"We Envision Growth Strategies Most Suited
to Your Business"

Speech and Voice Recognition Market to Reach USD 84.97 billion by 2032; Apple Rolled out Siri Speech Study App to Secure Competitive Edge

June 02, 2023 | Information & Technology

The global speech and voice recognition market size stood at USD 12.62 billion in 2023. The market value is slated to rise from USD 15.46 billion in 2024 to USD 84.97 billion by 2032 at a CAGR of 23.7% during 2024-2032. 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, 2024-2032”.


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.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/speech-and-voice-recognition-market-101382


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:



  • 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.)


Notable Industry Development



  • September 2022 – Apple rolled out Siri equipped with new features. These would allow users to add emojis for texting messages. Furthermore, the assistant would be able to hang up FaceTime or a phone call for users.


Further Report Findings



  • North America recorded an escalation in the adoption of smart home appliances. North America is expected to hold the dominant speech and voice recognition market share over the study period.

  • The Europe market size is touted to grow at an appreciable pace throughout the forecast period. The expansion is propelled by escalating advancements in voice assistants for supporting Russian, French, Spanish, and other European languages.

  • By technology, the market is fragmented into speech recognition and voice recognition. The speech recognition segment is anticipated to exhibit a lucrative CAGR over the projected period.

  • On the basis of deployment, the market is bifurcated into on-premise and cloud. The cloud segment is set to register substantial expansion over the study period driven by the growing deployment of cloud technology services.


Table of Segmentation


























































  ATTRIBUTE



  DETAILS



Study Period



2019–2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024–2032



Historical Period



2019–2022



Growth Rate



CAGR of 23.7% from 2024 to 2032



Unit



Value (USD Billion)



Segmentation



By Technology, Deployment, End-user, and Region



By Technology




  • Voice Recognition

  • Speech Recognition


    • Automatic Speech Recognition (ASR)

    • Speech-to-Text




By Deployment




  • Cloud

  • On-Premise



By End-user




  • Healthcare

  • IT and Telecommunications

  • Automotive

  • BFSI

  • Government & Legal

  • Education

  • Retail & Ecommerce

  • Media & Entertainment

  • Others (Travel & Hospitality and Others)



By Region




  • North America (By Technology, By Deployment, By End-user, and By Country)

    • U.S.

    • Canada

    • Mexico



  • South America (By Technology, By Deployment, By End-user, and By Country)

    • Brazil

    • Argentina

    • Rest of South America



  • Europe (By Technology, By Deployment, By End-user, and By Country)

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Russia

    • Benelux

    • Nordics

    • Rest of Europe



  • Middle East & Africa (By Technology, By Deployment, By End-user, and By Country)

    • Turkey

    • Israel

    • GCC

    • North Africa

    • South Africa

    • Rest of Middle East & Africa



  • Asia Pacific (By Technology, By Deployment, By End-user, and By Country)


    • China

    • India

    • Japan

    • South Korea  

    • ASEAN

    • Oceania

    • Rest of Asia Pacific



Speech and Voice Recognition Market
  • PDF
  • 2023
  • 2019-2022
  • 150

    CHOOSE LICENSE TYPE

  • 4850
    5850
    6850

Our Clients

Amgen
GM
Daesang
Lg
Ntt
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X