The global voice and speech recognition market size reached US$ 11.4 Billion in 2023. Looking forward, the market is projected to reach US$ 44.7 Billion by 2032, exhibiting a growth rate (CAGR) of 16.39% during 2023-2032. Rapid digitization, shifting consumer preferences towards the adoption of mobile devices with voice and speech recognition software, and the flourishing media and entertainment industry represent some of the key factors driving the market.
Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. The market structure is fragmented due to the increasing product innovation and product development, the growing proliferation of voice-enabled devices and the increasing adoption of smart devices. The market is also not capital-intensive due to the availability of open-source software development tools, which are available for developers to create speech and voice recognition tools and application programming interfaces (APIs). The volume of new entrants is low in the voice and speech recognition industry due to low product differentiation.
However, the demand for voice and speech recognition devices was partially accelerated by the pandemic as people started working from home. The market entered the mainstream and currently encompasses a broad range of middle and basic entry-level and lower-cost products, which further offer growth opportunities to key market players entering the market.
Apart from this, the growing concerns for safety are propelling the need for a strong verification process in BFSI. This, in confluence with the large number of banks adopting voice-based authentication solutions for accepting transactions, is bolstering the market growth. Furthermore, inflating disposable incomes and the rising adoption of automobiles with onboard infotainment systems that use voice to control the system are fueling the growth of the market.
It is also used by doctors to translate their voices into text, which is then documented in an advanced electronic health record system. In addition, the development of vocal biomarkers, wherein health-related information is derived from analyzing voice recordings to screen, detect, monitor, and predict health symptoms, conditions, and diseases is augmenting the use of voice and speech recognition in healthcare.
Increasing Adoption of Voice Identification for Security is Strengthening the Market Growth
At present, the burgeoning banking industry and increasing usage of online applications is catalyzing the demand for voice identification for tech-enabled identity document (ID) systems. In addition, advanced technologies, such as artificial intelligence (AI), are integrated with voice identification for recognizing the voice and setting a unique password for the user to unlock protected accounts. This, in turn, enables a secure access than a traditional password. Apart from this, the use of facial recognition with voice recognition and multi-factor systems for enhanced security is bolstering the growth of the voice and speech recognition market.Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. The market structure is fragmented due to the increasing product innovation and product development, the growing proliferation of voice-enabled devices and the increasing adoption of smart devices. The market is also not capital-intensive due to the availability of open-source software development tools, which are available for developers to create speech and voice recognition tools and application programming interfaces (APIs). The volume of new entrants is low in the voice and speech recognition industry due to low product differentiation.
- What is Voice and Speech Recognition?
COVID-19 Impact:
The COVID-19 pandemic outbreak caused a severe problem for the voice and speech recognition industry and halted the production of speech and voice recognition devices for a short term. It restricted the movement of raw materials required to develop voice and speech recognition devices and also created a serious disturbance in the supply chains, which further resulted in shortages and increments in the price of raw materials. It also imposed economic uncertainty, consumer spending constraint, restricted physical retail opportunities, and installation restrictions.However, the demand for voice and speech recognition devices was partially accelerated by the pandemic as people started working from home. The market entered the mainstream and currently encompasses a broad range of middle and basic entry-level and lower-cost products, which further offer growth opportunities to key market players entering the market.
Voice and Speech Recognition Market Trends
At present, rapid digitization, increasing penetration of high-speed internet and shifting consumer preferences towards the adoption of mobile devices, such as smartphones, tablets, and laptops, with voice and speech recognition software pre-installed in them represent one of the key factors positively influencing the market. In addition, improving standards of living and the burgeoning media and entertainment industry are catalyzing the demand for voice and speech recognition across the globe. Moreover, key market players are introducing advanced features such as proactive voice assistants and omnipresent voice recognition, which is driving the market growth.Apart from this, the growing concerns for safety are propelling the need for a strong verification process in BFSI. This, in confluence with the large number of banks adopting voice-based authentication solutions for accepting transactions, is bolstering the market growth. Furthermore, inflating disposable incomes and the rising adoption of automobiles with onboard infotainment systems that use voice to control the system are fueling the growth of the market.
Key Market Segmentation
This report provides an analysis of the key trends in each sub-segment of the global voice and speech recognition market report, along with forecasts at the global and regional level from 2024-2032. The report has categorized the market based on technology, deployment mode, delivery methods and end-use.Technology Insights:
- Voice Recognition
- Speech Recognition
Deployment Mode Insights:
- On Cloud
- On-Premises/Embedded
Delivery Methods Insights:
- Artificial Intelligence (AI) Based
- Non-Artificial Intelligence Based
End-Use Insights:
- Automotive
- Enterprise
- Consumer
- Banking, Financial Services, and Insurance (BFSI)
- Government
- Retail
- Healthcare
- Others
It is also used by doctors to translate their voices into text, which is then documented in an advanced electronic health record system. In addition, the development of vocal biomarkers, wherein health-related information is derived from analyzing voice recordings to screen, detect, monitor, and predict health symptoms, conditions, and diseases is augmenting the use of voice and speech recognition in healthcare.
Regional Insights:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Competitive Landscape
The report has also provided a comprehensive analysis of the competitive landscape in the global voice and speech recognition market.Some of the companies covered in the report include:
- Nuance Communication
- Microsoft
- Google, Inc.
- IBM
- Baidu, Inc.
- Facebook, Inc.
- Apple, Inc.
- Amazon, Inc.
- Advanced Voice Recognition Systems
- M2SYSLLC
- Sensory
- BioTrust ID B.V.
- Voicebox Technologies
Key Questions Answered in This Report
- How has the global voice and speech recognition market performed so far, and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global voice and speech recognition market?
- What is the impact of each driver, restraint, and opportunity on the global voice and speech recognition market?
- What are the key regional markets?
- What is the breakup of the market based on the technology?
- Which is the most attractive technology in the voice and speech recognition market?
- What is the breakup of the market based on the deployment mode?
- Which is the most attractive deployment mode in the voice and speech recognition market?
- What is the breakup of the market based on the delivery methods?
- Which are the most attractive delivery methods in the voice and speech recognition market?
- What is the breakup of the market based on the end use?
- Which is the most attractive end use in the voice and speech recognition market?
- What is the competitive structure of the global voice and speech recognition market?
- Who are the key players/companies in the global voice and speech recognition market?
Table of Contents
1 Preface3 Executive Summary12 Value Chain Analysis14 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Voice and Speech Recognition Market
6 Market Breakup by Technology
7 Market Breakup by Deployment Mode
8 Market Breakup by Delivery Methods
9 Market Breakup by End-Use
10 Market Breakup by Region
11 SWOT Analysis
13 Porters Five Forces Analysis
15 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- Nuance Communication
- Microsoft
- Google Inc.
- IBM
- Baidu Inc.
- Facebook Inc.
- Apple Inc.
- Amazon Inc.
- Advanced Voice Recognition Systems
- M2SYSLLC
- Sensory
- BioTrust ID B.V.
- Voicebox Technologies
Methodology
LOADING...
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 135 |
Published | April 2024 |
Forecast Period | 2023 - 2032 |
Estimated Market Value ( USD | $ 11.4 Billion |
Forecasted Market Value ( USD | $ 44.7 Billion |
Compound Annual Growth Rate | 16.3% |
Regions Covered | Global |
No. of Companies Mentioned | 13 |