Speech & Voice Recognition Software Developers in the US - Industry Research Report

Pitch Perfect: Industry Developers Are Expected to Continue Investing in Research and Development

Speech and voice recognition software controls a computer with a user's voice. Speech recognition software recognizes the articulated words of a speaker and converts them into a digital format. Voice recognition can be used like a fingerprint and is aimed toward identifying the speaker, often for security purposes, using voice biometrics solutions. Voice recognition also helps consumers with high accuracy speech recognition, natural language understanding, dialog and information management, text to speech and optical recognition. Industry revenue has been increasing at a CAGR of 13.4% over the past five years, and is expected to reach $38.9 in 2023. Recognition services are useful for the consumer, healthcare, automotive and mobile industries, and will develop rapidly moving forward. Revenue is anticipated to rise a quick 9.4% in 2023 following COVID-19 lows, while profit represents 30.4% of revenue in the same year.

Companies in this industry develop speech and voice recognition software. Voice recognition software uses the individual’s voice for recognition purposes, while speech recognition signifies the ability of a machine to understand and carry out spoken commands by interpreting articulated words.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.