Speech Technology Industry Analysis: Global Market Report 2024

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.

Market Overview -
Speech technology refers to a type of computing technology that use of voice recognition and speech synthesis technologies to enable machines to understand and respond to human speech. It enhances communication between humans and machines by enabling voice commands for virtual assistants, hands-free operation in vehicles, and providing accessibility features such as speech-to-text for diverse applications.

Download Free Sample of Report -
https://www.thebusinessresearchcompany.com/sample.aspx?id=13738&type=smp

Rising Adoption Of Voice Assistants Fuels Growth In Speech Technology Market
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.

Competitive Landscape -
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

Advancements In Automatic Speech Recognition (ASR) Technology
Major companies operating in the speech technology market are increasing their focus on developing technologically advanced solutions, such as advanced automatic speech recognition (ASR) engines, to gain a competitive edge in the market. Automatic Speech Recognition (ASR) engines, also known as speech recognition engines, are technology components that 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

Browse Full Report
https://www.thebusinessresearchcompany.com/report/speech-technology-global-market-report

Key Segments -

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)

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

Want To Know More About The Business Research Company?

The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialise in various industries including manufacturing, healthcare, financial services, chemicals, and technology.

Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model

Global Market Model - World's Most Comprehensive Database

The Business Research Company's flagship product, Global Market Model (www.thebusinessresearchcompany.com/global-market-model) is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps

This release was published on openPR.