Voice Speech Recognition Software Global Market 2024 - Top Companies, Industry Analysis, Growth Statistics And Outlook By 2033

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Voice Speech Recognition Software Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $48.37 billion In 2028 At A CAGR Of 19.3% :

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.

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Voice Speech Recognition Software Market Major 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 Driver - 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.

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Prominent Trend - 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.

Voice Speech Recognition Software Market Players
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

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Largest And Fastest Growing Region In The Market
North America was the largest region in the voice speech recognition software market in 2023. The regions covered in the voice speech recognition software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Voice Speech Recognition Software Market Report Structure
3. Voice Speech Recognition Software Market Trends And Strategies
4. Voice Speech Recognition Software Market - Macro Economic Scenario
5. Voice Speech Recognition Software Market Size And Growth
…..
27. Voice Speech Recognition Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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