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Speech Technology Market Trends, Surging Demand, Detailed Analysis, And Forecast To 2033
Speech Technology Market
According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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
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Major Key Players of the Market:
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
Speech Technology Market 2024 Key Insights:
• The speech technology market is expected to grow to $41.95 billion in 2028 at a compound annual growth rate (CAGR) of 25.9%.
• Rising Adoption Of Voice Assistants Fuels Growth In Speech Technology Market
• Advancements In Automatic Speech Recognition (ASR) Technology
• North America was the largest region in the speech technology market in 2023
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