Voice and Speech Recognition Market – Trends Forecast Till 2030

Market Snapshot

Market Overview

The Global Voice and Speech Recognition market size was estimated at USD 11.67 billion in 2023 and is projected to reach USD 52.88 billion in 2030 at a CAGR of 24.10% during the forecast period 2023-2030.

Voice recognition and speech recognition are two closely related technologies that allow computers to understand and respond to spoken language. Voice recognition is the ability of a computer to identify a person’s voice. This is often used for security purposes, such as to authenticate users or to control access to devices. Speech recognition is the ability of a computer to understand the words that are spoken. This is often used for tasks such as transcribing audio recordings, controlling devices with voice commands, or searching for information.

Both voice and speech recognition are based on the same underlying technology, but they have different goals. Voice recognition is focused on identifying the speaker, while speech recognition is focused on understanding the words that are spoken. Voice recognition is a more mature technology as compared to speech recognition, and it is more widely used. However, speech recognition is becoming increasingly popular, as the technology continues to improve.

Voice and speech recognition have a variety of applications such as in security to authenticate users or to control access to a device, in controlling devices using voice commands, in transcribing audio recordings into text, in searching for information over the web, etc. They are powerful technologies that are becoming popular day by day. As the technology continues to improve, it can be expected that the application for these technologies would also increase.

The global voice and speech recognition market is segmented based on technology, delivery methods, deployment mode and region. By technology, the market is segmented into voice recognition and speech recognition. Voice recognition can be further segmented into speaker identification and speaker verification. Speech recognition can be further segmented into continuous speech recognition and discrete speech recognition. Based on delivery methods, the market can be segmented into Artificial Intelligence Based, Non-Artificial Intelligence Based. Based on deployment mode, the market can be segmented into On Cloud, on premises/embedded. Based on region, the market can be segmented into North America, Europe, Asia-Pacific, Middle East and Africa and South America. The growth of the market is being driven by the increasing demand for voice-activated systems, voice-enabled virtual assistant systems, and voice enabled devices, owing to the rising applications in retail, banking, connected devices, smart homes, healthcare, and automobile sector. However, the limitation of the software to understand contextual relation of words is restricting the growth of the market.

COVID-19 had a mixed impact on the global voice and speech recognition market. On one hand, the pandemic led to an increase in the demand for voice and speech recognition technologies in a number of applications such as telecommunication, healthcare, customer service and many more. On the other hand, the pandemic also led to some challenges for the voice and speech recognition market such as lack of in person training and increased demand for privacy.

Delvens Industry Expert's Standpoint

The COVID – 19 pandemic had a mixed impact on the global voice and speech recognition market as certain sectors saw growth during the pandemic, whereas certain challenges limited the growth of the market. However, Due to the increasing demand for voice-activated systems, voice-enabled virtual assistant systems, and voice enabled devices due to their rising utilization in sectors like retail, banking, connected devices, smart homes, healthcare, and automobile, the market is expected to grow in the forecast period.

Market Portfolio

Key Findings

• Based on technology, the market is segmented into voice recognition and speech recognition. In terms of revenue, speech recognition dominated the segment. Automobiles and mobile phones are suitable for speech recognition implementations. The increasing mobility of society requires accessibility to data and services anytime and anywhere. Cloud and client-based speech recognition employments can significantly augment the customer experience and provide optimization in cost-saving for companies.

• Based on delivery methods, the market can be segmented into artificial intelligence based and non-artificial intelligence based. The non-Artificial intelligence-based technology dominated the market in this segment and is expected to retain the leading position during the forecast period. The demand for Artificial intelligence-based technology is on the rise as the system recognizes the patterns of speech accurately.
   
• On the basis of verticals, the global market has been further divided into the automotive, enterprise, consumer, BFSI, government, retail, healthcare, military, legal, education, and others. The healthcare segment dominated the market in this segment. Speech recognition boosts the process of data capturing in EHR systems. This process empowers physicians to interact with the system by speaking a few words. Speech recognition is still in the developing stage and deployed in individual segments of healthcare, which include radiology, pathology, emergency medicine, and others.
   
• The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America is estimated to account for the largest market share during the forecast period. The growing adoption of voice-enabled applications in smartphones and the increasing use of voice & speech recognition in mobile banking, consumer electronics, and IoT devices are expected to drive the market in the North America region.

Regional Analysis

North America to Dominate the Market

• North America is estimated to account for the largest market share during the forecast period. Rising acceptance of voice-enabled smartphone applications and the rising use of speech recognition in mobile banking, consumer electronics and IoT devices, is expected to drive the market during the forecast period.

Competitive Landscape

• Advanced Voice Recognition Systems, Inc.
• Agnitio S.L.
• Amazon.com, Inc.
• Api.ai
• Apple, Inc.
• Anhui USTC iFlytek, Ltd.
• Baidu, Inc.
• BioTrust ID B.V.
• CastleOS Software, LLC
• Facebook, Inc.
• Google, Inc.
• International Business Machines Corp.
• Microsoft Corp.
• MModal, Inc.
• Nortek Holdings, Inc.
• Nuance Communications, Inc.
• Raytheon Company
• SemVox GmbH
• Sensory, Inc.
• Fluent.ai Inc

Recent Developments

• In 2022, Verint introduced the Verint Virtual Assistant, a low-code conversational AI offering, which can rapidly turn the existing conversation data into automated self service experiences. It allows business professionals to quickly deploy a production ready chatbot to deflect calls and support customers. Verint IVA allows businesses to expand capabilities across the enterprise with boundless intelligence for both voice and digital.
   
• In 2021, Microsoft and Nuance Communications introduced the Nuance Dragon Ambient eXperience (DAX), an ambient clinical intelligence solution, to integrate it into Microsoft Teams to broadly scale virtual consults aimed at increasing physician wellness and providing better patient health outcomes.

Reasons to Acquire

• Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
   
• Gain authentic and granular data access for the Global Voice and Speech Recognition Market to understand the trends and the factors involved in changing market situations.
   
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
   
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.

Report Scope