Global Speech and Voice Recognition Market – Industry Trends and Forecast to 2030

Speech and Voice Recognition Market Analysis and Size

The rise in acceptance of advanced technology across the globe acts as one of the major factors driving the growth of the speech and voice recognition market. The increase in penetration of speech and voice recognition technology in smart appliances and use of Artificial Intelligence (AI) to enhance accuracy of speech and voice recognition systems accelerate the market growth. The surge in demand for speech-based biometric systems for multifactor authentication and use of speech and voice recognition technology for transcription further influence the market. Additionally, rise in digitization, expansion of end-use industries, rapid urbanization, application of speech and voice recognition in service robotics and high demand for voice authentication in mobile banking applications positively affect the speech and voice recognition market. Furthermore, creation of a more personalized experience for users and the integration of speech and voice recognition technology with mobile application extend profitable opportunities to the market players in the forecast period of 2023 to 2030.

On the other hand, the high cost associated with the high-end voice recognition systems and concerns regarding data privacy and security are expected to obstruct market growth. Increased errors due to background noise and lack of a standardized platform for the development of customized products are projected to challenge the speech and voice recognition market in the forecast period of 2023 to 2030.

Global speech and voice recognition market was valued at USD 6.06 billion in 2022 and is expected to reach USD 17.23 billion by 2030, registering a CAGR of 16.25% during the forecast period of 2023-2030. Speech recognition has gained significant traction in recent times due to fast converting spoken language into written text.In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Speech and Voice Recognition Market Scope and Segmentation

Market Definition

Voice and speech recognition is considered a small part of biometric systems. Speech recognition is defined as a process of converting spoken words into digital modified and stored set of words by utilizing microphones and telephones. Two parameters that access the quality of speech recognition include the speed which measures how well the software matches with human speakers.

Global Speech and Voice Recognition Market Dynamics

Drivers

• Increasing technological advancements

Rapid advancements in technology, such as artificial intelligence (AI) and natural language processing (NLP), have significantly improved the accuracy and reliability of speech and voice recognition systems. These advancements enable better speech understanding, voice authentication, and real-time language translation, driving the adoption of these technologies in various industries.

• Increasing demand for voice-enabled devices

The rising popularity of voice-controlled smart speakers, virtual assistants, and mobile applications has created a strong demand for speech and voice recognition technologies. Consumers increasingly use voice commands to interact with their devices, access information, and perform tasks, leading to the widespread adoption of speech and voice recognition solutions.

Opportunity

• Technological Advancements and Innovation

The increasing adoption of virtual assistants and smart speakers in various industries creates a demand for advanced speech recognition technologies. The continuous advancements in technology, including artificial intelligence, machine learning, and sensor technologies, present significant opportunities for the Global speech and voice recognition market. These innovations enable robots to become more intelligent, versatile, and capable of handling complex tasks, expanding their application possibilities across various industries.

Restraint/Challenge

• Limited Vocabulary and Contextual Understanding

Speech and voice recognition systems often struggle with understanding and interpreting complex vocabulary, industry-specific jargon, or context-specific information. They may encounter difficulties comprehending subtle nuances, slang, or domain-specific terms. Expanding the vocabulary and enhancing contextual understanding pose challenges that need to be overcome for speech and voice recognition systems to be widely applicable across various industries and use cases.

This global speech and voice recognition market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the speech and voice recognition market contact Data Bridge Market Research for an Analyst Brief, our team will help you make an informed market decision to achieve market growth.

Recent Development

• In April 2022, Verint launched Verint Virtual Assistant (IVA), a low-code conversational Al offering, which can rapidly turn the existing conversation data into automated self-service experiences. It allows business professionals to quickly deploy a production-ready chatbot to deflect calls and support customers. Verint IVA enables businesses to expand capabilities across the enterprise with boundless intelligence for both voice and digital
• In September 2021, Microsoft and Nuance Communications introduced Nuance Dragon Ambient experience (DAX), an ambient clinical intelligence (ACI) solution, to integrate it into Microsoft Teams to broadly scale virtual consults aimed at increasing physician wellness and providing better patient health outcomes.

Global Speech and Voice Recognition Market Scope

The global speech and voice recognition market is segmented based on technology, delivery method, deployment mode and vertical. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Technology

• Voice Recognition
• Speech Recognition

Delivery Method

• Artificial Intelligence AI-Based
• Non-Artificial Intelligence Based

Deployment Mode

• On Cloud
•  On-Premises/EmbeddedVertical
• Automotive
• BFSI
• Consumer
• Education
• Enterprise
• Government
• Healthcare
• Legal
• Military
• Retails
• Others

Global Speech and Voice Recognition Market Regional Analysis/Insights

The global speech and voice recognition market is analyzed and market size insights and trends are provided by country, technology, delivery method, deployment mode and vertical as referenced above.  

The countries covered in the Speech and voice recognition market  report are U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC)  in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).

North America dominates the market due to the high digitalization and technological innovations within the region. Asia-Pacific is expected to witness significant growth during the forecast period of 2023 to 2030 because of the government policies favouring digitalization in the region.   

The country section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends, and Porter’s five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. In addition, the presence and availability of Europe brands and the challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.   

Semiconductor Infrastructure growth Installed base and New Technology Penetration

The global speech and voice recognition market also provides you with a detailed market analysis for every country’s growth in expenditure for capital equipment, installed base of different kinds of products for the global speech and voice recognition market, the impact of technology using lifeline curves, and changes in regulatory scenarios and their impact on the industrial robots market. The data is available for the historic period 2015-2020.

Competitive Landscape and Global Speech and Voice Recognition Market Share Analysis

The market competitive landscape provides details by competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Europe presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to global speech and voice recognition market.

Some of the major players operating in the global speech and voice recognition market are:

• Advanced Voice Recognition Systems Inc. (U.S.)
• Agnitio S.L (Spain)
• Amazon, Inc. (U.S.)
• Apple, Inc. (U.S.)
• iFlytek Co., Ltd (China)
• Baidu, Inc. (China)
• BioTrust ID B.V (Netherlands)
• Castle Software, LLC. (U.S.)
• Facebook, Inc. (U.S.)
• Google, Inc. (U.S.)
• IBM (U.S.)
• LumenVox (U.S.)
• M2SYS Technology (U.S.)
• Microsoft Corporation (U.S.)
• MModal Inc. (U.S.)
• Nortex Holdings Inc. (U.S.)
• Nuance Communications, Inc. (U.S.)
• SemVox GmbH (Germany)
• Raytheon Technologies Corporation (U.S.)
• Sensory Inc. (U.S.)
• Voice Technologies Corporation (U.S.)
• VoiceVault Inc. (U.K.)

SKU-11093