Speech and Voice Recognition Global Market Report 2024

The global speech and voice recognition market has grown rapidly in recent years. It will grow from $13.99 billionin 2023 to $16.70 billion in 2024 at a compound annual growth rate (CAGR) of 19.4%. The growth witnessed in the historical period can be largely attributed to several key factors including the enhancement of user experience, consistent improvements in accuracy, the proliferation of IoT (Internet of Things) and smart home technologies, integration within the healthcare sector, as well as the development of security and authentication solutions.

The global speech and voice recognition market is expected to see exponential growth in the next few years. It will grow to $34.73 billion in 2028 at a compound annual growth rate (CAGR) of 20.1%. The anticipated growth in the forecast period can be credited to ongoing advancements in comprehending context, heightened emphasis on accessibility and inclusivity, the expansion of education and e-learning initiatives, the increasing necessity for security and authentication solutions, and the continuous enhancement of multilingual capabilities within technologies. Furthermore, major trends expected in this period encompass advancements in AI and machine learning, the prominence of natural language processing (NLP), integration within smart devices, a surge in the adoption of virtual assistants, and the growing demand for contactless interfaces.

The growth of the speech and voice recognition market is expected to be propelled by the increasing consumer demand for smart devices. Smart devices, which can connect, share information, and communicate with users and other devices, leverage speech and voice recognition technology to identify spoken words, convert them into text, and respond to user queries. An example of this demand is highlighted in April 2021 by Security.org, a US-based organization focusing on safety and security topics, reporting that 2 in 3 Americans sought a smart home gadget, with over 40% purchasing smart devices to enhance home energy efficiency. Furthermore, 78% of buyers are willing to pay more for a home equipped with smart technology. This surge in consumer interest in smart devices is a significant driver for the growth of the speech and voice recognition market.

The expansion of telehealth and telemedicine is anticipated to contribute to the growth of the speech and voice recognition market. Telehealth involves using telecommunications technology to deliver various healthcare services remotely, while telemedicine specifically includes remote clinical consultations and healthcare delivery. Voice recognition technology in telehealth applications enhances accessibility for differently-abled individuals and supports real-time clinical decision-making, prescription management, and overall market expansion. In 2021, as reported by the Centers for Disease Control and Prevention (CDC), 37.0% of adults utilized telemedicine within the preceding 12 months. This rise in telehealth and telemedicine adoption is a key factor driving the growth of the speech and voice recognition market.

Technological advancements are a prominent trend in the speech and voice recognition market, with major companies focusing on innovation to maintain their market positions. In August 2021, LumenVox, a US-based speech recognition software company, introduced its next-generation automatic speech recognition engine with transcription. This engine, based on deep machine learning (ML) and artificial intelligence (AI), promises highly accurate speech-enabled consumer experiences. Featuring an end-to-end Deep Neural Network (DNN) architecture and advanced speech recognition processing capabilities, the LumenVox ASR engine stands out in the market. The engine facilitates swift addition of new languages and dialects, providing a contemporary toolkit for expanding the language model to cater to a broader user base. This emphasis on technological advancement underscores the commitment of market players to delivering cutting-edge solutions in the speech and voice recognition market.

Major players in the speech and voice recognition market are strategically developing on-device processing solutions as a competitive edge. On-device processing involves carrying out computational tasks and data analysis directly within a device, eliminating the need for external servers or cloud-based services. In a notable example from September 2023, NXP Semiconductors N.V., a Netherlands-based semiconductor manufacturing company, introduced the Voice Intelligent Technology (VIT) Speech to Intent Engine (S2I). Positioned as a premium offering within the VIT portfolio, this technology enables embedded systems to locally determine the intent of naturally spoken language. By doing so, it allows for more flexible and natural voice commands without relying on cloud-based processing. The S2I Engine, compatible with various NXP devices, including Arm Cortex-M and Cortex-A processors, addresses challenges related to latency, power consumption, and security associated with cloud-based voice control. Its application spans across enhancing user experiences in home automation, wearable electronics, automotive telematics, and other Internet of Things (IoT) applications.

In March 2022, Microsoft Corp., a prominent US-based technology company, made a strategic move by acquiring Nuance Communications for $16 billion. This acquisition positions Microsoft and Nuance to empower enterprises across various industries in achieving their business goals. The deal also allows Microsoft to establish a stronger presence in hospitals and the healthcare industry through Nuance's widely utilized medical dictation and transcription tools. Nuance Communications, a US-based voice and speech recognition company, is recognized for its expertise in the field, making it a valuable addition to Microsoft's portfolio and reinforcing its commitment to advancements in voice and speech recognition technology.

Major companies operating in the speech and voice recognition market report are Apple Inc., Microsoft Corporation, International Business Machines Corporation, Amazoncom Inc., Baidu Inc., iFLYTEK Co Ltd., Sensory Inc., Advanced Voice Recognition Systems Inc., Raytheon Company, Sestek Speech & Audio Technologies, Voicebox Technologies Corporation, Dolbey Systems Inc., Agnitio SL, Acapela Group SA, iSpeech Inc., Speechmatics Ltd., Deepgram Inc., Voiceitt Ltd., Voicegain Inc., AssemblyAI Inc., 3M Company, Google LLC, Open Text Corporation, LumenVox LLC, Honeywell International Inc., Nuance Communications Inc., Aigoai Limited, Amberscript BV, Amenity Analytics Ltd., Applied Brain Research Inc.

North America was the largest region in the speech and voice recognition market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the speech and voice recognition market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the speech and voice recognition market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Key functions within speech and voice recognition encompass speech recognition and voice recognition. Speech recognition employs natural language processing (NLP) to simulate human-like interaction, enabling computers to understand and interpret human speech. These functions are deployed through various modes such as cloud-based, on-premises, or embedded systems. They find application across diverse sectors including automotive, enterprise, consumer electronics, banking, financial services, insurance (BFSI), government, retail, healthcare, and various other industries.

This report provides speech and voice recognition market statistics, including speech and voice recognition industry global market size, regional shares, competitors with a speech and voice recognition market share, detailed speech and voice recognition market segments, market trends and opportunities, and any further data you may need to thrive in the speech and voice recognition industry. This speech and voice recognition market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The speech and voice recognition market consists of revenues earned by entities by language weighting, speaker labelling, acoustics training, and profanity filtering. The market value includes the value of related goods sold by the service provider or included within the service offering. The speech and voice recognition market also includes sales of speech capturing device, digital signal module, pre-processed signal storage memory which are used in providing speech and voice recognition services. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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