Speech and Voice Recognition Market to be Worth $67.52 Billion by 2030 - Exclusive Report by Meticulous Research®

According to a new market research report titled, 'Speech and Voice Recognition Market by Function (Speech, Voice Recognition), Technology (AI and Non-AI), Deployment Mode (Cloud-based, On-premise), End User (Consumer Electronics, Automotive, BFSI, Other End Users), Geography - Global Forecasts to 2030',' the speech and voice recognition market is projected to reach $67.52 billion by 2030, at a CAGR of 19.6% from 2023 to 2030.
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Voice and speech recognition technologies authorize contactless control to several devices and equipment, deliver automatic translation input, and generate print-ready dictation. Speech recognition is emerging as a crucial component of connected devices that provides virtually countless opportunities by enabling devices to respond intelligently to voice commands. In contrast, voice recognition provides voice-enabled authentication to augment a high level of security for several devices. Some of the major factors driving the growth of this market are the surging use of voice biometrics, integration of voice-enabled devices in car infotainment systems and proliferation of voice-enabled devices.

The speech and voice recognition market is segmented by function (speech recognition and voice recognition), technology (artificial intelligence and non-artificial intelligence), deployment mode (cloud-based deployment and on-premise deployment), end user (consumer electronics, automotive, healthcare, BFSI, education, hospitality, government and public services, manufacturing/enterprises, retail and e-commerce, and other end users). The study also evaluates industry competitors and analyses the market at the regional and country levels.

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Technological Advancements and the Rising Adoption of Connected Devices are Expected to Provide Opportunities for Speech and Voice Recognition Market Growth

As technological advances are widening the application areas of voice and speech-enabled devices, the growing adoption of connected devices is also expected to create opportunities for the integration of voice and speech recognition tools. Increased connectivity, easy availability of voice-enabled devices, instant communication, consistent technological advancements, and established infrastructure & systems drive the demand for voice-enabled connected devices.

According to the Connected Living Report published by GSMA, a body representing the interests of mobile network operators worldwide, around 33% of early technology adopters in the U.S. monitor their day-to-day activities with connected fitness trackers. Smart lighting systems are the most predominantly adopted connected devices, with 31% adoption in Japan and 29% in Germany. Also, approximately 37% of households in the U.K. have connected utility meters installed.

Additionally, users from developed countries, such as the U.S., the U.K., Germany, and Japan, are increasingly adopting connected solutions, including connected security systems, cars & lighting, health monitors, and kitchen appliances. Thus, technological advancements, coupled with the rising adoption of connected devices, are boosting the demand for speech and voice recognition solutions, driving the growth of this market.

Based on function, the speech and voice recognition market is segmented into speech recognition and voice recognition. In 2023, the speech recognition segment is expected to account for the largest share of the global speech and voice recognition market. Speech recognition is a key strategic, cost-effective technology assembled in all connected devices with artificial intelligence (AI) to provide unique experiences to users. As the application of AI in autonomous and connected cars, smart homes, smart speakers, smartphones, smart wearable gadgets, and smartphones grows, the global speech recognition market will maintain the momentum of exponential growth.

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Based on technology, the speech and voice recognition market is segmented into artificial intelligence and non-artificial intelligence. In 2023, the artificial intelligence segment is expected to account for the largest share of the global speech and voice recognition market. The large market share of this segment is attributed to the increasing adoption of AI-powered voice-enabled applications in industries such as BFSI, automotive, healthcare, education, and hospitality, among others.

The segment is also projected to register the highest CAGR during the forecasted period. Growing adoption of AI-based digital assistants, such as Alexa and Cortana, along with rising developments in machine learning and natural language processing technologies, are expected to support the growth of this segment.

Based on deployment mode, the speech and voice recognition market is segmented into on-premise deployment and cloud-based deployment. In 2023, the cloud-based deployment segment is expected to account for the largest share of the global speech and voice recognition market. The adoption of cloud computing and storage systems is gaining popularity among small and medium-sized enterprises. Several organizations are gradually transitioning to cloud infrastructure, a trend that is expected to grow in the coming years. These factors are attributed to the large market share of this segment.

The cloud-based deployment segment is also projected to register the highest CAGR during the forecast period due to their benefits, such as easy maintenance of the generated data, cost-effectiveness, scalability, enhanced monitoring, and effective management of speech-to-text solutions.

Based on end user, the speech and voice recognition market is segmented into consumer electronics, automotive, healthcare, BFSI, education, hospitality, government and public services, manufacturing/enterprises, retail and e-commerce, and other end users. In 2023, the consumer electronics segment is expected to account for the largest share of the global speech and voice recognition market.

Technological advancements in voice and speech recognition technology have created new opportunities for consumer electronics manufacturers by providing a variety of applications, including smart speakers, smart home appliances, smartphones, and smart wearable gadgets. The increasing volume of digital content further gives customers new and better ways to control products, access information, and search & retrieve content, among others. The voice and speech recognition tools are widely incorporated as an alternative to the controller in remote controls, microwaves, ovens, dishwashers, and other home electronic devices. However, the automotive segment is projected to register the highest CAGR during the forecast period.

Based on geography, the speech and voice recognition market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the speech and voice recognition market. The large market share of North America is attributed to supportive government initiatives, high adoption of connected devices, and implementation of voice biometric authentication in the banking sector.

North America is a technologically advanced region focused on infrastructure development. Several market players are deeply using AI technology and focusing on rapidly adopting connected devices in the banking sector. Such technologies help in fraud detection, prevention, and marketing in the banking sector.

Various players in this region are focusing on developing advanced speech and voice recognition solutions. For instance, in April 2021, Verint System (U.S.), a New York-based analytics company, launched Verint IVA, a conversational AI that turns existing conversation data into automated self-service experiences. Furthermore, in September 2021, IntelePeer (U.S.), a leading Communications Platform-as-a-Service (CPaaS) provider, collaborated with IBM (U.S.) to add voice capabilities to its intelligent virtual agent and offer higher personalization and customization. Such developments boost the adoption of the speech and voice recognition market in North America.

Key Players:

The key players operating in the speech and voice recognition market are Amazon.Com, Inc. (U.S.), Apple, Inc. (U.S.), Baidu, Inc. (China), Google LLC (U.S.), IBM Corporation (U.S.), iFLYTEK (China), Microsoft Corporation (U.S.), LumenVox (U.S.), Nuance Communications, Inc. (U.S.), Sensory, Inc. (U.S.), SESTEK (Turkey), Dolbey Systems, Inc. (U.S.), Speechmatics (U.K.), Verint Systems Inc. (U.S.), and AssemblyAI, Inc. (U.S.).

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Scope of the report:

Speech and Voice Recognition Market Assessment, by Function

Speech Recognition
Automatic Speech Recognition
Text-to-speech
Voice Recognition
Speaker Identification
Speaker Verification

Speech and Voice Recognition Market Assessment, by Technology

Artificial Intelligence
Non-artificial Intelligence

Speech and Voice Recognition Market Assessment, by Deployment Mode

On-premise Deployment
Cloud-based Deployment

Speech and Voice Recognition Market Assessment, by End User

Consumer Electronics
Automotive
Healthcare
BFSI
Education
Hospitality
Government and Public Services
Manufacturing/Enterprises
Retail and E-Commerce
Other End Users

Speech and Voice Recognition Market Assessment, by Geography

North America
U.S.
Canada
Europe
U.K.
Germany
France
Italy
Spain
Switzerland
Netherlands
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Australia & New Zealand
Singapore
Rest of Asia-Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
Israel
UAE
Rest of Middle East & Africa
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This release was published on openPR.