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Speech and Voice Recognition Market is expected to grow at a CAGR of 17.2% from 2019 to reach $26.79 billion by 2025| Analysis of Key Growth Factors and Revenue Statistics
Speech and Voice Recognition Market
According to this latest publication from Meticulous Research, the global speech and voice recognition market is expected to grow at a CAGR of 17.20% from 2019 to reach $26.79 billion by 2025.
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The growth in the speech and voice recognition market is mainly attributed to the technological advancements along with surging penetration of voice-activated applications in smart home, automobile (including autonomous and connected cars), consumer electronics, and healthcare devices. Growing concern for security has augmented the adoption of voice biometric technologies among numerous enterprise and government sectors, which in turn is supporting the overall growth of speech and voice recognition market. However, high price of the connected devices and reluctance among certain class of population towards accepting or adapting to modern technologies are some of the major factors which may hinder the growth of this market over the coming years.
The global speech and voice recognition market study presents historical market data (2017 & 2018), estimated current data (2019), and forecasts for 2025-by type (speech recognition, and voice recognition), end user (automotive, healthcare, BFSI, education, hospitality, government and public services, manufacturing/enterprise, retail and e-commerce, legal, consumer electronics, and military and defense), technology (artificial intelligence, and non-artificial intelligence). The study also evaluates industry competitors and analyzes the market at a country level.
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On the basis of type, the speech recognition solutions segment is estimated to account for the largest share of the overall speech and voice recognition market in 2019. The large share of this segment is attributed to the variety of applications using speech recognition technologies, and their wider adoption as compared to voice recognition technologies. The growth in this market is credited to the growing adoption of connected devices, such as smartphones and smart speakers into smart homes that enable users to access and monitor various tasks or functionalities from remote locations. On the other hand, the voice recognition solutions segment is expected to grow at the fastest CAGR over the coming years, owing to the rising adoption of voice-enabled security solutions, predominantly in the BFSI sector among others.
On the basis of end user, automobile sector is a perpetually a growing sector, owing to rising integration of voice-enabled in-car infotainment systems, including voice driven navigation systems, voice-enabled ignition, and entertainment devices among others; whereas, healthcare sector is anticipated to grow at the fastest CAGR during 2019 to 2025, owing to increasing efforts to enhance electronic health record systems with speech recognition technologies, and growing investment in R&D for exploring and expanding applications of voice-enabled systems in healthcare sector.
On the basis of technology, Artificial Intelligence (AI) segment is estimated to account for the largest share of the overall speech and voice recognition market in 2019. This is mainly attributed to the adoption of artificial intelligence to offer better-personalized customer experiences. Increasing focus on developing smart voice enabled systems to enhance customer experience is expected to contribute to the growth of this market over the forecast period. Moreover, the growing power of AI to recognize patterns and hence analyze language inputs in a better manner to improve accuracy is expected to drive their adoption in number of advanced smart devices, which in turn will contribute to the market growth.
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On the basis of geography, the global speech and voice recognition market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America region is estimated to account for the largest share of the global speech and voice recognition market in 2019, and is expected to continue to dominate the global market by 2025. The growth in this market is attributed to wide acceptance of advanced technologies and availability of smart devices in the region. However, Asia Pacific region showcases strong growth opportunities for voice and speech recognition technologies. This market is expected to grow at the fastest CAGR during the forecast period. Rising demand for voice biometric devices to ensure high-level security with the explosion of speech technologies primarily in the healthcare, autonomous and connected cars, and consumer electronics applications is expected to contribute to the growth of the voice and speech recognition technologies market in the Asia-Pacific region during 2019 to 2025.
Asia Pacific: The Fastest Growing Market
Asia Pacific region is presently experiencing notable growth in several industries including automotive, consumer electronics, healthcare, education, BFSI, and retail. While this growth is largely driven by the economic growth and increasing spending power, it is also contributing to the technological evolution of several industries in the region.
Here are the top Speech and Voice Recognition Market companies in the world:: https://meticulousblog.org/top-10-companies-in-speech-and-voice-recognition-market/
The key players operating in the global speech and voice recognition market are Nuance Communications (U.S.), Google LLC (U.S.), Apple, Inc. (U.S.)., Amazon.com, Inc. (U.S.), Microsoft Corporation (U.S.), IBM Corporation (U.S.), iFlytek (China), Baidu (China), LumenVox LLC (U.S.), Sensory, Inc.(U.S.), Sestek (Turkey), and Dolbey Systems, Inc. (OH) among others.
Key questions answered in the report-
Which are the high growth market segments in terms of function, technology, end user, and countries?
What was the historical market for speech and voice recognition devices across the globe?
What are the market forecasts and estimates for the period 2019-2025?
What are the major drivers, restraints, opportunities, and challenges in the global speech and voice recognition market?
Who are the major players in the global speech and voice recognition market?
How the competitive landscape in the global speech and voice recognition market?
What are the recent developments in the global speech and voice recognition market?
What are the different strategies adopted by the major players in the global speech and voice recognition market?
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About Meticulous Research
The name of our company defines our services, strengths, and values. Since the inception, we have endeavoured to research, analyze and present the critical market data with great attention to details.
Meticulous Research was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, with the help of its unique research methodologies, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa regions.
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