Speech and Voice Recognition Market

Global Speech and Voice Recognition Market Size (2024 to 2029)

The global speech and voice recognition market is expected to reach USD 24.63 billion in 2024 and USD 56.34 billion by 2029, growing at a CAGR of 18% during the forecast period.

Speech or voice recognition is the ability of a program to receive, interpret, and execute voice commands. These solutions are the perfect complement to voice commands between consumers and technology to obtain help with reminders and simple tasks. Voice recognition operates devices and executes commands at your fingertips without a keyboard.

Speech and voice recognition is a smaller part of biometric systems. Speech recognition refers to the process of converting spoken words into a set of modified words stored digitally using phones and microphones. The speed that measures the adequacy of the software with a human speaker and the precision that it measures the number of errors committed during the conversion of spoken words into digitized data are the two parameters that evaluate the quality of a voice recognition system. The voice recognition system analyzes the identity of the speaker behind a particular voice. Examines the sound between different speakers by studying the behavior patterns of different people, such as the tone of the person's voice, speech style, accent, and others, and also examines the shape and size of the mouth and throat of the person.

The growth of the global speech and voice recognition market can be attributed to the high growth potential of healthcare applications, the growing demand for voice authentication in mobile banking applications, the rapid proliferation of multifunctional devices or smart speakers, and the increasing impact of AI on accuracy and speech recognition.

Some speech and voice recognition applications include cars, smartphones, and smart virtual assistants like Amazon Alexa, Apple Siri, and Microsoft Cortana. Different voice recognition software solutions include a speaker-dependent solution, a speaker-independent solution, discrete voice recognition, continuous voice recognition, and natural language recognition.

Market Growth and Trends:

Compared to speech recognition, the voice recognition market is expected to grow at a higher rate due to the increasing use of voice recognition in multi-factor authentication systems in BFSI, Government, and defense. In North America and Western Europe, a large number of bank clients use telephone banking. Many of these financial institutions are adopting voice authentication solutions to accept or reject a user's mobile transactions. In addition, voice recognition technology is supposed to experience a high level in the public, financial, and corporate sectors in the next 2 to 3 years. Data security problems due to cyber-attacks, data breaches of hackers, and issues related to illegal immigrants are some of the main factors that contribute to the steady growth of the voice recognition market.

Global Speech and Voice Recognition Market Drivers:

The speech and voice recognition technique is finding maximum use in the consumer electronics industry due to the increasing number of voice and voice-activated applications on smartphones. However, the health sector is likely to be the fastest-growing segment of the end-use industry due to the widespread use of speech and voice recognition techniques for health checks and to connect a doctor and a patient in the absence of a physical presence of the two. Speech recognition has other supporting factors, including technological advancements, the need for customer management, accelerated demand for mobility, conversion to smart homes, and a mandatory requirement to improve workforce productivity.

A growing career for solutions has also come from biometric systems for user authentication, which has spurred market growth. There is also demand for mobile banking applications and electronic health recording (EHR) applications that support the growth of the global speech and voice recognition market. The adoption of voice assistance systems in homes and businesses has also contributed to the cause of these solutions. The factors that influenced demand were higher accuracy and precision, time management, and the reduction of human error. Emerging economies have a driving market for applications in service robots, and technological advances are factors that should provide many opportunities for growth in the years to come.

Global Speech and Voice Recognition Market Restraints:

The concerns related to hacking and data breaches are considerable obstacles to the expansion of this industry.

GLOBAL SPEECH AND VOICE RECOGNITION MARKET REPORT COVERAGE:

This research report on the global speech and voice recognition market has been segmented and sub-segmented based on the component, interface, deployment, end-user, and region.

Global Speech and Voice Recognition Market - By Component:

• Hardware

• Software and Services

The hardware segment represents the largest share in the global speech and voice recognition business.

Global Speech and Voice Recognition Market - By Interface:

• AI-Based

• Non-AI-Based Systems

Non-AI systems are expected to dominate the worldwide market throughout the forecast period. The AI-based segment is foreseen to grow at a very rapid rate due to technological improvements and its use in a broader range of applications.

Global Speech and Voice Recognition Market - By Deployment:

• Cloud

• On-Premises

Based on the deployment, the cloud segment is predicted to expand with the highest growth rate with the increasing transition and benefits associated with this model.

Global Speech and Voice Recognition Market - By End-User:

• BFSI

• Automotive

• Healthcare

• Consumer Electronics

• Enterprises

• Government and Defense

The BFSI segment accounts for the principal portion of the global speech and voice recognition systems, attributing to the increased online purchases and need for secured transactional gateways.

Global Speech and Voice Recognition Market - By Region:

• North America

  • The United States

  • Canada

  • Rest of North America

• Europe

  • The United Kingdom

  • Spain

  • Germany

  • Italy

  • France

  • Rest of Europe

• The Asia Pacific

  • India

  • Japan

  • China

  • Australia

  • Singapore

  • Malaysia

  • South Korea

  • New Zealand

  • Southeast Asia

• Latin America

  • Brazil

  • Argentina

  • Mexico

  • Rest of LATAM

• The Middle East and Africa

  • Saudi Arabia

  • UAE

  • Lebanon

  • Jordan

  • Cyprus

North America's speech and voice recognition market represents the largest share due to the imperative need for customer service automation and the integration of virtual assistants with smart devices to drive market growth. The overwhelming need to streamline aspects of corporate communication that improve productivity contributes to market growth. The growing intense penetration of mobile devices and the increasing demand for voice recognition from BFSI and the healthcare sectors should support market growth over the forecast period.

Key Market Players:

1. Nuance (United States)

2. Microsoft (United States)

3. Alphabet (United States)

4. IBM (United States)

5. Amazon (United States)

6. Sensory (United States)

7. Cantab Research (United Kingdom)

8. Iflytek (China)

9. Baidu (China)

10. Raytheon BBN Technologies (United States), and others.

Recent Developments:

• Nuance Communications launched the universal cloud-based voice recognition platform Dragon Medical One in May 2018. It brings the power of speech directly to electrical health records (EHR), allowing Doctors to quickly and easily capture a patient's complete history at the point of care.

• Microsoft has partnered with Toyota Motor Corporation (Japan) to activate voice recognition technology in passenger cars. The former will provide access to its superior properties, which include operating systems, voice recognition technology, AI, and gesture control.

• Nuance and IBM have signed a licensing agreement and technical services to improve and expand innovative voice solutions designed to better serve businesses, consumers, operators, and partners. As part of this agreement, Nuance is integrating IBM technology into its voice solutions.