Speech and Voice Recognition Market 2024: Size, Share, Growth, Trends, Analysis, Forecast, Outlook, Top Players

The speech and voice recognition market size has grown rapidly in recent years. It will grow from $13.99 billion in 2023 to $16.7 billion in 2024 at a compound annual growth rate (CAGR) of 19.4%. The growth in the historic period can be attributed to user experience enhancement, continued improvement in accuracy, rise of iot and smart homes, healthcare integration, security and authentication solutions.

The speech and voice recognition market size is expected to see exponential growth in the next few years. It will grow to $34.73 billion in 2028 at a compound annual growth rate (CAGR) of 20.1%. The growth in the forecast period can be attributed to continuous improvement in context understanding, focus on accessibility and inclusivity, education and e-learning growth, security and authentication needs, multilingual capabilities improvement. Major trends in the forecast period include advancements in ai and machine learning, rise of natural language processing (nlp), integration in smart devices, increased adoption of virtual assistants, demand for contactless interfaces.

Market Overview -
Speech and voice recognition refer to the capability of a device or software to recognize spoken words and translate them into legible text. It enables to communicate with a machine or computer that can understand what a person is saying and reply to commands or questions. The speech and recognition is used to convert spoken words into text using closed captions.

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Surging Consumer Demand For Smart Devices Fuels Growth In Speech And Voice Recognition Market
Increasing consumer demand for smart devices is expected to propel the growth of the speech and voice recognition market going forward. Smart devices refer to technological devices that can connect, share, and communicate with both their users and other smart devices. Smart devices use speech and voice recognition technology to identify spoken words from their sounds, convert them into text, and respond to the speaker's questions. For instance, in April 2021, according to Security.org, a US-based organisation that provides insight on safety and security topics, a smart home gadget was more sought by 2 in 3 Americans. More than 40% Americans bought a smart device to make their home more energy efficient. Furthermore, 78% of buyers are prepared to pay more for a home with smart technology. Therefore, increasing consumer demand for smart devices is driving the growth of the speech and voice recognition market.

Competitive Landscape -
Major companies operating in the speech and voice recognition market report are Apple Inc., Microsoft Corporation, International Business Machines Corporation, Amazoncom Inc., Baidu Inc., iFLYTEK Co Ltd., Sensory Inc., Advanced Voice Recognition Systems Inc., Raytheon Company, Sestek Speech & Audio Technologies, Voicebox Technologies Corporation, Dolbey Systems Inc., Agnitio SL, Acapela Group SA, iSpeech Inc., Speechmatics Ltd., Deepgram Inc., Voiceitt Ltd., Voicegain Inc., AssemblyAI Inc., 3M Company, Google LLC, Open Text Corporation, LumenVox LLC, Honeywell International Inc., Nuance Communications Inc., Aigoai Limited, Amberscript BV, Amenity Analytics Ltd., Applied Brain Research Inc.

Technological Advancements Driving Innovation In Speech And Voice Recognition Market
Technological advancements have emerged as a key trend gaining popularity in the speech and voice recognition market. Major companies operating in the voice recognition market are focused on innovating new technologies to sustain their position in the market. For instance, in August 2021, LumenVox, a US-based speech recognition software company, launched its next-generation automatic speech recognition engine with transcription. The new automatic speech recognition engine, based on deep machine learning (ML) and artificial intelligence (AI), provides the most accurate speech-enabled consumer experiences. With its end-to-end Deep Neural Network (DNN) architecture and cutting-edge speech recognition processing capabilities, the new LumenVox ASR engine sets itself apart from the competition. The addition of new languages and dialects can be done more quickly with the new ASR engine, which also offers a contemporary toolkit for expanding the language model to accommodate a wider user base.

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Key Segments -
The speech and voice recognition market covered in this report is segmented -
1) By Function: Speech Recognition, Voice Recognition
2) By Deployment Mode: On Cloud, On-Premises or Embedded
3) By End-Use: Automotive, Enterprise, Consumer, Banking, Financial Services, and Insurance (BFSI), Government, Retail, Healthcare, Other End Uses

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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