Speech Technology Global Market Report 2024

The speech technology market size has grown exponentially in recent years. It will grow from $13.22 billion in 2023 to $16.71 billion in 2024 at a compound annual growth rate (CAGR) of 26.3%. The growth observed in the historical period can be credited to progress in natural language processing (NLP), the increased prevalence of voice-activated devices, a focus on accessibility and inclusion, integration into customer service operations, and the implementation of multilingual support.

The speech technology market size is expected to see exponential growth in the next few years. It will grow to $41.95 billion in 2028 at a compound annual growth rate (CAGR) of 25.9%. The anticipated growth in the forecast period can be linked to the evolution of conversational AI, the expanding applications of healthcare, the integration across various industries, the enhancement of emotion recognition capabilities, and the adoption of voice biometrics for security. Key trends expected in the forecast period encompass emotion recognition, advancements in multilingual and cross-language processing, the utilization of voice biometrics for security, the proliferation of voice-enabled smart devices, and the widespread adoption of conversational AI and chatbots.

The anticipated surge in the adoption of voice assistants is projected to drive the expansion of the speech technology market in the foreseeable future. Voice assistants, integral to speech technology, are digital tools proficient in recognizing voice commands, processing language, and generating voice output. They play a pivotal role in enabling hands-free device control and facilitating natural language interactions, thereby enhancing user convenience and accessibility across various applications. As of December 2021, data from ComScore revealed that 48% of internet users owned a smart speaker, marking an 11% increase from the previous year's 37%. This surge in voice assistant usage underscores their significant impact on the growth of the speech technology market.

Leading companies in the speech technology market are strategically emphasizing the development of technologically advanced solutions, notably advanced Automatic Speech Recognition (ASR) engines, to gain a competitive advantage. ASR engines, or speech recognition engines, are pivotal components that convert spoken language into written text. In August 2021, LumenVox, a US-based software company, introduced its cutting-edge next-generation ASR engine with transcription capabilities, leveraging artificial intelligence (AI) and deep machine learning (ML). This advanced ASR engine by LumenVox boasts high accuracy and intelligence, effectively capturing, recognizing, and responding to each customer's intention. With features such as high availability and extremely accurate transcription with minimal latency, LumenVox's ASR engine positions itself as a noteworthy player in the evolving speech technology landscape.

In March 2022, Microsoft Corporation, a prominent US-based technology company, successfully acquired Nuance for a significant sum of $19.7 billion. This acquisition is poised to expedite Microsoft's industry-specific cloud strategy, particularly in transforming outcomes-based Artificial Intelligence (AI) in sectors such as healthcare, financial services, retail, and telecommunications. Nuance Communications, the acquired entity, is a distinguished US-based speech technology company, further strengthening Microsoft's position in the rapidly advancing field of speech technology.

Major companies operating in the speech technology market report are Amazon.com Inc., Apple Inc., Alphabet, Microsoft Corporation, International Business Machines Corporation, Baidu Inc., iFLYTEK, Nuance, Verbit, Uniphore, Lilt, Speechmatics, SoundHound, Acapela Group, SESTEK, The Cobalt Co., Sensory Inc., Atexto, Aigo.ai, Speak2web, Voiceitt, Syntiant, Speechly, Symbl.ai, Cantab Research, Rev.

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

The speech technology market includes revenues earned by entities by providing services such as speech recognition, voice recognition, speaker identification, speaker verification, automatic speech recognition, and text-to-speech technologies. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The speech technology market consists of sales of microphones, speakers, and headsets. 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).

Speech technology is a form of computational technology that utilizes voice recognition and speech synthesis technologies to facilitate machine understanding and response to human speech. It improves communication between humans and machines by enabling voice commands for virtual assistants, enabling hands-free operation in vehicles, and offering accessibility features such as speech-to-text across various applications.

Speech technology comes in two primary forms such as artificial intelligence (AI) and non-artificial intelligence. AI-based speech technology involves leveraging artificial intelligence, machine learning, and language models to empower computers in comprehending, interpreting, and generating human speech. This versatile technology can be deployed in diverse modes, including cloud, on-premises, or embedded, and finds applications across various sectors such as automotive, consumer, government, enterprise, healthcare, and banking, financial services, and insurance (BFSI).

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