Mobile Speech Recognition Software Global Market Report 2024

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.


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