Voice Speech Recognition Software Global Market Report 2024

The voice speech recognition software market size has grown exponentially in recent years. It will grow from $19.91 billion in 2023 to $23.89 billion in 2024 at a compound annual growth rate (CAGR) of 20%. The growth observed in the historical period can be attributed to several factors, including advancements in natural language processing (NLP), increased usage of mobile devices, the rise of virtual assistants, a focus on accessibility and inclusion, and the integration of voice speech recognition software in consumer electronics. These elements collectively contributed to the expansion and adoption of this technology during the historical period, reflecting the increasing integration of voice-based interactions in various facets of technology and consumer devices.

The voice speech recognition software market size is expected to see rapid growth in the next few years. It will grow to $48.37 billion in 2028 at a compound annual growth rate (CAGR) of 19.3%. The anticipated growth in the forecast period can be attributed to several factors, including the integration with the Internet of Things (IoT), the rapid expansion of virtual meetings and conferencing, a focus on multilingual and cross-dialectal capabilities, the development of industry-specific solutions, and the increasing adoption of voice commerce and transactions. Noteworthy trends expected in the forecast period include the enhancement of multilingual capabilities, integration with virtual assistants, the use of voice biometrics for security, the proliferation of voice-enabled smart devices, and an emphasis on customization and personalization. These trends indicate a dynamic landscape where voice speech recognition software continues to evolve, catering to diverse applications and user preferences.

The anticipated increase in the penetration of voice-enabled devices is poised to drive the growth of the voice speech recognition software market. Voice-enabled devices refer to devices capable of understanding and responding to human speech, allowing users to interact with them through voice commands. Voice speech recognition software plays a crucial role in the functionality of these devices by analyzing and interpreting spoken language, converting it into digital signals for processing and response. According to ComScore's December 2021 report, 48% of internet users owned at least one smart speaker, marking an 11% increase from the 37% ownership observed in 2020. The growing demand for voice-enabled devices serves as a key driver for the expansion of the voice speech recognition software market.

Prominent companies in the voice speech recognition software market are strategically focusing on innovative and technologically advanced solutions, particularly AI-based automatic speech recognition (ASR) engines, to gain a competitive edge. AI-based ASR engines utilize artificial intelligence and machine learning to convert spoken language into written text. In August 2021, LumenVox, a US-based software company, introduced its latest next-generation ASR engine with transcription, powered by AI and deep machine learning. This ASR engine by LumenVox delivers high accuracy and intelligence, capturing, recognizing, and responding to each customer's intention with precision. The technology ensures high availability and extremely accurate transcription, minimizing latency in voice interactions.

In March 2022, Microsoft Corporation, a US-based technology giant, successfully acquired Nuance Communications Inc. for $19.7 billion. This strategic acquisition integrates Nuance's conversational AI and ambient intelligence with Microsoft's secure and trusted industry cloud offerings. The move strengthens Microsoft's position in the voice AI industry, particularly in healthcare, where Nuance has a significant presence. Nuance Communications Inc., a US-based computer software technology corporation, specializes in providing voice speech recognition software, making it a valuable addition to Microsoft's portfolio.

Major companies operating in the voice speech recognition software market report are Amazon.com Inc., Apple Inc., Google Inc., Microsoft Corp., Meta Platforms Inc., Raytheon Technologies Corp., International Business Machines Corp., Cisco Systems Inc., Baidu Inc., Anhui USTC iFlytek o., Ltd., Verint Systems Inc., MModal Inc., Nuance Communications Inc., Paragon GmbH and Co. KGaA, VoiceVault Inc., J-Star Holding Co. Ltd., ValidSoft U.K. Limited, SemVox GmbH, Speak2web, LumenVox GmbH, Sensory Inc., Agnitio S.L., CastleOS Software LLC, Advanced Voice Recognition Systems Inc., BioTrust ID B.V., Brainasoft, Api.ai.

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

The voice speech recognition software market includes revenues earned by entities by providing services such as navigation, dictation, authentication, voice commands, and virtual assistants. The market value includes the value of related goods sold by the service provider or included within the service offering. The voice speech recognition software market also includes sales of microphones, storage devices, computing hardware, and speech recognition devices. 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).

Voice speech recognition software, also known as speech-to-text, refers to a capability that empowers a machine or program to receive and interpret dictation or comprehend and execute spoken commands. This technology enables users to interact with devices and systems through speech, facilitating hands-free engagement for tasks such as making requests, setting reminders, and performing other functions.

Voice speech recognition software encompasses two main types of delivery methods such as artificial intelligence (AI)-based and non-artificial intelligence-based. AI-based solutions leverage artificial intelligence to analyze voice and language, enabling computers and software applications to comprehend human input swiftly and accurately. Technologies involved in AI-based voice speech recognition software include speech recognition, text-to-speech, voice recognition, and speaker identification and verification. These technologies can be deployed on the cloud, on-premises, or embedded within various applications. The software finds application across diverse end-user sectors, including automotive, enterprise, consumer, BFSI (banking, finance service, and insurance), government, retail, healthcare, military, education, and others.

The voice speech recognition software market research report is one of a series of new reports that provides voice speech recognition software market statistics, including voice speech recognition software industry global market size, regional shares, competitors with a voice speech recognition software market share, detailed voice speech recognition software market segments, market trends and opportunities, and any further data you may need to thrive in the voice speech recognition software industry. This voice speech recognition software 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 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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