Press release
Speech Technology Market 2024 | Market Overview, Business Opportunities, Industry Share And Forecast To 2033
Speech Technology Market
The Business Research Company presents an extensive market research report on the Speech Technology Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The speech technology market size has grown exponentially in recent years. It will grow from $13.22 billion in 2023 to $16.71 billion in 2024 at a compound annual growth rate (CAGR) of 26.3%. The growth in the historic period can be attributed to advancements in natural language processing (nlp), rise in voice-activated devices, accessibility and inclusion, integration in customer service, multilingual support.
The speech technology market size is expected to see exponential growth in the next few years. It will grow to $41.95 billion in 2028 at a compound annual growth rate (CAGR) of 25.9%. The growth in the forecast period can be attributed to conversational ai evolution, healthcare applications growth, cross-industry integration, emotion recognition capabilities, voice biometrics for security. Major trends in the forecast period include emotion recognition, multilingual and cross-language processing, voice biometrics for security, voice-enabled smart devices, conversational ai and chatbots.
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Key Market Players:
Major companies operating in the speech technology market report are Amazon.com Inc., Apple Inc., Alphabet, Microsoft Corporation, International Business Machines Corporation, Baidu Inc., iFLYTEK, Nuance, Verbit, Uniphore, Lilt, Speechmatics, SoundHound, Acapela Group, SESTEK, The Cobalt Co., Sensory Inc., Atexto, Aigo.ai, Speak2web, Voiceitt, Syntiant, Speechly, Symbl.ai, Cantab Research, Rev
Market Drivers:
The increased use of voice assistants is expected to propel the growth of the speech technology market going forward. A voice assistant is a digital tool or assistant that recognizes voice commands, processes language and synthesizes voice output. Voice assistants are a key component of speech technology as they enable hands-free control of devices and facilitate natural language interactions, enhancing user convenience and accessibility across a variety of applications. For instance, in December 2021, according to ComScore, a US-based media company, 48% of internet users owned at least one smart speaker, which is 11% higher than the 37% of users in 2020. Therefore, the increased use of voice assistants is driving the growth of the speech technology market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/speech-technology-global-market-report
The speech technology market covered in this report is segmented -
1) By Type: Artificial Intelligence, Non-artificial Intelligence
2) By Deployment Mode: On Cloud, On-Premises Or Embedded
3) By Application: Automotive, Consumer, Government, Enterprise, Healthcare, Banking, Financial Services, and Insurance (BFSI)
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