All updated as on -
The size of the global speech and voice recognition market was valued at USD 10.48 billion in 2022 and is predicted to expand from USD 12.66 billion in 2023 to USD 59.69 billion by 2030, displaying a CAGR of 25.8% over the forecast period. In 2022, the market was valued at USD 10.48 billion.
The number of countries that have passed "hands-free" legislation that make it illegal to use mobile devices while driving has led to an increase in the global usage of voice-activated in-car infotainment systems. It is anticipated that the developments that speech product developers are focusing on will contribute to the expansion of the market over the forecast period. Doctors and other medical professionals are able to transform their voices into a detailed clinical description that is then saved in the Electronic Health Record (EHR) system by using speech recognition technology that is built into smartphones. The increasing usage of voice-enabled Internet of Things devices in smart home automation is expected to propel the industry within the next few short months. IoT-enabled devices offer cutting-edge user experiences in addition to more conventional ones like touch displays and buttons, which could be beneficial to a large number of traditionally offline gadgets. These experiences can be accessed over the internet.
The conversion of speech into a string of words is made possible by speech and voice recognition technology, which makes use of pattern recognition. Users were able to obtain immediate responses with speech and voice technologies by speaking to the systems rather to typing or scrolling the screen to receive the information they needed. The capacity to manage voice on a more extensive scale has rapidly increased as a consequence of ongoing developments in Automated Speech Recognition (ASR), Natural Language Processing (NLP), and Machine Learning (ML), in addition to the enormous quantity of data and the availability of AI platforms. As an illustration, LumenVox released an Automatic Speech Recognition (ASR) engine that included transcription in the month of August 2021. Deep machine learning (ML) and artificial intelligence (AI) form the foundation of the next generation of voice recognition technology. This technology enables customers to have experiences that are exact because they are supported by speech.
There has been a steady rise in the number of cases of fraud and identity theft, most notably within the banking, financial services, and retail and online shopping industries. As a result, there has been an increase in the demand for high-level security solutions that can effectively manage risk. This has resulted in an increase in the implementation of a variety of different security measures among industry players, including technology that recognise voices. Voice biometrics enables simple and secure user authentication in a variety of banking and legal applications. These applications include mobile banking authentication, e-banking, and app-based transaction security. Voice biometrics also provides transparent, conversational authentication to offer an improved and more personalised customer experience. Additionally, rising worries about the safety of personally identifiable information have prompted an increase in the usage of voice-driven transactions, which has spurred the expansion of the market for speech and voice recognition.
Because accurately recording each and every minuscule aspect of a patient's care is of the utmost significance in the healthcare industry, many medical professionals devote a major portion of their workday to typing up notes, reports, and the medical records of their patients. However, in order to complete these activities, time that could be spent more effectively treating patients and connecting with them personally is diverted. Therefore, natural language processing (NLP) algorithm-based voice recognition software solutions are preferred by medical professionals such as doctors and physicians. The majority of applications for speech and voice recognition technology may be found in the medical field. These applications include the reporting of health checkups, the entering of data, and situations in which a doctor or attendant/nurse is not accessible. These software solutions make it possible for medical personnel to input notes into the electronic health record (EHR) system or onto their personal computers without having to divert their attention away from the treatment they are providing to patients. This allows them to maintain their level of productivity throughout the day.
Alterations are being made to the shopping behaviours of consumers in both developed and developing nations. Purchasing products through one's computer is becoming increasingly common. Customers can shop for products, inquire about prices and features, and even obtain personalised recommendations based on their prior purchases without having to leave the comfort of their own homes to do any of these things. The usage of voice assistants has the potential to make this experience much more fluid and participatory than it already is. When it comes to buying online, according to the Conversational Commerce Survey that was conducted by Capgemini in 2017, 41% of customers would rather use a voice assistant than a website or app since the voice assistant enables them to automate their typical shopping procedures.
Report Coverage
Global Speech and Voice Recognition research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Speech and Voice Recognition report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Speech and Voice Recognition competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Speech and Voice Recognition market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Speech and Voice Recognition market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Speech and Voice Recognition market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Nuance Communications, Inc. (U.S.), Microsoft Corporation (U.S.), Agnitio SL (Spain), VoiceVault (U.S.), VoiceBox Technologies Corp. (U.S.), Google Inc. (U.S.), LumenVox LLC. (U.S), Raytheon BBN Technologies (U.S.), Advanced Voice Recognition Systems (U.S.), Sensory, Inc. (U.S.), ReadSpeaker Holding B.V. (Netherlands), Iflytek Co. Ltd. (China), Acapela Group SA (Belgium), AT&T Inc. (U.S.), and Fluent.ai Inc. (Canada)
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Speech and Voice Recognition market based on the below-mentioned segments:
Global Speech and Voice Recognition Market, By Technology
Speech Recognition
Automatic Speech Recognition
Text-To-Speech
Voice Recognition
Speaker Identification
Speaker Verification
Global Speech and Voice Recognition market, By Deployment mode
On Cloud
On-Premises/Embedded
Global Speech and Voice Recognition Market, By Vertical
Automotive
Enterprise
Consumer
Banking, Finance Service & Insurance (BFSI)
Government
Retail
Healthcare
Military
Legal
Education
Others
Global Speech and Voice Recognition market, Regional Analysis
The number of countries that have passed "hands-free" legislation that make it illegal to use mobile devices while driving has led to an increase in the global usage of voice-activated in-car infotainment systems. It is anticipated that the developments that speech product developers are focusing on will contribute to the expansion of the market over the forecast period. Doctors and other medical professionals are able to transform their voices into a detailed clinical description that is then saved in the Electronic Health Record (EHR) system by using speech recognition technology that is built into smartphones. The increasing usage of voice-enabled Internet of Things devices in smart home automation is expected to propel the industry within the next few short months. IoT-enabled devices offer cutting-edge user experiences in addition to more conventional ones like touch displays and buttons, which could be beneficial to a large number of traditionally offline gadgets. These experiences can be accessed over the internet.
The conversion of speech into a string of words is made possible by speech and voice recognition technology, which makes use of pattern recognition. Users were able to obtain immediate responses with speech and voice technologies by speaking to the systems rather to typing or scrolling the screen to receive the information they needed. The capacity to manage voice on a more extensive scale has rapidly increased as a consequence of ongoing developments in Automated Speech Recognition (ASR), Natural Language Processing (NLP), and Machine Learning (ML), in addition to the enormous quantity of data and the availability of AI platforms. As an illustration, LumenVox released an Automatic Speech Recognition (ASR) engine that included transcription in the month of August 2021. Deep machine learning (ML) and artificial intelligence (AI) form the foundation of the next generation of voice recognition technology. This technology enables customers to have experiences that are exact because they are supported by speech.
There has been a steady rise in the number of cases of fraud and identity theft, most notably within the banking, financial services, and retail and online shopping industries. As a result, there has been an increase in the demand for high-level security solutions that can effectively manage risk. This has resulted in an increase in the implementation of a variety of different security measures among industry players, including technology that recognise voices. Voice biometrics enables simple and secure user authentication in a variety of banking and legal applications. These applications include mobile banking authentication, e-banking, and app-based transaction security. Voice biometrics also provides transparent, conversational authentication to offer an improved and more personalised customer experience. Additionally, rising worries about the safety of personally identifiable information have prompted an increase in the usage of voice-driven transactions, which has spurred the expansion of the market for speech and voice recognition.
Because accurately recording each and every minuscule aspect of a patient's care is of the utmost significance in the healthcare industry, many medical professionals devote a major portion of their workday to typing up notes, reports, and the medical records of their patients. However, in order to complete these activities, time that could be spent more effectively treating patients and connecting with them personally is diverted. Therefore, natural language processing (NLP) algorithm-based voice recognition software solutions are preferred by medical professionals such as doctors and physicians. The majority of applications for speech and voice recognition technology may be found in the medical field. These applications include the reporting of health checkups, the entering of data, and situations in which a doctor or attendant/nurse is not accessible. These software solutions make it possible for medical personnel to input notes into the electronic health record (EHR) system or onto their personal computers without having to divert their attention away from the treatment they are providing to patients. This allows them to maintain their level of productivity throughout the day.
Alterations are being made to the shopping behaviours of consumers in both developed and developing nations. Purchasing products through one's computer is becoming increasingly common. Customers can shop for products, inquire about prices and features, and even obtain personalised recommendations based on their prior purchases without having to leave the comfort of their own homes to do any of these things. The usage of voice assistants has the potential to make this experience much more fluid and participatory than it already is. When it comes to buying online, according to the Conversational Commerce Survey that was conducted by Capgemini in 2017, 41% of customers would rather use a voice assistant than a website or app since the voice assistant enables them to automate their typical shopping procedures.
Report Coverage
Global Speech and Voice Recognition research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Speech and Voice Recognition report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Speech and Voice Recognition competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Speech and Voice Recognition market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Nuance Communications, Inc. (U.S.), Microsoft Corporation (U.S.), Agnitio SL (Spain), VoiceVault (U.S.), VoiceBox Technologies Corp. (U.S.), Google Inc. (U.S.), LumenVox LLC. (U.S), Raytheon BBN Technologies (U.S.), Advanced Voice Recognition Systems (U.S.), Sensory, Inc. (U.S.), ReadSpeaker Holding B.V. (Netherlands), Iflytek Co. Ltd. (China), Acapela Group SA (Belgium), AT&T Inc. (U.S.), and Fluent.ai Inc. (Canada) |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Speech and Voice Recognition Market from 2021 to 2030.
- Market Forecast for Speech and Voice Recognition Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Speech and Voice Recognition competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Speech and Voice Recognition
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Speech and Voice Recognition market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Speech and Voice Recognition market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Nuance Communications, Inc. (U.S.), Microsoft Corporation (U.S.), Agnitio SL (Spain), VoiceVault (U.S.), VoiceBox Technologies Corp. (U.S.), Google Inc. (U.S.), LumenVox LLC. (U.S), Raytheon BBN Technologies (U.S.), Advanced Voice Recognition Systems (U.S.), Sensory, Inc. (U.S.), ReadSpeaker Holding B.V. (Netherlands), Iflytek Co. Ltd. (China), Acapela Group SA (Belgium), AT&T Inc. (U.S.), and Fluent.ai Inc. (Canada)
Primary Target Market
- Market Players of Speech and Voice Recognition
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Speech and Voice Recognition market based on the below-mentioned segments:
Global Speech and Voice Recognition Market, By Technology
Speech Recognition
Automatic Speech Recognition
Text-To-Speech
Voice Recognition
Speaker Identification
Speaker Verification
Global Speech and Voice Recognition market, By Deployment mode
On Cloud
On-Premises/Embedded
Global Speech and Voice Recognition Market, By Vertical
Automotive
Enterprise
Consumer
Banking, Finance Service & Insurance (BFSI)
Government
Retail
Healthcare
Military
Legal
Education
Others
Global Speech and Voice Recognition market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
You will get in-depth and extensive speech and voice recognition market market research and competitor analysis for your business to help you develop more profound insights into the speech and voice recognition market Market.
Through INFINITIVE Data Expert is a professional Market Research services, I will identify the speech and voice recognition market market size, demand & opportunities, growth rate, and target audience with a comprehensive analysis of your competitors.