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The global speech and voice recognition market size stood at USD 10.42 billion in 2022. The market value is slated to rise from USD 12.62 billion in 2023 to USD 59.62 billion by 2030 at a CAGR of 24.8% during 2023-2030. The market growth is propelled by the availability of AI platforms and massive amount of data. Other factors impelling industry expansion include ongoing advances in Automated Speech Recognition (ASR), Machine Learning (ML), and Natural Language Processing (NLP).
Fortune Business Insights™ presents this information in its report titled “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”.
COVID-19 Pandemic Positively Influenced Industry Expansion Considering Rising Voice Assistant Adoption
The pandemic period led to an increase in the adoption of conversational AI and voice technology as these services enabled healthcare access to people who were quarantined at home. During the pandemic, several industry players significantly invested in voice interfaces such as Microsoft Cortana, Alexa for Business, Cisco WebEx Assistant, and Google Assistant. These factors positively influenced market growth during the public health crisis.
Apple Launched Siri Speech Study to Improve Recognition Capabilities
In August 2021, Apple rolled out an iOS app dubbed Siri Speech Study. The app was designed to collect Siri’s speech data and enhance recognition capabilities. The app was available in Germany, Canada, France, the U.S., Hong Kong, and India.
Rising Deployment of Artificial Intelligence (AI) and ML Technologies to Propel Industry Expansion
The industry registered an increase in the adoption of AI-powered devices for various applications. One of these instances is the RankBrain, which has been designed for recognizing words and phrases and better prediction of outcomes. The growing deployment of ML and AI technologies is expected to propel the speech and voice recognition market growth over the forecast period.
However, the market expansion may be hindered by the poor quality of a range of factors such as background noise, accent, punctuation, fluency, speaker identification, and technical words/jargon.
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Major Companies Undertake Strategic Steps to Enable Footprint Expansion
Leading industry participants are centered on the formulation and implementation of an array of initiatives including merger agreements, acquisitions, and the launch of new solutions. These steps are being adopted for strengthening their market positions.
Key Players Profiled:
Notable Industry Development
Further Report Findings
Table of Segmentation
CAGR of 24.8% from 2023 to 2030
Value (USD Billion)
By Technology, Deployment, End-user, and Region