Report Overview:
The following report titled “Global Voice and Speech Recognition Market: 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) and other forecast 2023-2028” provides a comprehensive analysis of the market, focusing on key details such as market size, growth trends, determinants of growth, segments covered, and the role of leading players in the industry.
Global Voice and Speech Recognition Market Summary
The Global Voice and Speech Recognition Market is projected to grow at a CAGR of more than 20% during the forecast period, i.e., 2023-28. With technological advancement in existing electronic devices accompanying flourishing options for new gadgets, the global market for speech & voice recognition is anticipated to thrive. Besides, the steady adoption of speech & voice recognition in navigation software, disability assistance, healthcare, hands-free communication, and documentation is opening up new avenues for the market players in the coming years. Moreover, with the growth of IoT, the need for security and privacy has arisen, resulting in better alternatives, such as voice-activated biometrics, for privacy and security purposes.
Report Coverage & Details
- Forecast Period: 2023-2028
- Base Year: 2022
- CAGR: 20%
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Voice and Speech Recognition Market Trend:
Augmenting Consumer Preferences for Smart Homes and Workplaces – There has been a global trend of turning houses into smart ones, filled with gadgets and digitalized versions of traditional essentials. Due to rapid technological advancements, the growing internet presence of individuals, and the growing urge for secure homes and workplaces, there is a demand to turn spaces automated in terms of their functionality. Besides, smart devices, including speech and voice-recognizing devices, have become indispensable to daily lives, especially after the Pandemic. Given this, tech giants are adding voice recognition features to every possible device, enabling consumers to control and command the appliances. As such, the demand for AI-based products, such as Google Home and Alexa, has increased over time. Likewise, home appliance manufacturers like Whirlpool and Philips, providing voice assistance with their products, further encourage market expansion.
Segmentation Analysis: Voice and Speech Recognition Market
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 End-Users
- Automotive
- Banking Finance Services & Insurance (BFSI)
- Education
- Enterprise
- Government
- Healthcare
- Legal
- Military
- Retail
- Other
By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
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Region: Asia-Pacific Holds a Major Market Share
Among them, Here, Asia-Pacific is currently going through notable growth within several industries, including AI, consumer electronics, gadgets, healthcare, military, education, BFSI, automotive, entertainment, and retail.
Leading Players Analysis: Voice and Speech Recognition Market
The report provides detailed analysis of key players in the global Voice and Speech Recognition market, highlighting their strategies and competitive scenario.
- Advanced Voice Recognition Systems, Inc.
- Agnitio S.L. (subsidiary of Nuance Communications Inc.)
- Amazon.com, Inc.
- Anhui USTC iFlytek Co., Ltd.
- Apple Inc.
- Baidu, Inc
- BioTrust ID B.V.
- Google LLC
- International Business Machines Corporation
- M2Sys LLC.
- LumenVox LLC
- Microsoft Corporation
- M*Modal, Inc.
- Nuance Communication, Inc
- Raytheon Company
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