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

Global 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% during the forecast period (2024-2031). 

The world's speech recognition market is both fiercely competitive and dispersed. The leading players in the sector are always putting different growth strategies into practise to keep a competitive edge. These players use innovations, mergers & acquisitions, collaborations, and partnerships to succeed in the cutthroat market. The top market players are constantly focusing on R&D to give industry the most efficient and cost-effective solutions. Via a complete software solution, Speechmatics and Nuix are offering highly accurate, secure voice recognition technology to organisations. 'Apple (US) ', 'Microsoft (US) ', '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) ', 'Nortek Holdings, Inc. (US) ', 'REV (US) ', 'OTTER.AI (US) ', 'VERBIT (US)'

Due to the increasing usage and adoption of new smartphones, it is expected to drive the growth of the global voice recognition market by 2028; and the quick adaptation to the modern technologies are making voice interfaces ubiquitous and helpful. Voice recognition software on mobile devices is swift and convenient in using than a usual keyboard on the screen. The major companies including Google, Apple, and Microsoft have provided voice recognition features in the mobile operating systems, which makes it comfortable doing the work.

The augmented demand for voice recognition in the healthcare sector is boosting the market to modernize in several fields and increasing revenue of the global voice recognition market.

North America held the maximum share of more than 33.00% of the global revenue in 2021 and is expected to continue the growth over the forecast period. Increasing usage of voice-based applications in smartphones and the promising usage of voice recognition in mobile banking, consumer electronics, and IoT devices are further anticipated to lead the market in the region.