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The global speech and voice recognition market size was valued at USD 10.42 billion in 2022 and is projected to grow from USD 12.62 billion in 2023 to USD 59.62 billion by 2030, exhibiting a CAGR of 24.8% during the forecast period.
Pattern recognition is used to turn speech into a series of words in speech and voice recognition technologies. This enables users to receive prompt responses by verbally addressing the systems rather than typing or scrolling through the screen with the assistance of voice and speech software.
Moreover, ongoing advances in Natural Language Processing (NLP), Machine Learning (ML), and Automated Speech Recognition (ASR), along with the massive amount of data and availability of AI based platforms have led to an exponential increase in the capabilities to process voice at a larger scale. For instance,
Growing Adoption of Voice Assistants in the Healthcare Sector Fueled the Demand for Voice Recognition Solutions
The shift toward working remotely owing to the shutdown of offices and lockdown restrictions propelled the demand for smart appliances and devices, which created a significant opportunity for speech and voice recognition software providers. The COVID-19 pandemic augmented the development of various technologies that stimulate safety and social distancing, from telemedicine to contactless payments. Speech and voice recognition software played a vital role during the COVID-19 pandemic. For instance, Apple's Siri aided patients by recommending telehealth apps through the CDC COVID-19 assessment.
Moreover, conversational AI and voice technology made healthcare services accessible to people quarantined at home during the pandemic. Furthermore, prominent market players invested significantly in voice interfaces such as Cisco WebEx Assistant, Alexa for Business, Microsoft Cortana, and Google Assistant. For instance,
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Machine Learning and Artificial Intelligence to be the Nexus Point of Innovation and a Key Trendsetter for Speech and Voice Recognition
The evolution of artificial intelligence is creating potential opportunities for the digitalization of numerous industries. The dominance of AI-powered devices indicates that search algorithms and systems have evolved to improve machine learning and its applications in daily life. Google's RankBrain is a crucial example designed to recognize phrases and words to learn, understand, and better predict outcomes. It uses machine learning and natural language processing technologies to transcript voice searches.
Moreover, web conferencing tools have gained popularity in the industry. Speech and voice recognition technology can further improve web conferencing by providing post-call transcripts through real-time captioning from calls.
As per the Speechmatics Voice report, in 2021, web conference transcription accounts for around 44% of the voice technology market share and is one of the top applications that will have the most significant commercial impact.
Rising Use of Deep Neural Engines and Networks to Increase Speech and Voice System Demand
Superior adoption of emerging technologies, such as IoT, AI, and machine learning, fuels the speech and voice recognition market growth. Voice-based authentications in smartphone applications have increased the demand for voice and speech biometric systems. Moreover, the usage of deep learning and neural networks in applications, such as audio-visual speech recognition, isolated word recognition, speaker adaptation, and digital speaker recognition, is propelling the demand for voice technologies. Key players are focusing on such emerging technological advancements to grow their businesses in the long run. For instance,
Speaker Diarization & Accuracy in Multilinguistic Approach to Hinder Speech Recognition Technology Demand
As voice technology continues to excel, developers and engineers have been trying to surpass difficulties related to speech software. Factors frequently seen hindering the seamless performance of speech and voice recognition systems include fluency, punctuation, accent, technical words/jargon, background noise, and speaker identification. One of the biggest challenges in voice is the breakthrough in accuracy for languages other than American English. As per the Speechmatics Voice report, in 2021, around 30.4% and 21.2% account for concerns related to accent and dialect, respectively.
Voice-based technologies will sustain to deliver more customized experiences as they better differentiate and identify users' voices. However, the threat to voice data privacy remains, which hinders the market growth.
Rising Deployment of Smart Appliances and Behavioral Shift of Consumers to Propel Speech Recognition Demand
On the basis of technology, the market is divided into speech recognition and voice recognition.
Speech recognition segment holds the largest market share and is estimated to continue its dominance over the forecast period. The continuous advancements in Artificial Intelligence (AI) and the development of smart appliances with the availability of high-speed internet connectivity have increased the growth of the market.
Further, voice recognition segment is anticipated to witness the highest growth rate during the projection period. This is due to increased adoption across banking and finance institutions, contact centers, and healthcare institutions to reduce fraudulent activities. AI-based speech and voice recognition software identifies the speech pattern of users and speaker voice, which is expected to boost market growth.
Surging Adoption of Cloud-based Solutions by Small & Medium Enterprises to Augment Segment Share
On the basis of deployment, the market is categorized into on-premise and cloud. The cloud segment is expected to rise with the remarkable CAGR, owing to escalating demand for cloud solutions. The increased adoption of cloud technology among organizations is expected to drive cloud deployments during the forecast period.
However, the on-premise segment is expected to show a slow demand during the projection period owing to increasing adoption of cloud-based solutions among SMEs.
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Increasing Product Demand in Healthcare to Impel Industry Growth
By end-user, the market is classified into healthcare, IT & telecommunications, BFSI, automotive, government & legal, education, retail & ecommerce, media & entertainment, and others. The demand for speech and voice recognition software has increased drastically among healthcare and BFSI, owing to the COVID-19 outbreak.
North America Speech and Voice Recognition Market Size, 2022 (USD Billion)
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The global market scope is classified across five regions, North America, South America, Europe, the Middle East & Africa, and Asia Pacific.
North America is expected to hold the dominant speech and voice recognition market share during the forecast period. The presence of prominent market players such as Amazon Web Services, Inc., IBM, Google LLC, and Microsoft Corporation, among others contributes to market growth. The growing adoption of smart home appliances with voice assistants is expected to spur market expansion. For instance, as per the Voicebot.AI 2021 report, 45.2 million U.S. adults leveraged voice search for shopping a product at least once.
Asia Pacific is projected to expand at the fastest rate during the analysis period. The surge in adoption of AI technology across BFSI, healthcare, automotive, and government is anticipated to boost the implementation of voice technology across the region.
Similarly, Europe is expected to showcase remarkable growth in the coming years owing to increased innovations and advancements in voice assistants to support French, Spanish, Russian, and other European languages.
Further, recent developments in Latin American countries will foster the market growth in this region. For instance,
Strategic Collaborations and Partnerships to Expand Product Reach of Key Players
Major global corporations are forming alliances and partnerships with other players to streamline and grow their business operations. The key players adopt this strategy to support their product portfolio and expand the scale of their operations. For instance,
An Infographic Representation of Speech and Voice Recognition Market
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The research report highlights leading regions across the world to offer a better understanding to the user. Furthermore, the report provides insights into the latest industry and market trends and analyzes technologies deployed at a rapid pace at the global level. It further highlights some growth-stimulating factors and restraints, helping the reader gain an in-depth knowledge about the market.
CAGR of 24.8% from 2023 to 2030
Value (USD Billion)
By Technology, Deployment, End-user, and Region
Fortune Business Insights says that the market was valued at USD 10.42 billion in 2022.
Fortune Business Insights says that the market is expected to reach USD 59.62 billion in 2030.
The market is anticipated to grow at a CAGR of 24.8% during the forecast period (2023-2030).
The IT and telecommunications segment is expected to hold the highest revenue share in 2022.
The rising popularity of speech recognition technology among voice-based IVRs for better customer experience is the key factor driving the market growth.
Alphabet Inc., Amazon Web Services (AWS) Inc., Microsoft Corporation, IBM Corporation, Apple Inc., Baidu, Inc., iFLYTEK Co., Ltd., SESTEK, LumenVox, and Sensory Inc. are the top players in the market.
The Asia Pacific market is expected to grow with a remarkable CAGR over the estimated period.
North America is expected to hold the highest market share.
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