The global speech and voice recognition market is projected to grow from USD 9.4 Billion in 2022 to USD 28.1 Billion by 2027, it is expected to grow at a CAGR of 24.4% from 2022 to 2027.
Extensive penetration of speech and voice recognition technologies in smart appliances
The demand for smart homes and smart appliances is increasing owing to various factors, including the growing internet penetration, rapid technological advancements, and increased focus on home automation to achieve security and convenience. The COVID-19 pandemic has also prompted the use of smart devices and appliances in almost every aspect of daily life. People are encouraged to work from home, leading to high demand for speech and voice recognition technology-based products.
Manufacturers of smart appliances are adding the voice recognition feature to their products to enable users to control all their appliances from a single speech and voice recognition technology-based product. The demand for products such as Alexa, Cortana, and Siri, has increased significantly. Samsung Electronics (South Korea), a leading manufacturer of smart appliances, has introduced the Smart Things app with inbuilt voice recognition technology to allow users to control all the appliances in the house with single voice commands.
Several other manufacturers, such as Whirlpool and Philips, have similar voice-activated control solutions. As consumers move toward automation, the demand for speech and voice recognition technology-based products is also likely to increase.
APAC is the fastest-growing region in the speech and voice recognition market
The speech and voice recognition market in Asia Pacific is expected to grow at the highest CAGR from 2022 to 2027 owing to technological advancements, improved awareness regarding the benefits of these technologies among the masses, and the low cost of speech and voice recognition devices. China, Japan, and India are the key countries in the Asia Pacific region for the speech and voice recognition market. Baidu (China) and iFlytek (China) are the top two companies in the region operating in the speech and recognition market.
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Premium Insights
5. Market Overview 5.1. Introduction 5.2. Market Dynamics 5.2.1. Drivers 5.2.2. Restraints 5.2.3. Opportunities 5.2.4. Challenges 5.3. Value Chain Analysis 5.4. Porter's Five Forces Analysis 5.5. Average Selling Pricing Analysis 5.6. Trade Analysis 5.7. Ecosystem Analysis 5.8. Case Study Analysis 5.9. Patent Analysis 5.10. Technology Analysis 5.11. Codes and Standards 5.12. Tariff Analysis 5.13. Regulatory Bodies, Government Agencies & Other Organizations 5.14. Revenue Shift 5.15. Key Conferences and Events in 2022-2023 5.16. Key Stakeholder and Buying and/or Buying Criteria 5.16.1. Key Stakeholders in Buying Process 5.16.2. Buying Criteria
6. Speech and Voice Recognition Market, by Delivery Method 6.1. Introduction 6.2. Artificial Intelligence-based 6.3. Non-Artificial Intelligence-based
8. Speech and Voice Recognition Market, by Deployment Mode 8.1. Introduction 8.2. on Cloud 8.3. On-Premises/Embedded
9. Market, by Vertical 9.1. Introduction 9.2. Automotive 9.3. Enterprises 9.4. Consumer 9.5. Banking, Financial Services and Insurance (BFSI) 9.6. Government 9.7. Retail 9.8. Healthcare 9.9. Military 9.10. Legal 9.11. Education 9.12. Others
10. Speech and Voice Recognition Market, by Geography 10.1. Introduction 10.2. Americas 10.2.1. US 10.2.2. Canada 10.2.3. Rest of Americas 10.3. Europe 10.3.1. UK 10.3.2. Germany 10.3.3. France 10.3.4. Rest of Europe 10.4. APAC 10.4.1. Japan 10.4.2. China 10.4.3. India 10.4.4. Rest of APAC 10.5. Rest of the World (RoW) 10.5.1. Middle East 10.5.2. Africa
11. Competitive Landscape 11.1. Introduction 11.2. Top 5 Company Revenue Analysis 11.3. Strategies Adopted by Key Players 11.4. Market Share Analysis 11.5. Company Evaluation Matrix 11.5.1. Star 11.5.2. Pervasive 11.5.3. Emerging Leaders 11.6. Strength of Product Portfolio 11.7. Business Strategy Excellence 11.8. Small and Medium Enterprises (SME) Evaluation Quadrant 11.8.1. Progressive Companies 11.8.2. Responsive Companies 11.8.3. Dynamic Companies 11.8.4. Starting Blocks 11.9. Competitive Situation and Trends 11.10. Competitive Benchmarking
