Voice and Speech Recognition is the next evolution of human-machine interaction. The technology is gaining robust popularity due to greater convenience, simplified tasks, and lack of touch capabilities. The capabilities of Voice and Speech Recognition are continuously extending with the rising R&D in the technology.
VOICE RECOGNITION ACCOUNTED FOR LARGEST SHARE OF OVER 50% IN 2020.
Voice recognition is increasingly being used in daily life and has potentially revolutionized the interactions with digital devices. It is commonly used to operate a device, perform commands, or write without using a keyboard, mouse, or press any buttons. Voice recognition serves as a virtual assistant on a phone, smart speaker, or at the workplace and provides enhanced security with voice biometry. Players are robustly bringing new products driven by voice assistants. The growing trend of smart homes and the smart industry is foreseen to present new opportunities.
AI-BASED SEGMENT IS EXPECTED TO GROW AT RAPID PACE
The Artificial Intelligence-based segment will show exciting progress during the forecast period. The application area of AI in Voice and Speech Recognition is immense. Artificial Intelligence is an exciting and evolving field of study and innovation in Voice and Speech Recognition. It continually improves and advances the new generation of smart home devices that offer more connectivity and more intelligent design. There is also ample space for AI-based Voice and Speech Recognition in industries where speed and convenience are crucial.
NORTH AMERICA DOMINATED THE MARKET WITH OVER 35.0% OF THE OVERALL REVENUE.
North America leads in the advanced technology sector. The region is the foremost in implementing Voice and Speech Recognition systems. It is widely used across the region to enhance interaction with devices and improve safety measures and security. North America is blessed with the presence of prominent players. Players invest the most in the launch and R&D of new devices.
PROMINENT PLAYERS IN THE MARKET:
Advanced Voice Recognition Systems, Inc., Agnitio SL, Biotrust ID B.V., Lumenvox, LLC, M2SYS LLC, Microsoft Corporation, Mmodal Inc., Nuance Communications Inc., Raytheon BBN Technologies, Sensory, Inc., Validsoft UK Limited, Voicebox Technologies Corp., Voicevault Inc.
As per this study the Global Voice and Speech Recognition Market was valued USD 18.17 BN (by revenue) in 2022 and is anticipated to reach USD 59.16 BN by 2030 with a CAGR of 15.9%.
Voice recognition is a technique in computing technology by which a specialized software system is created to identify, distinguish and authenticate the voice of an individual. It evaluates the voice biometrics of an individual, such as flow and natural accent. Speech recognition technology is a process of converting spoken words into the digital data and stored set of words with voice receiving devices such as microphones and telephones. Voice and speech recognition techniques are widely used in Artificial Intelligence (AI) and in navigation systems.
Market Dynamics
The increasing use of artificial intelligence (AI) technology owing to their ability to voice and speech recognition in various devices coupled with growing demand for virtual assistants is fueling the market growth of global voice and speech recognition market. Furthermore, increasing demand for voice-driven navigation systems and surging use of voice biometrics is also propelling the market growth. However, the lack of accuracy in identification and improper coding in a software program can restrain the market of voice and speech recognition. Whereas, technological developments with rising adoptions of electronic devices are expected to stimulate market growth over the forecast period.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter's five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of voice and speech recognition.
Market Segmentation
The broad voice and speech recognition market has been sub-grouped into technology, application, and end-user. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
By Function
- Voice recognition
- Speaker Identification
- Speaker Verification
- Speech recognition
- Automatic Speech Recognition
- Text to Speech
By Technology
- Artificial Intelligence Based
- Non-Artificial Intelligence Based
By Vertical
- Automotive
- Enterprise
- Consumer
- BFSI
- Government
- Retail
- Healthcare
- Military
- Legal
- Education
- Others
Regional Analysis
Furthermore, the report comprises of the geographical segmentation which mainly focuses on current and forecast demand for voice and speech recognition in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global Voice and Speech Recognition Market Share by Region (Representative Graph)
The report also covers a detailed competitive landscape including company profiles of key players operating in the global market. The key players in the voice and speech recognition market includes Advanced Voice Recognition Systems, Inc., Agnitio S.L., Amazon.com, Inc., Api.ai, Apple, Inc., Anhui USTC iFlytek, Ltd., Baidu, Inc., BioTrust ID B.V., CastleOS Software, LLC, Facebook, Inc., Google, Inc., International Business Machines Corp., Microsoft Corp., MModal, Inc., Nortek Holdings, Inc., Nuance Communications, Inc., Raytheon Company, SemVox GmbH, Sensory, Inc. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
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