Voice Speech Recognition Software Market Size, Analysis, Trends Report 2024 To 2033

The voice speech recognition software market size has grown exponentially in recent years. It will grow from $19.91 billion in 2023 to $23.89 billion in 2024 at a compound annual growth rate (CAGR) of 20.0%. The growth in the historic period can be attributed to advancements in natural language processing (nlp), increased mobile device usage, rise of virtual assistants, accessibility and inclusion, integration in consumer electronics.

The voice speech recognition software market size is expected to see rapid growth in the next few years. It will grow to $48.37 billion in 2028 at a compound annual growth rate (CAGR) of 19.3%. The growth in the forecast period can be attributed to integration with internet of things (iot), rapid growth in virtual meetings and conferencing, focus on multilingual and cross-dialectal capabilities, industry-specific solutions, voice commerce and transactions. Major trends in the forecast period include multilingual capabilities, integration with virtual assistants, voice biometrics for security, voice-enabled smart devices, customization and personalization.

Market Overview -
Voice speech recognition software, or speech-to-text, refers to a capability that enables a machine or program to receive and interpret dictation or understand and perform spoken commands. It allows users to interact with technology simply by speaking, enabling hands-free requests, reminders, and other tasks.

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Rising Penetration Of Voice-Enabled Devices Fuels Growth In The Voice Speech Recognition Software Market
The rising penetration of voice-enabled devices is expected to propel the growth of the voice speech recognition software market going forward. Voice-enabled devices are devices that can understand and respond to human speech, allowing users to interact with them using voice commands. Voice speech recognition software is used in the functionality of voice-enabled devices to analyze and interpret spoken language, converting it into digital signals that the device can process and respond to. 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 who owned one in 2020. Therefore, increasing demand for voice-enabled devices is driving the growth of the voice speech recognition software market.

Competitive Landscape -
Major companies operating in the voice speech recognition software market report are Amazon.com Inc., Apple Inc., Google Inc., Microsoft Corp., Meta Platforms Inc., Raytheon Technologies Corp., International Business Machines Corp., Cisco Systems Inc., Baidu Inc., Anhui USTC iFlytek o., Ltd., Verint Systems Inc., MModal Inc., Nuance Communications Inc., Paragon GmbH and Co. KGaA, VoiceVault Inc., J-Star Holding Co. Ltd., ValidSoft U.K. Limited, SemVox GmbH, Speak2web, LumenVox GmbH, Sensory Inc., Agnitio S.L., CastleOS Software LLC, Advanced Voice Recognition Systems Inc., BioTrust ID B.V., Brainasoft, Api.ai

LumenVox Revolutionizes Voice-Speech Recognition With AI-Powered ASR Engine
Major companies operating in the voice-speech recognition software market are focusing on innovative and advanced technological solutions, such as AI-based automatic speech recognition (ASR) engines, to gain a competitive edge in the market. An automatic Speech Recognition (ASR) engine, also known as a speech recognition engine, is a voice speech recognition software that embeds into existing contact center solutions without having to rip and replace existing infrastructure. An AI-based automatic speech recognition (ASR) engine is a technology that uses artificial intelligence and machine learning to convert spoken language into written text. For instance, in August 2021, LumenVox, a US-based software company, launched its latest next-generation ASR engine with transcription, which is powered by artificial intelligence (AI) and deep machine learning (ML). This new ASR engine provides high accuracy and intelligence to capture, recognize, and respond to each customer's intention. The ASR engine by LumenVox offers high availability and extremely accurate transcription with minimal latency.

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Key Segments -

The voice speech recognition software market covered in this report is segmented -

1) By Delivery Method: Artificial Intelligence (AI)-Based, Non-Artificial Intelligence Based
2) By Technology: Speech Recognition, Text-To-Speech, Voice Recognition, Speaker Identification and Verification
3) By Deployment Mode: On Cloud, On-Premises or Embedded
4) By End User: Automotive, Enterprise, Consumer, BFSI (Banking, Finance Service & Insurance), Government, Retail, Healthcare, Military, Education, Other End-Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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