Speech and Voice Recognition Market Size, Share & COVID-19 Impact Analysis, By Technology (Voice Recognition and Speech Recognition), By Deployment (Cloud and On-Premise), By End-user (Healthcare, IT and Telecommunications, Automotive, BFSI, Government & Legal, Education, Retail & Ecommerce, Media & Entertainment, and Others), and Regional Forecast, 2023-2030

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,

• In August 2021, LumenVox launched Automatic Speech Recognition (ASR) engine with transcription. The next-generation speech and voice recognition technology was built on deep Machine Learning (ML) and Artificial Intelligence (AI), delivering accurate speech-enabled customer experiences.

COVID-19 IMPACT

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,

• In June 2020, Cisco extended the AI-powered voice assistant, WebEx Assistant, for WebEx Rooms. The extended voice assistant helps connect WebEx Rooms devices through voice, simplifying joining a meeting with a few words. In addition, it helps to manage devices and meetings from anywhere in the room.

LATEST TRENDS

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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.

DRIVING FACTORS

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,

• In April 2022, Google LLC released speech recognition technology to help boost the voice UI. Google's Speech-to-Text API utilizes a neural sequence-to-sequence model to further develop exactness in 23 dialects and 61 of the supported localities.  

RESTRAINING FACTORS

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.

SEGMENTATION

By Technology Analysis

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.

By Deployment Analysis

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.

By End-user Analysis

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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.

• In September 2021, clinical voice solutions provider Scribetech introduced Augnito, a cloud-based, AI-powered, secure, and portable speech recognition platform. The solution offered an efficient and fast way to collect live clinical data on any device, including smartphone, Windows, or Mac, with higher accuracy. It was also equipped to automatically transcribe referrals, medical records, and patient letters into clinical documentation at the point of dictation.

REGIONAL INSIGHTS

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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,

• In June 2022, Minds Digital, Brazil-based voice biometrics developer, raised USD 305,000 in seed funding round.


• In April 2022, AWS added Alexa voice services in Chile, Argentina, Costa Rica, and Peru.

KEY INDUSTRY PLAYERS

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,

• October 2021: Children's speech recognition was made available by Sensory Inc. The solution comprehends the linguistic patterns that are associated with the speech of children. With this advancement, developers of youngsters' toys, applications, kid’s wearables, and education technology can carry out voice control innovation precision and security.


• August 2021: LumenVox launched Automatic Speech Recognition (ASR) engine with transcription. The technology is developed on Deep Learning and AI configurations, providing precise speech-enabled customer experiences.

List of Key Companies Profiled:

• Alphabet Inc. (U.S.)


• Amazon Web Services, Inc. (U.S.)


• Microsoft Corporation (U.S.)


• IBM Corporation (U.S.)


• Apple Inc. (U.S.)


• Baidu, Inc. (China)


• iFLYTEK Co., Ltd. (China)


• SESTEK (Turkey)


• LumenVox (U.S.)


• Sensory Inc. (U.S.)

KEY INDUSTRY DEVELOPMENTS

• May 2023 – Webex by Cisco, a video conferencing platform, and the speech recognition technology company, Voiceitt, announced a partnership aiming to make virtual meetings more accessible to people with speech impairments. Transcription for people with speech impairments and real-time AI-enabled captioning, will be made possible as a result of the partnership so that users can understand during Webex virtual meetings.


• January 2023 – iFLYTEK launched its pre-trained industrial AI models at the iFLYTEK Global 1024 Developers’ Day, 2022. The pre-trained AI model can be deployed for a range of services such as emotion recognition, speech recognition, and others. The pre-trained AI-based speech recognition model is intended to give complete speech recognition services.


• August 2022 – iFLYTEK launched multilingual AI subtitling solutions in addition to translation and transcription services for live and video streams. The solution enabled machine translation between Chinese and 168 languages and speech and voice recognition for 70 languages.


• June 2022 – STMicroelectronics, a worldwide semiconductor organization serving clients across the range of electronics applications, and Tangible Inc., a company providing embedded speech recognition technology and a ST Approved partner, announced a partnership that empowers the STM32 microcontroller (MCU) user community to create and model intuitive voice-based UIs for a large variety of smart embedded products.


• September 2021 – IBM Corporation launched additional automation and AI capabilities in IBM Watson Assistant to make it easy for firms to create great customer experiences. This launch includes a new partnership with IntelePeer to test a voice agent. IntelePeer is a Communications Platform-as-a-Service provider.


• August 2021 – Amazon Transcribe supports group transcription in six new dialects - Danish, Afrikaans, Mandarin Chinese (Taiwan), New Zealand English, Thai, and South African English. These dialects are accessible in all open AWS regions where Amazon Transcribe is accessible.

REPORT COVERAGE

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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.

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