The voice and speech recognition industry is witnessing a rapid technological advancements along with increasing adoption of advanced electronic devices which are anticipated to stimulate the voice and speech recognition market growth during the forecast period. Voice biometrics used for security purposes help in giving access to authenticated users for performing a transaction. Surging use of voice biometrics is one of a key factor driving the voice and speech recognition market.
The global market for the Voice and Speech Recognition is anticipated to develop at a compound annual growth rate (CAGR) of 21.3 % throughout the course of the forecast, to reach $ 48.8 Billion by 2030.
.jpg "The Global Voice And Speech Recognition Market 2020-2030 (USD Billion)")
Moreover, increasing demand for voice-driven navigation systems and workstations is promoting growth in the hardware and software segments. The voice-enabled in-car infotainment systems is gaining traction across the globe as emerging countries initiate hands free regulations that govern the usage of mobile phones while driving.
The global voice and speech recognition market is segmented into several classifications including function outlook, technology outlook, vertical outlook, and regional outlook. Based on the function outlook the voice and speech recognition market is categorized by voice recognition, speaker identification, speaker verification, speech recognition, automation speech recognition, text to speech. Furthermore on the basis of technology outlook the voice and speech recognition market is efficiently driven by AI-based, and non-AI based.
In terms of vertical outlook the voice and speech recognition market is classified by automotive, BFSI, consumer, education, enterprise, government, healthcare, legal, military, retail, and others.
In terms of geography, the voice and speech recognition market is widely range to North America, U.S., Canada, Mexico, Europe, Germany, U.K., France, Italy, Spain, Netherlands, Switzerland, Poland, Asia Pacific, China, Japan, India, South Korea, Singapore, Pakistan, Malaysia, Australia, Hong Kong, Vietnam, South America, Brazil, Argentina, Chile, Middle East and Africa, UAE, Saudi Arabia, Israel, South Africa, Nigeria.
Leading players of the global voice and speech recognition market include Advanced Voice Recognition Systems, Inc.; Agnitio S.L.; Amazon, Inc.; Api.ai; Apple, Inc.; Anhui USTC iFlytek Co., Ltd.; Baidu, Inc.; BioTrust ID B.V.; CastleOS Software, LLC; Facebook, Inc.; Google, Inc.; International Business Machines Corporation; JStar; LumenVox LLC; M2SYSLLC; Microsoft Corporation; MModal, Inc.; Nortek Holdings, Inc.; Nuance Communications, Inc.; Raytheon Company; SemVox GmbH; Sensory, Inc.; ValidSoft U.K. Limited; VoiceBox Technologies Corporation; and VoiceVault, Inc.
Voice and Speech Recognition Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2030 |
| Study Period | 2018-2030 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2030 | $ 48.8 Billion |
| Growth Rate | CAGR of 21.3 % during 2020-2030 |
| Segment Covered | Deployment Mode, Vertical and Geography, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | 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. |
Key Segmentation of the Global Voice and Speech Recognition Market
- Function Outlook (USD Billion)
- Voice recognition
- Speaker identification
- Speaker verification
- Speech recognition
- Automatic speech recognition
- Text to speech
- Voice recognition
- Technology Outlook (USD Billion)
- AI-based
- Non-AI based
- Vertical Outlook (USD Billion)
- Automotive
- BFSI
- Consumer
- Education
- Enterprise
- Government
- Healthcare
- Legal
- Military
- Retail
- Others
- Regional Outlook (USD Billion)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Netherlands
- Switzerland
- Poland
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Pakistan
- Malaysia
- Australia
- Hong Kong
- Vietnam
- South America
- Brazil
- Argentina
- Chile
- Middle East and Africa
- U.A.E.
- Saudi Arabia
- Israel
- South Africa
- Nigeria
- North America
Frequently Asked Questions (FAQ) :
The top companies that hold the market share in voice and speech recognition market are Advanced Voice Recognition Systems, Inc.; Agnitio S.L.; Amazon, Inc.; Api.ai; Apple, Inc.; Anhui USTC iFlytek Co., Ltd.; Baidu, Inc.; BioTrust ID B.V.; CastleOS Software, LLC; Facebook, Inc.; Google, Inc.; International Business Machines Corporation; JStar; LumenVox LLC; M2SYSLLC; Microsoft Corporation; MModal, Inc.; Nortek Holdings, Inc.; Nuance Communications, Inc.; Raytheon Company & among others.
The global voice and speech recognition market is segmented on the Deployment Mode, Vertical and Geography, Regions.
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