Speech and Voice Recognition Market Key Players, Size, Share, Demands, Growth Rate and Forecasts to 2027

The global speech and voice recognition market size is projected to grow from USD 9.4 Billion in 2022 to USD 28.1 Billion by 2027, it is expected to grow at a CAGR of 24.4% from 2022 to 2027. The key factors contributing to the growth of the speech and voice recognition market include increasing demand in healthcare for improving efficiency and the growing use of smart appliances. Speech and voice recognition technologies are mostly used in the healthcare sector to report health checkups, data entry, and when the doctor or the attendant/nurse is unavailable. Such software solutions enable healthcare professionals to enter notes into the electric health record (EHR) system or their computers without taking time out from patient care and remain productive throughout the day. This eliminates the need for healthcare providers to stay late at work to complete paperwork, allowing them to visit more patients during the day. Easy to use and hands-free features of an automated speech recognition system in medical applications enable doctors to get their work done efficiently, driving the speech and voice recognition market growth.

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Extensive penetration of speech and voice recognition technologies in smart appliances
The demand for smart homes and smart appliances is increasing owing to various factors, including the growing internet penetration, rapid technological advancements, and increased focus on home automation to achieve security and convenience. The COVID-19 pandemic has also prompted the use of smart devices and appliances in almost every aspect of daily life. People are encouraged to work from home, leading to high demand for speech and voice recognition technology-based products.

Manufacturers of smart appliances are adding the voice recognition feature to their products to enable users to control all their appliances from a single speech and voice recognition technology-based product. The demand for products such as Alexa, Cortana, and Siri, has increased significantly. Samsung Electronics (South Korea), a leading manufacturer of smart appliances, has introduced the Smart Things app with inbuilt voice recognition technology to allow users to control all the appliances in the house with single voice commands. Several other manufacturers, such as Whirlpool and Philips, have similar voice-activated control solutions. As consumers move toward automation, the demand for speech and voice recognition technology-based products is also likely to increase.

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APAC is the fastest-growing region in the SPEECH AND VOICE RECOGNITION market
The speech and voice recognition market in Asia Pacific is expected to grow at the highest CAGR from 2022 to 2027 owing to technological advancements, improved awareness regarding the benefits of these technologies among the masses, and the low cost of speech and voice recognition devices. China, Japan, and India are the key countries in the Asia Pacific region for the speech and voice recognition market. Baidu (China) and iFlytek (China) are the top two companies in the region operating in the speech and recognition market.

The breakup of primaries conducted during the study is depicted below:
• By Company Type: Tier 1 - 35 %, Tier 2 - 45%, and Tier 3 -20%
• By Designation: C-Level Executives - 35%,Directors - 25%, and Others - 40%
• By Region: North America- 45%, Europe - 20%, APAC- 30%, Rest of world-5%

Research Coverage:
The report segments the speech and voice recognition market and forecasts its size, by volume and value, based on region (Americas, Europe, Asia Pacific, and RoW), Deployment Mode (On-Cloud, On-Premises/Embedded), Technology (Speech Recognition, Voice Recognition), and Verticals (automotive, enterprise, consumer, banking, financial services, and insurance (BFSI), government, retail, healthcare, military, legal, education, and others (aerospace, utilities, and travel & tourism)). The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the speech and voice recognition market. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.

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Key Benefits of Buying This Report:
• This report includes market statistics pertaining to the deployment mode, technology, verticals, and region.
• An in-depth value chain analysis has been done to provide deep insight into the speech and voice recognition market.
• Major market drivers, restraints, challenges, and opportunities have been detailed in this report.
• Illustrative segmentation, analyses, and forecasts for the market based on deployment mode, technology, verticals, and region have been conducted to provide an overall view of the speech and voice recognition market.
• The report includes an in-depth analysis and ranking of key players.

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