Press release
Global Voice And Speech Recognition Market Size, Trends, In-depth Analysis, Research Report Forecast up to 2028: LumenVox and SESTEK are key players.
Global Voice And Speech Recognition Market is expected to grow at a CAGR of 17.94% to reach a market size worth US$74.645 billion by 2028.The increasing demand for speech recognition software and technological advancements in voice biometrics are the prime factors propelling the global voice and speech recognition market growth.
The global voice and speech recognition market is expected to grow at a steady pace over the forecast period.
Speech and voice recognition technology involves the application of pattern recognition to convert speech into a sequence of words. Instead of typing or scrolling the screen, users can speak with systems, enabling them to get quick responses with the help of speech and voice technology. The ability to deploy voice and speech recognition software via the cloud and on-premises data centers has enabled its application across various industry verticals, including automotive, retail, government, education, healthcare, and others, which will boost the global voice and speech recognition market growth. In addition, to improve search engine optimization effectiveness and help companies develop a web presence, it is necessary to convert audio or video files into text, boosting the global voice and speech recognition market growth.
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The global voice and speech recognition market has been segmented based on technology, deployment, end-user, and geography.
By technology, the market has been segmented into speaker identification and verification, automatic speech recognition (ASR), and speech-to-text. The speech-to-text technology will have a significant market share due to its increasing demand for transcription services across Android, Windows, and iOS devices. In March 2021, Microsoft released 'Group Transcribe,' an app enabling transcription and translation during in-person meetings.
By deployment, the market has been segmented into cloud and on-premise. However, the cloud will have a significant market share due to the increased demand for cloud solutions and the growing usage of cloud technology among organizations for voice and speech recognition.
The market has been segmented by end user into automotive, BFSI, government, retail, healthcare, hospitality, education, and others. The healthcare sector will have a significant market share due to the growing pandemic outbreaks and rising applications in the sector, such as dictating notes of patients and converting suggestions, medical records, and patient letters into clinical documentation. In September 2021, Scribetech, a clinical voice solutions company, unveiled "Augnito", a secure, AI-powered, cloud-based, and portable speech recognition platform; it provides an easy and quick method for collecting live clinical data on any platform, whether a Mac, Windows, or smartphone, with more precision.
By region, North America is expected to retain a significant market share owing to the growing initiatives by the region's leading organizations in the information technology and software sector to implement innovations in the machine learning prototype and artificial intelligence software applications. In October 2021, Sensory Inc., an American-based company, released custom trained speech recognition platform for children. The solution recognizes the linguistic patterns found in children and can be used in children's toy applications, kids' wearables, and education technology.
The key players covered in the global voice and speech recognition market are LumenVox, SESTEK, Apple Inc., IBM, Microsoft, Alphabet Inc. (Google LLC), Meta, Sensory Inc., AssemblyAI, and Amazon Web Services, Inc.
This global voice and speech recognition market has been analyzed into the following segments:
• By Technology
o Speaker Identification and Verification
o Automatic Speech Recognition (ASR)
o Speech To Text
• By Deployment
o Cloud
o On-Premise
• By End-User
o Automotive
o BFSI
o Government
o Retail
o Healthcare
o Hospitality
o Education
o Others
• By Geography
o North America
• United States
• Canada
• Mexico
o South America
• Brazil
• Argentina
• Others
o Europe
• United Kingdom
• Germany
• France
• Spain
• Others
o Middle East and Africa
• UAE
• Israel
• Saudi Arabia
• Others
o Asia Pacific
• Japan
• China
• India
• South Korea
• Thailand
• Taiwan
• Indonesia
• Others
Explore More Reports:
• Voice Recognition Market: https://www.knowledge-sourcing.com/report/voice-recognition-market
• Global Optical Character Recognition Market: https://www.knowledge-sourcing.com/report/global-optical-character-recognition-market
• Global Digital Assistance Market: https://www.knowledge-sourcing.com/report/global-digital-assistance-market
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Knowledge Sourcing Intelligence
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Knowledge Sourcing Intelligence (KSI) is a market research and consulting firm publishing market research studies across ten industry verticals. KSI has a team of experienced and young professionals who focus on delivering high-quality research services to enterprises, non-government organizations, government agencies, and research institutes and organizations. We publish hundreds of reports annually centering on the niche and latest technologies. In addition, we engage with key decision-makers and stakeholders across the value chain to provide clients with a detailed analysis and bird's-eye view of the market with complete market dynamics, statistical forecasts, competitive analysis, key trends, market drivers, and challenges, and strategic recommendations for making informed decisions. Our success lies in our analysts' efforts to meet client expectations by delivering quality work within the stipulated deadlines.
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