Meticulous Research®—leading global market research company, published a research report titled, ‘Speech and Voice Recognition Market by Function (Speech, Voice Recognition), Technology (AI and Non-AI), Deployment Mode (Cloud, On-premise), End User (Consumer Electronics, Automotive, BFSI, Other End Users), and Geography - Global Forecast to 2030.’
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According to this latest publication from Meticulous Research®, the speech and voice recognition market is projected to reach $56.07 billion by 2030, at a CAGR of 19.1% from 2023 to 2030. The growth of the speech and voice recognition market is driven by the surging use of voice biometrics, the integration of voice-enabled devices in car infotainment systems, and the proliferation of voice-enabled devices. However, speech and voice recognition devices' lack of accuracy in recognizing regional accents and dialects and low awareness about speech and voice recognition technologies restrain the growth of this market.
The high potential of AI-enabled voice assistants in the healthcare industry and technological advancements, coupled with the rising acceptance of connected devices, are expected to create growth opportunities for the players operating in the speech and voice recognition market. However, performance issues with speech and voice recognition-enabled devices due to ambient noise is a major challenge for market growth. Additionally, the growing demand for voice authentication in mobile banking applications, the increasing integration of AI & ML into speech recognition technology, the growing use of speech recognition technology for translating rare & local languages, and the rising demand for speech-based biometric systems are prominent trends in the speech and voice recognition market.
Based on function, the speech and voice recognition market is segmented into speech recognition and voice recognition. In 2023, the speech recognition segment is expected to account for the larger share of the speech and voice recognition market. The large market share of this segment is attributed to the consistent proliferation of advanced technologies such as artificial intelligence and machine learning across various sectors and the rapid growth of the smart devices market. Moreover, the speech recognition segment is also projected to record the higher CAGR during the forecast period.
Based on technology, the speech and voice recognition market is segmented into artificial intelligence and non-artificial intelligence. In 2023, the artificial intelligence segment is expected to account for the larger share of the speech and voice recognition market. The large market share of this segment is attributed to the increasing usage of voice assistants for applications, including smart home systems, smart speakers, autonomous and connected cars, voice biometric authentication, smart wearable gadgets, and smartphones. Moreover, the artificial intelligence segment is also projected to record the higher CAGR during the forecast period.
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Based on deployment mode, the speech and voice recognition market is segmented into on-premise deployments and cloud-based deployments. In 2023, the cloud-based deployments segment is expected to account for the larger share of the speech and voice recognition market. The large share of the segment is attributed to the increasing avenues for cloud-based deployments, the superior flexibility and affordability offered by cloud-based deployments, and the increasing adoption of cloud-based solutions by small & medium-sized enterprises. Moreover, the cloud-based deployments segment is also projected to record the higher CAGR during the forecast period.
Based on end user, the speech and voice recognition market is segmented into IT & telecommunications, media & entertainment, consumer electronics, automotive, healthcare, BFSI, education, government and public services, manufacturing/enterprises, retail and e-commerce, and other end users. In 2023, the IT & telecommunications segment is expected to account for the largest share of the speech and voice recognition market. The large market share of this segment is attributed to the rising demand for speech and voice recognition solutions in call centers and the rising need to gather more actionable information quickly. However, the consumer electronics segment is projected to record the highest CAGR during the forecast period.
Based on geography, the speech and voice recognition market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the speech and voice recognition market. The presence of a large number of speech and voice-based recognition technology providers across the region and telecommunication companies’ increasing focus on improving their first-call resolution rates are the key growth drivers for this regional market.
Key Players:
Some of the key players operating in the speech and voice recognition market are Microsoft Corporation (U.S.), Amazon Web Services, Inc. (U.S.), Google LLC (U.S.), IBM Corporation (U.S.), Verint Systems Inc. (U.S.), Baidu, Inc. (China), Apple Inc. (U.S.), Speechmatics (U.K.), Sensory, Inc. (U.S.), AssemblyAI, Inc. (U.S.), iFLYTEK Co., Ltd. (China), LumenVox (U.S.), SESTEK (Turkey), and Dolbey Systems, Inc. (U.S.).
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Key Questions Answered in the Report:
• Which are the high-growth market segments based on function, technology, deployment mode, and end user?
• What was the historical market size for speech and voice recognition?
• What are the market forecasts and estimates for the period 2023–2030?
• What are the major drivers, restraints, and opportunities in the speech and voice recognition market?
• Who are the major players, and what shares do they hold in the speech and voice recognition market?
• How is the competitive landscape in the speech and voice recognition market?
• What are the recent developments in the speech and voice recognition market?
• What are the different strategies adopted by the major players operating in the speech and voice recognition market?
• What are the key geographic trends, and which are the high-growth countries?
• Who are the local emerging players in the global speech and voice recognition market, and how do they compete with the other players?
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