Voice and Speech Recognition Market to Grow at a CAGR of 24.10% and will Reach USD 52.88 billion in 2030 | Advanced Voice Recognition Systems, Inc., Apple, Inc., Amazon.com, Inc.

Voice recognition and speech recognition are two closely related technologies that allow computers to understand and respond to spoken language. Voice recognition is the ability of a computer to identify a person's voice. This is often used for security purposes, such as to authenticate users or to control access to devices. Speech recognition is the ability of a computer to understand the words that are spoken. This is often used for tasks such as transcribing audio recordings, controlling devices with voice commands, or searching for information.

Both voice and speech recognition are based on the same underlying technology, but they have different goals. Voice recognition is focused on identifying the speaker, while speech recognition is focused on understanding the words that are spoken. Voice recognition is a more mature technology as compared to speech recognition, and it is more widely used. However, speech recognition is becoming increasingly popular, as the technology continues to improve.

As per Delvens market analysis report, the Global Voice and Speech Recognition Market size was estimated at USD 11.67 billion in 2023 and is projected to reach USD 52.88 billion in 2030 at a CAGR of 24.10% during the forecast period 2023-2030.

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Voice and speech recognition have a variety of applications such as in security to authenticate users or to control access to a device, in controlling devices using voice commands, in transcribing audio recordings into text, in searching for information over the web, etc. They are powerful technologies that are becoming popular day by day. As the technology continues to improve, it can be expected that the application for these technologies would also increase.

The global voice and speech recognition market is segmented based on technology, delivery methods, deployment mode and region. By technology, the market is segmented into voice recognition and speech recognition. Voice recognition can be further segmented into speaker identification and speaker verification. Speech recognition can be further segmented into continuous speech recognition and discrete speech recognition. Based on delivery methods, the market can be segmented into Artificial Intelligence Based, Non-Artificial Intelligence Based. Based on deployment mode, the market can be segmented into On Cloud, on premises/embedded. Based on region, the market can be segmented into North America, Europe, Asia-Pacific, Middle East and Africa and South America. The growth of the market is being driven by the increasing demand for voice-activated systems, voice-enabled virtual assistant systems, and voice enabled devices, owing to the rising applications in retail, banking, connected devices, smart homes, healthcare, and automobile sector. However, the limitation of the software to understand contextual relation of words is restricting the growth of the market.

The prominent players in the Global Voice and Speech Recognition market are

Advanced Voice Recognition Systems, Inc.
Agnitio S.L.
Amazon.com, Inc.
Api.ai
Apple, Inc.
Anhui USTC iFlytek, Ltd.
Baidu, Inc.
BioTrust ID B.V.
CastleOS Software, LLC
Facebook, Inc.
Google, Inc.
International Business Machines Corp.
Microsoft Corp.
MModal, Inc.
Nortek Holdings, Inc.
Nuance Communications, Inc.
Raytheon Company
SemVox GmbH
Sensory, Inc.
Fluent.ai Inc

Recent Developments

In 2022, Verint introduced the Verint Virtual Assistant, a low-code conversational AI offering, which can rapidly turn the existing conversation data into automated self service experiences. It allows business professionals to quickly deploy a production ready chatbot to deflect calls and support customers. Verint IVA allows businesses to expand capabilities across the enterprise with boundless intelligence for both voice and digital.

In 2021, Microsoft and Nuance Communications introduced the Nuance Dragon Ambient eXperience (DAX), an ambient clinical intelligence solution, to integrate it into Microsoft Teams to broadly scale virtual consults aimed at increasing physician wellness and providing better patient health outcomes.

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Scope of the Report:

The Voice and Speech Recognition Market is segmented into various segments such as Technology, Delivery method, deployment mode, vertical and region:

Based on Technology, the Voice and Speech Recognition Market is segmented into:

Speech Recognition

Automatic Speech Recognition
Speech to Text

Voice Recognition

Speaker Identification
Speaker Verification

Based on the Delivery Method, the Voice and Speech Recognition Market is segmented into:

Artificial Intelligence Based
Non-Artificial Intelligence Based

Based on the Deployment Mode, the Voice and Speech Recognition Market is segmented into:

On Cloud
On Premises/Embedded

Based on the Vertical, the Voice and Speech Recognition Market is segmented into:

Automotive
Enterprise
Consumer
Banking, Finance Service & Insurance
Government
Retail
Healthcare
Military
Legal
Education

Based on region, the Voice and Speech Recognition Market is segmented into:

Asia Pacific

Japan
China
India
Australia
South Korea
Vietnam
New Zealand
Philippines
Thailand
Malaysia
Hong Kong
Taiwan
Singapore
Indonesia
Sri Lanka
Rest of Asia-Pacific

North America

U.S.
Canada
Mexico

Europe

Germany
U.K.
France
Italy
Spain
Sweden
Austria
Finland
Belgium
Turkey
Russia
Poland
Hungary
Czech Republic
Switzerland
Netherlands
Rest of Europe

South America

Brazil
Argentina
Chile
Colombia
Rest of South America

Middle East & Africa

South Africa
U.A.E.
Saudi Arabia
Oman
Qatar
Iran
Egypt
Rest of Middle East and Africa

North America to Dominate the Market

North America is estimated to account for the largest market share during the forecast period. Rising acceptance of voice-enabled smartphone applications and the rising use of speech recognition in mobile banking, consumer electronics and IoT devices, is expected to drive the market during the forecast period.

Reasons to Acquire

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Gain authentic and granular data access for the Global Voice and Speech Recognition Market to understand the trends and the factors involved in changing market situations.

Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.

In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.

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