing their applications in different sectors.
Increasing Usage of Speech and Voice Recognition in Medical Sector
- Voice recognition technology has the potential to offer accurate and cost-efficient identity verification solutions. It can be smoothly incorporated with various medical platforms and equipment that enable secure authentication. Moreover, voice recognition technologies also help doctors to translate their voice into texts and store it in EHR systems. Currently many organizations are working towards advancing voice-enabled devices for the medical sector.
Voice Recognition Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the global voice recognition market analysis is constantly growing due to the rising demand for hands-free and advanced human-machine interaction solutions. Factors like increasing smart devices, growing adoption of AI-driven virtual assistants, and innovations in natural language processing are fueling the market growth. Furthermore, incorporation of voice recognition in sectors like automotive and healthcare is also creating immense opportunities for the market players. Innovations in voice recognition technology and expanding applications are contributing to the global voice recognition market's progression.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 4.07 Billion |
| Market size value in 2031 | USD 15.98 Billion |
| Growth Rate | 16.4% |
| Base year | 2023 |
| 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:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
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 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 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 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 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 Voice Recognition Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the 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.
USA (+1) 351-333-4748
