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Region : Global | Published Date: Sep, 2019 | Report ID: FBI101382| Status : Published
The global speech and voice recognition market size was valued at USD 6.9 Billion in 2018 and is projected to reach USD 28.3 Billion by 2026, exhibiting a CAGR of 19.8% in the forecast period.
Speech recognition has been a significant application of natural language processing. Speech is the primary factor of communication for human beings. People express their ideas and thoughts through a specific language. Computers understand the human language through speech and voice recognition. Speech and Voice recognition is the process of extracting the speech and voice attributes, and classifying the same characteristics with the pre-recorded dataset.
As automatic speech and voice recognition is also termed as automatic speech recognition and voice recognition it recognizes the words or phrases and converts them into machine readable format. By switching the audio and text in the digital format would let the users control the devices through speech and voice instead of using conventional input devices like keyboard, mouse, and others.
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Speech and Voice recognition has a wide range of uses across industries, including contact centers, smartphones, and embedded devices, dictation and assistance applications, and others. Voice-controlled systems have been deployed in many forms, ranging from smart speakers, smart cars, and others. According to the Adobe Analytics Survey, frequent voice searches on smartphones or speakers are regarding music, weather forecast, fun questions followed by online search, news, and directions.
The adoption rate of speech and recognition system across the departments in many industry verticals other than health care is the recent market trend in the speech and recognition market. The evolution of Artificial Intelligence behind this technology would surely boost the adoption of speech and voice recognition systems. Besides this, the lack of accuracy of these technologies may hinder market growth.
For instance, Dragon Drive is a personal assistance system developed by Nuance Communication Inc. This system integrates various household appliances, cars, and other devices like smartphones that can be connected to a hub via the internet. This enables the individuals to get real-time alerts about daily chores, working schedules, traffic updates, and other notifications through Dragon Drive.
“The rising adoption of biometric system and voice-controlled speakers would augment the voice and speech recognition market”
Increased demand for voice and speech biometric system, and the rising adoption of voice-based authentication in mobile applications will fuel the speech and recognition market growth. Increasing adoption of superior technologies like AI, IoT, and Machine learning would drive the demand for speech and voice recognition systems. Voice recognition technology used in the emerging technology of self-driving and autonomous cars, and speech and voice recognition in robotics would drive the speech and recognition market in the coming years. The speech and voice recognition system will also play a vital role in the education of visually impaired students. This is one of the essential factors which would upsurge the growth of global market.
“Emerging technological advancements and developing deep learning and neural network algorithms”
Emerging technological advancements and developing deep learning and neural network algorithms would drive the speech and voice recognition market. Traditional speech and voice recognition system use classification algorithms to arrive at the desired result. The emergence of deep learning, and neural networks are used in many aspects of speech and voice recognition, such as isolated word recognition, audio-visual speech recognition, digital speaker recognition, and speaker adaption. Advancements in deep learning and neural network algorithms have enabled the development of automatic speech recognition (ASR) systems. Deep Neural networks have been a strong driving force behind the development of end-to-end speech and voice recognition models. Real-time speech and voice processing is strong need for latency-sensitive applications including voice search.
“Healthcare industry will hold the highest share in terms of revenue generation in the global market by end-user”
Nowadays, speech and voice recognition system are actively implemented in modern healthcare systems. The developments in speech and recognition system from creating data to capturing and writing information has proved to be helpful for many doctors today. Speech recognition encourages the data capturing of electronic health record systems. This process enables physicians to interact with the system by speaking a few words.
Speech recognition is still in a developing stage and deployed in individual segments of healthcare, which include radiology, pathology, emergency medicine, and others. In the current scenario, many doctors believe that voice recognition solutions provide better effectiveness, enhanced workflow to a greater extent, and provide automatic queue up of dictations from multiple users to their own predefined assistance.
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For instance, Amazon has patented technology through which a voice assistant detects abnormal physical and emotional conditions resulted by a user’s voice input including cough or fatigue and simultaneously offers highly targeted audio message to the user. Other applications of speech and voice recognition in healthcare include access to patient information, authorize drug prescription and authorize insurance payment.
Adoption of speech and voice recognition system offers benefits such as Protection of personal privacy, reduced fraud, and meeting the standards of HIPAA (Health Insurance Portability and Accountability Act of 1996). The characteristics of voice assistance technology would bring enhanced efficiency to the healthcare domain and can positively impact all stakeholders stepping towards better outcomes in the market, from patients and healthcare practitioners to service providers, payers, and pharma.
“Cloud-based speech and voice recognition segment will dominate the global voice and speech recognition market during the forecast period”
Google’s speech recognition software is well known today and used by a large number of people. Google Speech-to-text recognizes about 120 different languages, and it enables the users to transcribe audio from call centers, support global users, and execute commands. It even uses some advanced machine learning algorithm to transcribe pre-recorded audio. This technology is nothing but cloud-based speech and voice recognition software.
Cloud-based speech and voice recognition software is an advanced tool for businesses which would help the businesses to expand their user base and offer delighted services of having assistance by hand. Cloud-based software provides multilingual technologies for audio segmentation, language identification, speech recognition, and speaker digitization to switch raw audio data and audio-visual data into the required format.
Cloud-based speech and voice recognition assistant tools such as Google from google, Cortana from Microsoft, Watson from IBM and Siri from Cortana are some of the specific examples of speech and voice recognition software system based on highly optimized artificial intelligence and machine learning algorithms. Cloud-based speech and voice recognition software also provides real-time dictation data and recognition of speech sample.
When privacy is a factor of concern or working in a particular domain, then the offline speech recognition system is preferred over the cloud-based speech and voice recognition system. However, the accuracy of offline speech and voice recognition solutions is much lesser than the cloud-based speech and voice recognition solutions.
“ Speech recognition segment would inflate the global speech and recognition market growth”
The primary task of the speech recognition market is to convert the speech data into a sequence of words by using effective and efficient algorithms. The integration of speech recognition into application often depends upon the nature of the user interface and the application. One challenge in speech recognition is that speech recognition is imperfect. Also, the spoken command can be arguable, so a dialogue strategy is essential to clarify the goal of the speaker.
The organization targets three main areas of speech recognition technology with its products including enterprise segment focused on solutions for call centers, embedded speech solutions primarily targeting mobile handset and smartphone manufacturers, and dictation and transcription technology sold to the legal and healthcare industries.
Few of the broad classes of applications of speech recognition system include cloud-based IVR (Interactive voice response), PC-based dictation/command and control this is useful for accessibility benefits, Device-based embedded command control which means some devices do not have a keyboard or mouse interface and the traditional GUI application cannot be directly extended.
Mobile phones and automobiles are best suited for speech recognition applications. The increased mobility of society demanded access to data and services from anywhere and at any time. Also, cloud and client-based speech recognition applications can vastly enhance the customer experience and optimize cost-saving for companies.
"Growing strategic mergers and partnerships among the major key players for new product developments and improved access to Speech and voice recognition systems are anticipated to drive the Voice and Speech Recognition market growth in North America"
North America generated a revenue of US$ 2.9 Billion in the year 2018 and is expected to augment the global voice and speech recognition market during the forecast period. Companies in the US have predicted that one-third of the U.S. population will use a voice assistant monthly in the coming years. Increasing adoption of advanced technologies like AI and IoT and large scale deployment of smart devices would compel the U.S. market.
Due to the presence of significant vendors, AT&T and Raytheon BBN Technologies and technologically advanced countries like the U.S. and Canada would propel the speech and voice recognition market growth in North America. Changing lifestyles and growing interest in new technologies is promoting the voice and speech recognition market in countries such as U.S. and Canada.
Likewise, Europe spawned a revenue of US$ 1.7 Bn in the year 2018 and is anticipated to strengthen the market position in the global market in the forecast period. Increasing adoption of advanced IT platforms and hardware coupled with unpredicted rise in the processing power, higher IT budgets, miniaturization of electronic hardware component has helped to make speech recognition technology ubiquitous and commercially viable for speech recognition service providers and suppliers. Also, these factors have boosted the growth of speech and recognition of market growth across the region.
North America Speech and Voice Recognition Market, 2018
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Linguistic diversity in Europe is a challenging issue in the age of digital commerce. Every factor of the new ecosystem and all the services and products built on it must be delivered in the specific languages of their users, and this is the driving force behind the speech and voice recognition market across the region. In the current scenario, the European market is competitive with respect to North America owing to a stronger academic base. However, business adoption is faster in North America, lowering differences in market in 3-4 years.
Asia Pacific market would witness significant growth in the forecast period. Presence of several automobile manufacturers would boost the demand for speech and voice recognition systems. Owing to the presence of densely populated economies like China, and India, there is rapid growth in the usage of mobile and cloud technology this has given rise to the unprecedented technological advancements in computing technology.
On the other hand, several government agencies are switching to voice biometrics for security and authentication purpose and presence of several electronic device manufacturers including Sony, Samsung, and LG is expected to augment the speech and voice recognition market growth across the Asia Pacific.
“Enhanced and developed speech and voice recognition solutions from key players such as Google, Amazon, Nuance Communications, and others are likely to drive the Speech and Voice Recognition Market Growth by 2026”
Google is one of the major market players in the speech and voice recognition domain. Googles speech and voice recognition solutions have gained popularity in recent years among users due to its ability to automate and streamline difficult tasks. Google has also partnered with a non-profit organization such as the ALS Therapy Development Institute to serve advanced speech and voice recognition services to the visually impaired students. Amazon has been actively working in the field of speech and voice recognition. Amazon has launched innovative product ranging from digitized speakers to voice recognition systems. For instance, Amazon has launched Voxcon which provides an opportunity for businesses, technical builders and Amazon to merge, share, and innovate the voice recognition technology. Besides, Alexa, one of the trending products of the voice recognition system is used on a large scale.
Speech and voice recognition technology is essential to many organizations who focus on providing high-quality services. The speech and voice recognition market growth is propelling due to the developments in AI, Machine learning, and deep learning algorithms. Furthermore, the enthusiasm of customers to explore and utilize novelty products increases the demand for speech and voice recognition systems. However, raising concerns regarding data privacy from voice-enabled smart devices would restrain the market growth.
The report provides qualitative and quantitative insights on the global market and detailed analysis of market size & growth rate for all possible segments in the market. The market is segmented by component, technology, deployment, end-user, and regional. Based on the component, the global speech and voice recognition market is divided into solution and services.
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By technology, the market is classified into voice recognition and speech recognition. By deployment, the global speech and voice recognition industry is bifurcated into cloud and on-premises. By end-user, the global market is segmented into healthcare, IT and Telecommunications, automotive, BFSI, government, legal, retail, travel and hospitality, and others. Geographically, the global voice and speech market has been analyzed across five major regions, which are North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. The regions are further categorized into countries.
Along with this, the report provides an elaborative analysis of the global market dynamics and competitive landscape. Various key insights presented in the report are the price trend analysis, recent industry developments such as mergers & acquisitions, the regulatory scenario in crucial countries, macro, and microeconomic factors, SWOT analysis, and key industry trends, competitive landscape and company profiles.
According to Fortune Business Insights, the Global Voice and Speech Recognition Market was valued at US$ 6.9 Bn in 2018.
As per Fortune Business Insights the global voice and speech recognition market is likely to exhibit an exponential growth between 2019 and 2026. By the end of 2026, the market is forecast to reach US$ 28.3 Bn as against US$ 6.9 Bn in 2018.
Fortune Business Insights predicts the Global Speech and Voice Recognition market to exhibit a robust CAGR of 19.8% between 2019 and 2026.
In 2018 North America held the dominant share of 42.6% in the Global Speech and Voice Recognition market.
Fortune Business Insights predicts the Speech Recognition segment to hold the leading share in the Speech and Voice Recognition Market in terms of technology.
The rising demand for voice and speech biometric system and increasing adoption of voice-controlled speakers are the key factors expected to drive the Speech and Voice Recognition Market during the forecast period.
Fortune Business Insights underscores Google, Baidu, Inc., Facebook, Amazon.com, Inc., Nuance Communications, Inc. as the top players in Speech and Voice Recognition Market.