The mobile speech recognition software market size has grown exponentially in recent years. It will grow from $4.26 billion in 2023 to $5.29 billion in 2024 at a compound annual growth rate (CAGR) of 24.1%. The growth observed in the historic period in the field of mobile speech recognition software can be attributed to several factors, including advancements in natural language processing (NLP), the proliferation of mobile devices, integration with virtual assistants, increasing demand for hands-free operation, and improvements in connectivity and network speeds. These factors collectively contributed to the adoption and expansion of mobile speech recognition software during that period.
The mobile speech recognition software market size is expected to see exponential growth in the next few years. It will grow to $12.35 billion in 2028 at a compound annual growth rate (CAGR) of 23.6%. The anticipated growth in the forecast period in the field of mobile speech recognition software can be attributed to several factors, including integration with augmented reality (AR) and virtual reality (VR), a focus on multimodal interaction, the rise of edge computing in mobile devices, enhanced security and privacy measures, and expanding applications in healthcare and industry. Major trends expected in the forecast period include integration with 5G technology, multilingual speech recognition, voice biometrics for authentication, applications in healthcare and accessibility, and context-aware speech recognition. These trends are likely to influence the continued development and adoption of mobile speech recognition software in the coming years.
The expanding prevalence of smartphones equipped with advanced features is anticipated to drive the growth of the mobile speech recognition software market. Smartphones, serving as multifunctional mobile communication devices, integrate cellular phone capabilities with features commonly found in computing devices. Mobile speech recognition software transforms smartphones by facilitating hands-free interaction and seamless voice input, significantly enhancing user convenience and accessibility. According to a report by Cybercrew, a UK-based cybersecurity solutions provider, smartphone usage in UK households reached 91.43% in 2021, with a projected increase to 98% by 2023. Consequently, the widespread adoption of smartphones with advanced features is a key factor propelling the growth of the mobile speech recognition software market.
Prominent companies operating in the mobile speech recognition software market are intensifying their efforts to introduce AI-enabled speech recognition software, aiming to bolster their market profitability. AI-enabled speech recognition software employs artificial intelligence (AI) techniques to interpret and comprehend spoken language. In August 2023, Voiceitt, an Israel-based speech recognition technology provider, unveiled Voiceitt 2, a web application designed to revolutionize communication for individuals with speech disabilities. The app facilitates spontaneous speech, translating non-standard speech into standard speech for clear comprehension by educators and peers. Voiceitt 2 also supports transcription of conversations, note dictation, and seamless integration with popular AI assistants such as ChatGPT. The application's capabilities are further augmented through Webex integration, offering inclusive transcription and captioning for video meetings, providing a comprehensive solution that significantly enhances communication across various scenarios.
In April 2021, Microsoft Corporation, a leading US-based technology company, acquired Nuance Communications Inc. for $19.7 billion, inclusive of net debt. This acquisition is poised to strengthen Microsoft's relationship with Nuance's healthcare clientele by integrating advanced features related to communication systems, AI-driven personal assistants, and innovative digital and biometric technologies into Azure Cloud and intelligent services. The integration is expected to drive future sales of Microsoft cloud services, enhancing its market position. Nuance Communications Inc. is a US-based provider of voice recognition software enriched by artificial intelligence.
Major companies operating in the mobile speech recognition software market report are Amazon Inc., Apple Inc., Alphabet Inc., Microsoft Corporation, AT&T Inc., IBM Corp., Cisco Systems Inc., Baidu Inc., Raytheon BBN Technologies, OpenText Corporation, iFLYTEK Co. Ltd., Dragon Systems, ABBYY, VoiceVault Inc, Pareteum Corporation, Speechmatics, Acapela Group, VoiceBox Technologies Corporation, ReadSpeaker Holding B.V., CereProc Ltd., Uniphore, Sensory Inc., LumenVox LLC, Advanced Voice Recognition Systems Inc., LumenVox LLC, Voci Technologies, RAYVN AS, Yobe Inc.
North America was the largest region in the mobile speech recognition software market in 2023. The regions covered in the mobile speech recognition software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the mobile speech recognition software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The mobile speech recognition software market consists of revenues earned by entities by providing services such as voice-to-text transcription, virtual assistant integration, voice search, voice biometrics, and language support. The market value includes the value of related goods sold by the service provider or included within the service offering. The mobile speech recognition software market also includes sales of virtual assistants such as Google Assistant and Apple Siri, speech-to-text (STT) applications such as Dragon Anywhere and Otter, and mobile dictation apps that are used in providing mobile speech recognition software 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 IT market is segmented into IT services, computer hardware, telecom, and software products.
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).
Mobile speech recognition software is a technology designed to convert spoken language into text on mobile devices. This capability facilitates hands-free communication, voice commands, and text input through spoken words, enhancing the overall user experience on mobile platforms.
The primary types of mobile speech recognition software include isolated word recognition, keyword spotting, and continuous speech recognition. Isolated word recognition involves identifying individual words in audio or speech signals. These technologies leverage both artificial intelligence-based and non-artificial intelligence-based approaches and find applications across various industries such as healthcare, military, automotive, retail, government, education, banking, financial services, and insurance (BFSI), among others.
The mobile speech recognition software market research report is one of a series of new reports that provides mobile speech recognition software market statistics, including mobile speech recognition software industry global market size, regional shares, competitors with a mobile speech recognition software market share, detailed mobile speech recognition software market segments, market trends and opportunities, and any further data you may need to thrive in the mobile speech recognition software industry. This mobile 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.
This product will be delivered within 3-5 business days.
The mobile speech recognition software market size is expected to see exponential growth in the next few years. It will grow to $12.35 billion in 2028 at a compound annual growth rate (CAGR) of 23.6%. The anticipated growth in the forecast period in the field of mobile speech recognition software can be attributed to several factors, including integration with augmented reality (AR) and virtual reality (VR), a focus on multimodal interaction, the rise of edge computing in mobile devices, enhanced security and privacy measures, and expanding applications in healthcare and industry. Major trends expected in the forecast period include integration with 5G technology, multilingual speech recognition, voice biometrics for authentication, applications in healthcare and accessibility, and context-aware speech recognition. These trends are likely to influence the continued development and adoption of mobile speech recognition software in the coming years.
The expanding prevalence of smartphones equipped with advanced features is anticipated to drive the growth of the mobile speech recognition software market. Smartphones, serving as multifunctional mobile communication devices, integrate cellular phone capabilities with features commonly found in computing devices. Mobile speech recognition software transforms smartphones by facilitating hands-free interaction and seamless voice input, significantly enhancing user convenience and accessibility. According to a report by Cybercrew, a UK-based cybersecurity solutions provider, smartphone usage in UK households reached 91.43% in 2021, with a projected increase to 98% by 2023. Consequently, the widespread adoption of smartphones with advanced features is a key factor propelling the growth of the mobile speech recognition software market.
Prominent companies operating in the mobile speech recognition software market are intensifying their efforts to introduce AI-enabled speech recognition software, aiming to bolster their market profitability. AI-enabled speech recognition software employs artificial intelligence (AI) techniques to interpret and comprehend spoken language. In August 2023, Voiceitt, an Israel-based speech recognition technology provider, unveiled Voiceitt 2, a web application designed to revolutionize communication for individuals with speech disabilities. The app facilitates spontaneous speech, translating non-standard speech into standard speech for clear comprehension by educators and peers. Voiceitt 2 also supports transcription of conversations, note dictation, and seamless integration with popular AI assistants such as ChatGPT. The application's capabilities are further augmented through Webex integration, offering inclusive transcription and captioning for video meetings, providing a comprehensive solution that significantly enhances communication across various scenarios.
In April 2021, Microsoft Corporation, a leading US-based technology company, acquired Nuance Communications Inc. for $19.7 billion, inclusive of net debt. This acquisition is poised to strengthen Microsoft's relationship with Nuance's healthcare clientele by integrating advanced features related to communication systems, AI-driven personal assistants, and innovative digital and biometric technologies into Azure Cloud and intelligent services. The integration is expected to drive future sales of Microsoft cloud services, enhancing its market position. Nuance Communications Inc. is a US-based provider of voice recognition software enriched by artificial intelligence.
Major companies operating in the mobile speech recognition software market report are Amazon Inc., Apple Inc., Alphabet Inc., Microsoft Corporation, AT&T Inc., IBM Corp., Cisco Systems Inc., Baidu Inc., Raytheon BBN Technologies, OpenText Corporation, iFLYTEK Co. Ltd., Dragon Systems, ABBYY, VoiceVault Inc, Pareteum Corporation, Speechmatics, Acapela Group, VoiceBox Technologies Corporation, ReadSpeaker Holding B.V., CereProc Ltd., Uniphore, Sensory Inc., LumenVox LLC, Advanced Voice Recognition Systems Inc., LumenVox LLC, Voci Technologies, RAYVN AS, Yobe Inc.
North America was the largest region in the mobile speech recognition software market in 2023. The regions covered in the mobile speech recognition software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the mobile speech recognition software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The mobile speech recognition software market consists of revenues earned by entities by providing services such as voice-to-text transcription, virtual assistant integration, voice search, voice biometrics, and language support. The market value includes the value of related goods sold by the service provider or included within the service offering. The mobile speech recognition software market also includes sales of virtual assistants such as Google Assistant and Apple Siri, speech-to-text (STT) applications such as Dragon Anywhere and Otter, and mobile dictation apps that are used in providing mobile speech recognition software 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 IT market is segmented into IT services, computer hardware, telecom, and software products.
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).
Mobile speech recognition software is a technology designed to convert spoken language into text on mobile devices. This capability facilitates hands-free communication, voice commands, and text input through spoken words, enhancing the overall user experience on mobile platforms.
The primary types of mobile speech recognition software include isolated word recognition, keyword spotting, and continuous speech recognition. Isolated word recognition involves identifying individual words in audio or speech signals. These technologies leverage both artificial intelligence-based and non-artificial intelligence-based approaches and find applications across various industries such as healthcare, military, automotive, retail, government, education, banking, financial services, and insurance (BFSI), among others.
The mobile speech recognition software market research report is one of a series of new reports that provides mobile speech recognition software market statistics, including mobile speech recognition software industry global market size, regional shares, competitors with a mobile speech recognition software market share, detailed mobile speech recognition software market segments, market trends and opportunities, and any further data you may need to thrive in the mobile speech recognition software industry. This mobile 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.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Mobile Speech Recognition Software Market Characteristics3. Mobile Speech Recognition Software Market Trends and Strategies32. Global Mobile Speech Recognition Software Market Competitive Benchmarking33. Global Mobile Speech Recognition Software Market Competitive Dashboard34. Key Mergers and Acquisitions in the Mobile Speech Recognition Software Market
4. Mobile Speech Recognition Software Market - Macro Economic Scenario
5. Global Mobile Speech Recognition Software Market Size and Growth
6. Mobile Speech Recognition Software Market Segmentation
7. Mobile Speech Recognition Software Market Regional and Country Analysis
8. Asia-Pacific Mobile Speech Recognition Software Market
9. China Mobile Speech Recognition Software Market
10. India Mobile Speech Recognition Software Market
11. Japan Mobile Speech Recognition Software Market
12. Australia Mobile Speech Recognition Software Market
13. Indonesia Mobile Speech Recognition Software Market
14. South Korea Mobile Speech Recognition Software Market
15. Western Europe Mobile Speech Recognition Software Market
16. UK Mobile Speech Recognition Software Market
17. Germany Mobile Speech Recognition Software Market
18. France Mobile Speech Recognition Software Market
19. Italy Mobile Speech Recognition Software Market
20. Spain Mobile Speech Recognition Software Market
21. Eastern Europe Mobile Speech Recognition Software Market
22. Russia Mobile Speech Recognition Software Market
23. North America Mobile Speech Recognition Software Market
24. USA Mobile Speech Recognition Software Market
25. Canada Mobile Speech Recognition Software Market
26. South America Mobile Speech Recognition Software Market
27. Brazil Mobile Speech Recognition Software Market
28. Middle East Mobile Speech Recognition Software Market
29. Africa Mobile Speech Recognition Software Market
30. Mobile Speech Recognition Software Market Competitive Landscape and Company Profiles
31. Mobile Speech Recognition Software Market Other Major and Innovative Companies
35. Mobile Speech Recognition Software Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Mobile Speech Recognition Software Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on mobile speech recognition software market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Description:
Where is the largest and fastest growing market for mobile speech recognition software ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The mobile speech recognition software market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) By Type: Isolated Word Recognition; Keyword Spotting; Continuous Speech Recognition2) By Technology: Artificial Intelligence Based; Non-Artificial Intelligence Based
3) By Vertical: Healthcare; Military; Automotive; Retail; Government; Education; Banking, Financial Services, And Insurance (BFSI); Other Verticals.
Key Companies Mentioned: Amazon Inc.; Apple Inc.; Alphabet Inc.; Microsoft Corporation; AT&T Inc.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.
Companies Mentioned
- Amazon Inc.
- Apple Inc.
- Alphabet Inc.
- Microsoft Corporation
- AT&T Inc.
- IBM Corp.
- Cisco Systems Inc.
- Baidu Inc.
- Raytheon BBN Technologies
- OpenText Corporation
- iFLYTEK Co. Ltd.
- Dragon Systems
- ABBYY
- VoiceVault Inc
- Pareteum Corporation
- Speechmatics
- Acapela Group
- VoiceBox Technologies Corporation
- ReadSpeaker Holding B.V.
- CereProc Ltd.
- Uniphore
- Sensory Inc.
- LumenVox LLC
- Advanced Voice Recognition Systems Inc.
- LumenVox LLC
- Voci Technologies
- RAYVN AS
- Yobe Inc
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 175 |
Published | March 2024 |
Forecast Period | 2024 - 2028 |
Estimated Market Value ( USD | $ 5.29 Billion |
Forecasted Market Value ( USD | $ 12.35 Billion |
Compound Annual Growth Rate | 23.6% |
Regions Covered | Global |
No. of Companies Mentioned | 28 |