With 23.7% CAGR, Speech and Voice Recognition Market Size to Reach USD 49.79 Billion [2022-2029]
Fortune Business Insights
5 min read
Fortune Business Insights
According to Fortune Business Insights, the global Speech and Voice Recognition Market Size is projected to hit USD 49.79 Billion in 2029, at CAGR of 23.7% during forecast period [2022-2029]; Increasing Adoption of Deep Neural Engines and Networks to Fuel Growth
Pune, India, Nov. 07, 2022 (GLOBE NEWSWIRE) -- The global speech and voice recognition market size was valued at USD 9.56 billion in 2021. The market is projected to grow from USD 11.21 billion in 2022 to USD 49.79 billion by 2029, exhibiting a CAGR of 23.7% during the forecast period.
This information is presented by Fortune Business Insights, in its report titled, “Speech and Voice Recognition Market, 2022-2029.”
Demand for Voice Recognition Solutions will Increase as Voice Assistants are Increasingly Used in the Healthcare Industry
Due to the closing of offices and lockout regulations, more people are choosing to work remotely, which has given speech and voice recognition software companies substantial market potential. The COVID-19 pandemic has accelerated the development of numerous technologies such as telemedicine and contactless payments that promote safety and social isolation. The COVID-19 pandemic required the use of speech and voice recognition software.
Behavioral Shift of Consumers and Increasing Usage of Smart Appliances to Augment Segmental Demand
Based on technology, the market is segmented into voice recognition and speech recognition. Speech recognition segment holds the largest market share and is expected to continue its dominance during the forecast period.
Increasing Adoption of Cloud-based Solutions among SMEs to Dominate Market
By deployment, the market is classified into on-premise and cloud. Cloud segment is expected to rise with the highest CAGR, owing to increasing demand for cloud solutions.
Increasing Demand for Speech and Voice Recognition Software in Healthcare to Boost Market
Based on end-user, the market is classified across major industries, including healthcare, BFSI, IT & telecommunications, automotive, government, legal, retail, travel and hospitality, and others.
Geographically, the Speech and Voice Recognition Market is divided into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
Report Coverage
The report presents a holistic study of the global market along with current trends and future anticipations to establish proximate investment gains. An in-depth analysis of any upcoming opportunities, threats, competitions or driving factors is also mentioned in the report. Step by step, thorough regional analysis is offered. The COVID-19 impacts have been added to the report to help investors and business owners understand the threats better. The top players in the market are identified, and their strategies to bolster the speech and voice recognition market growth are shared in the report.
Deep Neural Engines and Networks are Being Used More and More to Improve Speech and Voice Systems
The expansion of the market is fueled by the increased usage of cutting-edge technologies such as IoT, AI, and machine learning. The demand for voice and speech biometric systems has surged as a result of voice-based authentications in smartphone applications. The demand for voice technology is also fueled by the use of deep learning and neural networks in applications, including audio-visual speech recognition, isolated word identification, speaker adaptation, and digital speaker recognition.
Regional Insights
North America to Lead Backed by Presence of Chief Players
Throughout the projected period, North America is anticipated to hold the majority of the speech and voice recognition market share. The market's expansion is aided by the presence of well-known competitors such as Amazon.com Inc., IBM, Google LLC, and Microsoft Corporation, among others.
During the projection period, Asia Pacific is expected to experience the fastest growth rate. It is projected that the increased use of AI technology in the BFSI, healthcare, automotive, and government sectors will accelerate the regional adoption of voice technology.
Due to increased innovations and developments in voice assistant to handle French, Spanish, Russian, and other European languages, Europe is anticipated to have exceptional growth in the future years.
Competitive Landscape
Innovative Product Launch Announcement by Key Players to Bolster Market Growth
The prominent players adopt several strategies to bolster their position in the market as leading companies. One such key strategy is acquiring companies to bolster the brand value among users. Another essential strategy is periodically launching innovative products with a detailed study of the market and its target audience.
Key Industry Development
August 2022: In addition to providing translation and transcription services for video and live streams, iFLYTEK introduced multilingual AI subtitling solutions. This system offers machine translation between Chinese and 168 languages and speech recognition for 70 different languages.
Companies Covered in the Speech and Voice Recognition Market Report
Alphabet Inc. (U.S.)
Amazon.com, Inc. (U.S.)
Microsoft Corporation (U.S.)
IBM Corporation (U.S.)
Apple Inc. (U.S.)
Baidu, Inc. (China)
iFLYTEK Co., Ltd. (China)
SESTEK (Turkey)
LumenVox (U.S.)
Sensory Inc. (U.S.)
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